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Laura Rowley Money & Happiness

Laura Rowley, Money & Happiness

Saving in the Age of Chronic Consumption

by Laura Rowley

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Posted on Wednesday, February 27, 2008, 12:00AM

The majority of Americans are saving -- but not much, according to a new survey.

While three-quarters of Americans report that they save something, half put away only 5 percent or less of their income. Forty-three percent say they aren't saving enough to maintain a desirable living standard in retirement.

Effective and Ineffective Savers

The study was commissioned by the nonprofit organization America Saves, which is currently sponsoring America Saves Week in conjunction with the American Savings Educational Council. A thousand organizations, including federal agencies, the military, large companies, and nonprofit groups, have joined this week's initiative to get spendthrift Americans to prepare for a rainy day. The group's web site offers a cornucopia of resources and tips to encourage savings.

Clearly, there's a correlation between low income and lack of savings. But it's also a matter of poor planning, says Stephen Brobeck, executive director of the Consumer Federation of America, an America Saves participant. Only half of respondents said they had a budget that allowed them to reach their specific financial goals.

"Many people do not have a spending plan, and are not aware of their net assets," Brobeck says. "The people who keep track, who have a spending plan, and who consciously save windfalls, save much more effectively that those who don't."

Altered Physics

It sounds simple enough; just put a plan together. So why don't more people do it?

Here's my theory: Combine easy, ubiquitous credit with a dearth of financial education, throw in an advertising-saturated culture and a national obsession with the lives of the rich and famous (come on, how many of you watched the Oscars?), and you've got a tasty recipe for personal financial dysfunction.

Moreover, structural changes in commerce in recent decades have dramatically altered the way we spend, argues Stuart Vyse, professor of psychology at Connecticut College and author of "Going Broke: Why Americans Can't Hold On to Their Money."

Opportunities to fritter away cash now permeate every aspect of our lives. "It used to be when you were at work or at home, there was little to separate you from your money, except for the occasional door-to-door salesman," says Vyse.

Technological advances in the 1970s, such as the introduction of toll-free 800 numbers for immediate phone sales, were followed by home shopping TV channels and, of course, the Internet. As a result, the variables of availability, time, and effort -- what Vyse calls "the physics of spending" -- have changed enormously in the last three decades.

Aspiring to Extravagance

Making a transaction available requires (obviously) a buyer and a seller with a product or service. "Today, that combination has been made almost ideal and instantaneous," says Vyse. "Any object that can be wrapped in bubble wrap can be obtained by almost anyone." As for services, how many people watched adult movies, played Texas Hold'em, or participated in large-scale auctions at home in the middle of the night 20 years ago?

Additionally, shopping no longer demands physical effort. "Spending once required getting in the car, going somewhere, climbing stairs, lifting," Vyse notes. "Spending responses that are easy to make are going to result in more impulsive decisions -- our wiser selves don't have time to be activated."

The other piece is the advent of flawless marketing precision. As Vyse puts it, "the hard-to-find object is not so hard to find anymore." Couple that with the fact that Americans define themselves by style and aesthetics more than ever, and you get lots of aspirational spending.

The Convenience Compulsion

For instance, before we got married, my husband and I duly registered for Lenox China. We received four place settings, so I continued to add pieces a little at a time over the years. Then Lenox stopped making the Erin pattern. A few years later, I found a company that hunts down discontinued patterns and sells them online.

Then, right before Thanksgiving, when I host my husband's family, I get an email announcing that the company had located my Erin China accessory! Dazzled by a sudden vision of pulling off the perfect holiday affair, the click-and-buy impulse became an unconscious reflex. Through the magic of a matching gravy boat, I was suddenly Martha Stewart.

"Convenience is a beautiful thing," says Vyse, "but in many ways we've lost something, too. All of us are constantly being asked to make these consumer decisions. The email comes and you have to think about it. It used to be when you went home you didn't think about it. There were quiet spaces in the day when we were not consumers."

Granted, our consumer-driven economy offers a daily assault on our self-control. On the other hand, nobody's holding a gun to your head and making you buy a TiVo. (Personally, I think commercials are a fabulous barrier to entry: Why would I spend money on something that would make me waste more time watching television? On my deathbed, will I really regret having never seen "Desperate Housewives"?)

No Stimulus to Save

Vyse says part of the problem is people have less discipline about saving in an era when they need it most. "The economy for most workers has changed drastically," he says. "There is much less economic security and many more part-time jobs without benefits. People are subject to volatility in their income stream. Real wages have actually dropped for people in the last 30 years, especially for people on the lower half of the income curve."

A national savings week is "a weak answer to what is a much bigger problem," Vyse argues. "It's one thing to say consumers are irresponsible when they get in debt and spend too much, but they are the ones the government turns to when the economy goes down. The stimulus package is a perfect example of that -- individual consumers have been asked to sacrifice themselves for our larger economy."

I asked Dallas Salisbury, chairman of the American Savings Educational Council, if he saw any irony in the fact that the government is promoting savings shortly after adopting a tax-rebate stimulus package that encourages Americans to spend.

"I'm not in the business of worrying about stimulus," Salisbury says. "At the personal level, if every single American who got a tax refund chose to save it or pay down debt, that would make me a happy person. I believe that debt reduction and addition to emergency savings for tens of millions of Americans is more important than what this stimulus package could provide to the economy."

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  • Terry M - Sunday, March 2, 2008, 11:52PM ET  Report Abuse

    • Overall: 4/5

    Great article. People (I included) under estimate the IMPORTANCE of saving. Having a saving account is how you STAY OUT OF DEBT! I finally learned that!

  • MattG - Sunday, March 2, 2008, 11:20PM ET  Report Abuse

    • Overall: 1/5

    I've complained to Laura for not stating all the facts regarding savings rates. Yes, Americans may not be saving much in the bank but who wants to when the interest rate the banks give you is so incrediblely low. It is better to invest your money in business, stocks, real estate, and gold. Nevertheless, here are the facts: Consumers today have more than $4 trillion in savings accounts, more than $1 trillion in checking accounts and directly hold another $10 trillion in equities and mutual funds. Their life insurance and pension assets are in excess of $10 trillion. http://www.forbes.com/forbes/2005/0523/027.html

  • Yahoo! Finance User - Sunday, March 2, 2008, 7:44PM ET  Report Abuse

    • Overall: 1/5

    The article doesn't discuss how the savings statistics were derived, just that Americans report..... We need some actual facts to judge the article

  • reidusj - Sunday, March 2, 2008, 4:42PM ET  Report Abuse

    • Overall: 5/5

    This article is right on with what is really wrong with the economy, not what the government is trying to tell us. Thank you

  • Dan - Sunday, March 2, 2008, 4:34PM ET  Report Abuse

    • Overall: 5/5

    I don't think anyone really believes you should spend it before inflation gets it. They have to be trying to get a rise out of people. If they do, they will be broke in their retirement. The only way to beat inflation is to get ahead of it. Compound interest is something they should consider instead of the plasma TV that costs 60% less today than what they paid for theirs 2 years ago. Also who "invests" in a CD? Those are for short term emergency funds or old people who shouldn't have all of their money at risk. Have the spend thrifts ever thought of paying down debt and investing in something like real estate? If you had some money right now (Instead of stuff) it would be a good time to buy a foreclosed house from someone who spent everything and then couldn't afford their mortgage.

  • Yahoo! Finance User - Sunday, March 2, 2008, 12:50PM ET  Report Abuse

    • Overall: 5/5

    Even with inflation problem, I think I must save even more. The reason is less value dollar still can buy me something than no-money. I mean, I am not going out spending like there is no tomorrow just because of the fear about inflation.

  • wealthencyclopedia.com - Sunday, March 2, 2008, 3:02AM ET  Report Abuse

    • Overall: 4/5

    Good article, though I think people are not saving for a very good reason - the Fed is printing money like there is no tomorrow. Why would anyone save when CDs pay 5%, inflation is almost 10% and you have to pay taxes on the 5% you get. On average, most poeple would end up with -7% (that's NEGATIVE 7%) per year. They are better off buying that plasma TV or going on a vacation. Yes, you could buy gold, etc, but for most people, it makes more sense to just enjoy the money. Oh, yes, another good strategy is to borrow as much as one can at a fixed rate - paying the loan down with much cheaper dollars is always a good thing ( assuming one has the necessary income to make the loan payments).

  • Yahoo! Finance User - Saturday, March 1, 2008, 9:08PM ET  Report Abuse

    • Overall: 3/5

    Saving has been for suckers. The US dollar has plummeted 50% in value in the last 3 years. Max out your debt. Buy your big screens, appliances and new cars. With hyperinflation around the corner your toys will still be worth the same dollar value in 5 years, your savings will be worth half. Grasshopper: 1, Ant: 0. Want us to save? Increase the interest rates, quit printing so much money and stop turning the US dollar into a 3rd world currency.

  • Matthew B - Saturday, March 1, 2008, 3:33PM ET  Report Abuse

    • Overall: 3/5

    Wouldn't it be great if there was an alternative maximum tax? Lets say, 13%? I'm sick of paying when those that get big houses, have kids, and live like their is no tomorrow get bailed out. Im not saying it's impossible to be financially successful, but the rules do not favor responsibility, so why do it?

  • Yahoo! Finance User - Saturday, March 1, 2008, 12:52PM ET  Report Abuse

    • Overall: 4/5

    Good Article I'd like to see soemthing on the overall spending patterns of Americans by age group. Coupled with the aging baby-boomers representing a significant portion of the population, how will spending patterns change when people don't care as much about their appearance, or the type of car they drive. Their concerns will be more geared towards healthcare and on average, their dismal retirement savings. Under these circumstances, how will advertisers and government encourage spending to stimulate the economy in a dowturn. I speculate that we will have deeper consumer-based downturns in the future based on the aging population.

  • Yahoo! Finance User - Saturday, March 1, 2008, 11:21AM ET  Report Abuse

    • Overall: 3/5

    Good article which addresses a very important subject on the condition of American social values and economic repercussions from these values, on both the personal and govermental levels. It's obvious for anyone who takes a step away from the commercial capitalist machine of our day to day existence and society, to think critically about the emotional and psychological bond we all have to money and the symbols of wealth represented by material consumption. We are inundated by blatant and subliminal messages all around us that the "lifestyle of the rich and famous" are to be worshipped and aspired to. This media focus on the importance of the superficial and the advertising industry's influence on the general mass psyche has helped to create a flawed moral conscience for many Americans. I believe it always comes down to the individual's responsibility for their actions and behavior, but what most individuals are lacking in is the ability to think critically and discern what is truly important in life and what merely has the allusion of intrinsic value. Most Americans do not "think for themselves" as they are too busy watching TV or too occupied by the mundane that they would rather let the "powers that be" make the decisions for them. I once heard a commentator refer to Americans in a negative stereotype that we were " Fat, stupid and Lazy". I'm afraid many of us unfortunately fit that very stereotype. We've become a nation too comfortable and content with our high consumption based standard of living and have lost the focused energy that once made us a great nation. When a person values things more and more and the desire for more money to buy more things, it sets in motion in our minds the perception of lacking and the need to fill that void. Unfortunately, that void will never be filled by having more things. The word that comes to mind is GREED. When will enough ever be enough. One way of challenging these worldly forces, which put value and importance on materialism and propagate greed, is to develop a deeper understanding of the human spirit and nature of things. Spiritualism and its many manifistations in diverse religions focuses on the non-material world. We the people need to collectively question the influence of the media and also our government. The unfortunate state of affairs in our government is that most politicians are some of the wealthiest people in society and their values are based on greed and the attainment of power. Once you have achieved a financial level of "success" , many view the next challenge to be gaining of power to influence the capitalist machine in favor of their party and cronies. In an ideal world where there is no "haves and have nots", the leaders and politicians would be enlightened thinkers who truly are working for the betterment of society driven by altruistic reasons and not by self serving materialist greed. As a 40 yr old who came to the US at the age of 5. I have lived in poverty as a child , spent summers working in the inner city ghettos, and lived my adolescent and adult live in the "white" middle class of suburbia. I am of the "invisible" third race / ethnicity, and as such have been witness to both the poor conditions of the black community and the overconsumption of the rich suburbia. I work in the financial services industry as a financial advisor/ wealth manager, and I can wholeheartedly say that the American Dream is still alive but not necessarily well. I assist those of the top 1% of income earners and it is not always as it seems. Many of my clients who earn over $150,000 are living paycheck to paycheck and have little networth relative to their high income. So it comes down to not always how much you make , but more importantly how much you save of what you make, and then how smart you are at investing that which you have saved. Most truly high networth wealthy people have consistently saved and invested over time.

  • Yahoo! Finance User - Saturday, March 1, 2008, 1:37AM ET  Report Abuse

    • Overall: 1/5

    The natural answer for the low savings rate of most Americans is .... TAX CUTS for the well off!!!

  • looneytarian - Friday, February 29, 2008, 5:26PM ET  Report Abuse

    • Overall: 4/5

    I find it incredible that there are so many dunces that think ‘saving’ is a bad idea, especially like the one who made the comment that savings ‘evaporate’ due to inflation. You put money in the bank; it earns interest and the amount in the account increases. YOU DO NOT LOSE MONEY. Stockwatcher3737 is right about the inflation rate being around 3%. Even if your bank does not offer a savings rate that high, your money still does not magically ‘disappear’. You lose some buying power but SO WHAT? At least you HAVE money to spend, where as if you don’t save anything then guess what? You won’t have ANY money to spend! If you just stick you money in a mattress, guess what? That money is worth even less than it would have been if you had put it in a bank. Besides, Laura isn’t saying to put everything in the bank. I cannot think of any worthwhile advisors who has not said to put away enough cash to live on for at least three months, preferably six months. You get an emergency stash and start putting some away for retirement. Take care of the important stuff first and then treat yourself every now and then but not to the point of creating a debt you’ll never pay off. If you just want to ‘live for today’, fine! Just don’t expect the next generation to pay to keep your sorry butt in style when you get old, you will deserve no more than a cheap section 8 hovel. Laura’s article is right about this country being so consumer driven. That stands out in the comments about ‘live today, you may not be here tomorrow’. That is true, but then again the chances are that I will be here tomorrow, the day after and for a lot of years to come. I try to live for the day, but ‘living’ and ‘buying things’ are two different things. Happiness is not a Gameboy, or iPod, new car or whatever. If you believe it is, then you have bought into the advertising that corporate America has sold you lock, stock and barrel. You have bought into the sham that you aren’t happy unless you have a new SUV or a big screen TV. You have bought into the sham that if you buy any number of things you’re quality of life is going to go up. Advertisers are not stupid, they know exactly what buttons to push and sell you on the idea that some useless trinket is actually going to make you happier, sexier, prettier, healthier, more popular pr whatever. Anyone who thinks subliminal advertising isn’t used is a sucker. I’m not saying that they flash images on the commercials, but the psychological subliminal messages are there nonetheless. It is time to put a stop to this consumer driven madness, get financially responsible and start holding our government accountable for its finances, too.

  • Michael - Friday, February 29, 2008, 2:39PM ET  Report Abuse

    • Overall: 3/5

    My stimulus to save went down the toilet when I got married and had children. I find it helps to take my wife downtown to skid row once in awhile and remind her that shes wasting our money on crap when people are starving. Honestly Laura how could you start wasting money on china plates, I thought you be smarter than that. You can get some nice stoneware from the 99cent store. Must be a female thing.

  • Kevin - Friday, February 29, 2008, 12:31PM ET  Report Abuse

    • Overall: 3/5

    Inflation has eaten away the purchasing power of your nest egg? Have you had your money under a mattress? Inflation's been hovering in the 3% range for over 20 years. Yes, you can still get pounded in the stock market in the short term, and there are occasional periods of high inflation, but if you've really been saving all your life and have had money properly invested the past 30-40 years, neither the temporary bear markets nor inflation would be a problem... the only problem would be, you not saving enough to begin with.

  • DanW - Friday, February 29, 2008, 10:58AM ET  Report Abuse

    • Overall: 4/5

    I actually have to agree with dimmerdave. You can be a pretty good investor and still get pounded. For example you own a fund that gets 8-12% for 3-4 years then market goes bad and stock goes down 20-30% and you just lost the last 3-4 years of gains. Happens to a lot of us. Have 10k in a stock for 10 years maybe it goes up to 15-20k then back down to 13k and you end up with average of 3-4% over 10 years. It is TOUGH. Diversify, and it helps. So Dave, I feel your pain. My suggestion is to save the 15% for retirement. Save up for things you want and spend it. Definitely enjoy some of what you make. In the end you'll probably be bitter. I figure after retirement savings and taxes most people have to live on roughly 60% of what they make. Save some, spend some...don't try to save too much for a time that may never arrive.

  • Mark - Friday, February 29, 2008, 10:37AM ET  Report Abuse

    • Overall: 1/5

    The way it really is: Another so-called “expert” telling the increasing common herd of American followers how to spend their money and live their lives. These “experts” and financial “planners” revel in the peddling of their elixir that will make you a millionaire - (not to mention lining their pockets with the money they tell you to save)…. Of course most people never read the fine print, that you will reach that goal -if you live to be 85!!! Wake up people and live your own lives and handle your own money. If you want to save and do without, roll the dice that you will be alive or physically and mentally able to enjoy your vast savings 30 years down the road, go ahead. As for me, I’ve seen too many middle aged and younger men and women die - it could happen any day at anytime. I’ll take the finer things in life now while I am fit and able to enjoy them with my wife and kids… besides, the socialist American government will take care of us when we are old, feeble, and no longer any use to society anyway.

  • Yahoo! Finance User - Friday, February 29, 2008, 10:30AM ET  Report Abuse

    • Overall: 1/5

    The last time the government got in over its head in debt inflation skyrocketed. Now they're in debt again, and the fed is doing everything in its power to drive up inflation again. Any money you have in savings will evaporate.

  • Yahoo! Finance User - Friday, February 29, 2008, 10:14AM ET  Report Abuse

    • Overall: 4/5

    The way it is: It's un American to live within your means. The new economy dictates, live now and (maybe) pay later. The Federal Reserve has taught us that "A penny saved is a penny wasted." Credit, credit and more credit. If you can't pay, then default. The only real penalty is being forced to use someone elses credit or receive a stimulus check from anyone willing to give you one. Sorry folks, it's a disease here in this country. Greed, lust and love of money presently rules and is the sickness.

  • Out of Focus - Friday, February 29, 2008, 9:14AM ET  Report Abuse

    • Overall: 5/5

    To Dimmerdave: don't let your lack of due diligence be an excuse to encourage people to live beyond their means. The reason that your savings havent beaten inflation is because obviously they were not properly invested. Had you funds been placed in solid investment vehicles, earning roughly an 8% per year return, your savings would have beat inflation. Next time, see a financial planner.

  • Dimmerdave - Friday, February 29, 2008, 8:39AM ET  Report Abuse

    • Overall: 1/5

    I have been a saver all my life. I have forgone new cars, the latest gagets, expensive clothes, ect. Now I am old and inflation has eroded much of the purchasing power of my retirement nest egg and threatens to destroy even more. I will probably have just enough savings left to be denied any help from our thieving goverment. My advise, spend it and enjoy your money before your government steels it away through even more currency devaluation.

  • Da Big Guy - Friday, February 29, 2008, 8:37AM ET  Report Abuse

    • Overall: 3/5

    It's funny how the rest of the world has enriched themselves off of our glutonny. In the process they have learned to manipulate markets to increase their return on investment while our own government perpetuates and in fact encourages this trend. Changing our lifestyles can aid a bit, but changing our government, its' monetary policies and pro foreign market fascination will go alot further to stabilizing our lifestyles than a little pulling in of the belts!

  • Yahoo! Finance User - Friday, February 29, 2008, 4:14AM ET  Report Abuse

    • Overall: 4/5

    LR is finally getting a grip on this finance writing thing. To the writer who wrote if everyone saves, the economy will go down the tubes: the vast majority follow the crowd and don't read LR. People less savy will continue to be consumers rather than savers, and more importantly investors. I earn a six-figure income, yet live like the average middle-class family. Why? Money well spent buys options in life, not things. The truth of the matter is that most people will never figure this out and spend their lives as consumers. I thank them for making me very wealthy because I buy equities in the companies they support.

  • Yahoo! Finance User - Friday, February 29, 2008, 12:06AM ET  Report Abuse

    • Overall: 5/5

    People do not have to fork over cash anymore. It is all debit and credit cards, buy now and you don't have to pay until later! Rule of 72. The banks understand it, but most people don't. Unfortunately, there is little financial education K-12 when most pick up saving and spending habits.

  • Yahoo! Finance User - Thursday, February 28, 2008, 11:44PM ET  Report Abuse

    • Overall: 2/5

    I have to agree with everyone who agreed with silverf4i2001. A lot of times I feel like a character in Atlas Shrugged.

  • Yahoo! Finance User - Thursday, February 28, 2008, 11:10PM ET  Report Abuse

    • Overall: 3/5

    Yahoo Finance User - Thurs Feb 28, 4:10PM ET.... I know what you are trying to say but something caught my eye in your posting. "It is true that we must save the money and lower our debts. I think the government should be leaders in demonstrating savings (So far they spend much more than they earn.)" Since when did the government "earn" a thing? Mostly it is legalized theft. I am in the same camp as silverf4i2001, couldn't say it much better than he/she did!

  • Andrew - Thursday, February 28, 2008, 9:36PM ET  Report Abuse

    • Overall: 1/5

    Inflation's running at over 4%, interest running at about 2-3%, I'll be able to by less stuff next year if I save in a bank. Buy stuf that's going to appreciate in value - gold, stock - anything. Save it? Forget that!

  • Yahoo! Finance User - Thursday, February 28, 2008, 9:33PM ET  Report Abuse

    • Overall: 3/5

    Unfortunately, not once did she mention the government's own programs which discourage savings. If you are diligent and save for college, there is no financial aid available. If you save for retirement and nursing care, you are penalized by not qualifying for Medicaid. But the people who spend, spend, spend get financial aid for college and Medicaid for nursing care. If you want people to save, the government needs to stop bailing people out from their own mistakes.

  • Yahoo! Finance User - Thursday, February 28, 2008, 8:51PM ET  Report Abuse

    • Overall: 5/5

    Fundamentally Americans have become incredibly foolish over the last 20 years. Too many people live a lifestlye to the extent of their incomes or beyond, so is little wonder there is nothing left to save. Many more use credit to support that lifestyle when their incomes are not enough to support their delusions of wealth. Americans, WAKE UP! Only a fool lives to the extent of his income. Your great grandparents knew that.

  • Yahoo! Finance User - Thursday, February 28, 2008, 8:08PM ET  Report Abuse

    • Overall: 5/5

    silverf4i2001 - You hit the nail on the head. I agree with you completely. I too will not get a rebate check. I work part-time and have young kids. The thing that is so pathetic is that if I quit my job I would get a check as a result of lower income AND I would be in a lower tax bracket. There are major disincentives to work in this country. There are NO incentives to save other than the pre-tax benefits that you get with a 401K, and even those are limited so it's not like you can put half of your check in one. Roth's aren't available to anyone who makes over a certain amount, in spite of the fact that there is a flat $ amt, not %, that can be contributed. Why is that? Because the SOB's know that the responsible people who make money will put it in a Roth to take advantage of the tax benefits in the future. The entire system is screwed up and I'm getting to the point that you are. It doesn't pay to work more, make more money, or save.

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