Why so many Americans in the middle class have no savings
Over 40% of Americans are financially unprepared to come up with the cash they may need in a crisis, leading researchers to call them “financially fragile.”
That realization led writer Neal Gabler to talk to PBS NewsHour about how, despite his career as a successful biographer and his house in the tony Hamptons, he has made choices that now leave him financially unprepared for retirement and frequently unable to pay his bills.
“I am a financial illiterate,” he confesses. “And financial illiterates pay a heavy price for their financial illiteracy.”
It’s a fascinating look at the financial crisis in America, and shows how even middle class Americans are paying a steep price for ignoring the new financial realities of saving, investing and retirement.
Click on the link at the top of the story to see Neal Gabler’s highly personal and revealing interview with Judy Woodruff of PBS NewsHour, as well as commentary from Annamaria Lusardi, one of the world’s leading experts on financial literacy, from George Washington University’s Global Financial Literacy Excellence Center (GFLEC).