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UNIVERSITY OF CHICAGO VISITING SCHOLAR NOTES AMERICANS' WILLINGNESS TO TRADE SAVINGS FOR NEAR-TERM REWARDS
Americans' preoccupation with present day concerns will always overshadow their need to save adequately or plan for retirement, according to economist Annamaria Lusardi, visiting scholar at the Northwestern University/University of Chicago Joint Center for Poverty Research. Although Americans are enjoying an extended period of favorable economic conditions, many groups (such as baby boomers) are not saving, are financially overextended, and are prime targets for bankruptcies. "Despite policy changes and incentives to increase personal savings, such as IRAs and tax exemptions, Americans continue to abuse credit and make little provisions for retirement," notes Lusardi, who is writing an article on why American households do not save.
Media contact: Joel Williams 773/702-2287; [email protected]
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