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How inequality stretches into retirement:
Of those able to pay into a defined contribution pension over half do not think they are saving enough; that will be an underestimate as people often underestimate how much they need to put in a pension for a 'comfortable' retirement.
And why don'e they pay more in? because they can't afford to!!!
Its no use lecturing people that they need to save more for their retirement, first you need to ensure they're paid more!!!
#pensions #inequality
h/t FT
@ChrisMayLA6 it doesn't help that it's all finger-in-the-air guesswork.
I have no idea if I'm saving enough. I don't think it's even possible to work out, given how unpredictable any investment is. So I may as well prioritise the now and the near-future of the next few months - there are tangible benefits to doing that.
Yes, I think that's not an uncommon response... with such an uncertain future in so many ways, why wouldn't people in constrained financial circumstances prioritise today.... as I said, first raise wage levels!
@ChrisMayLA6 @JetlagJen While wages (really, distribution of wages, inequality, because the economic production is CERTAINLY there) are the obvious biggest problem, data pretty well shows even people with generous wages, eg. fifteen times minimum wage, mostly spend for today too. There's a strong cultural push to ignore the uncomfortable notion that we might not always be able to work, because then capitalism doesn't value you at all. Same root as downplaying long covid.