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Similar situations happen in many places around the world. Factory workers are usually not well educated and they don’t handle money well. A perfect example i
by moltar 6y ago
Similar situations happen in many places around the world.
Factory workers are usually not well educated and they don’t handle money well.
A perfect example is Alberta oil sands. Many workers are extremely well paid. Most of them just spend everything and manage to get in debt with lavish lifestyle. Buying expensive cars, toys, large houses. They end up without any significant net worth and now are also hostage of their lifestyle.
There’s a term for that: lifestyle inflation.
- newyankee 6y agoOr probably because they know that even in the worst case scenario they will not go hungry or lack healthcare access. This is so contrasting with India or other Asian countries where opportunities and wealth was always limited and welfare net was limited to your family and social circle which helped in dire times, this led to a very strong savings culture for the middle class.
- ejanus 6y agoWho handles money well? This is not true. I live in a Third world and the educated are the most wasteful. They want to show class and style. They live far above their means.