Americans need to increase their savings rate from today’s 5% (a vast improvement from the 0% rate of two years ago) to the 10% long-term average
Americans may need to increase savings, but since most/few Americans even understand the concept of saving, that is just unlikely to happen.
This new breed/generation knows consumption. Someone needs to teach them how to save. “Saving” is something foreign and unknown and rejected by many Americans.
