Can’t speak to the historical side of this question, and, perhaps more are better off in some ways, but when it comes to long-term financial survival going forward (which is essential, whether we want to admit it or not) that aspect does seem questionable for many Americans, as this excerpt from an article on retirement reveals:
“More than 38 million working-age households (45 percent) do not own any retirement account assets, whether in an employer-sponsored 401(k) type plan or an IRA.
The average working household has virtually no retirement savings. When all households are included— not just households with retirement accounts—the median retirement account balance is $3,000 for all working-age households and $12,000 for near-retirement households. Two-thirds of working households age 55-64 with at least one earner have retirement savings less than one times their annual income, which is far below what they will need to maintain their standard of living in retirement.
The collective retirement savings gap among working households age 25-64 ranges from $6.8 to $14 trillion, depending on the financial measure. A large majority of households fall short of conservative retirement savings targets for their age and income based on working until age 67. Based on retirement account assets, 92 percent of working households do not meet targets. 84 percent fall short based on total financial assets, and 65 percent fall short based on net worth.”
