3 ms·
I see your point, however we all should have long term savings that we do not touch, even if things are falling apart. That used to be how pensions were. Also
by maerF0x0 8y ago
I see your point, however we all should have long term savings that we do not touch, even if things are falling apart. That used to be how pensions were.
Also keep in mind this guy is in Canada and the GFC was not nearly as severe as in the USA.
- gameswithgo 8y agowe should also have our kids in a good school which costs a ton of money is america, either in form of expensive house or private school. then we are supposed to pay for college. we are supposed to have good health insurance for our family. there are a lot of things we are supposed to do and not everyone can afford to do them all.
- shakna 8y agoShould, not do. The household savings rate in Canada is quite awful [0], and is currently at the lowest rate in their recorded history. The US, where household savings are known to be bad, and it was recently seen how awful it was with government workers unable to pay for food, is at 6%. Canda is 0.8%. [0] https://tradingeconomics.com/canada/personal-savings https://tradingeconomics.com/canada/personal-savings
- wolco 8y agoCanada has lower salaries and higher taxes resulting in lower savings. But in a year should have cpp/old age.
- fleur-de-lotus 8y agoHigher taxes is a form of compulsory savings. If they get sick, they don't go bankrupt.