Scumbria,
People don't save in the US, because saving won't make them rich. Instead, Americans put their money in the stock market.
Money invested in stock market is part of savings. When they calculate rates of saving, whatever get's put into the stock market is included in the same way as putting money in a savings account, CD or a bond.
With all these combined, US is still way below Europe. It may be slowly changing with growing popularity of 401k. For example, our company recently started offering 401k, and now 28% of our employees participate. These people probably didn't save anything before. Still, 72% who don't participate in a company sponsored 401k surely save nothing.
Anyway, back to your original point of security in Europe vs. insecurity in the US, people in US may say it, but they surely don't act on it by saving for the rainy day.
All the rush to make money is not to gain security but to spend, to consume, IMO.
Joe |
