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humbledollar - cracking-the-wallet/Statman makes a plea for empathy. “I don’t think we have so many young people who are spendthrifts,” he says. “I think we have so many young people who are squeezed.”
Statman encourages parents to cut their 20-something children a little financial slack. He also says he’d like to see mandatory contributions to 401(k) plans, just as we have mandatory contributions to Social Security. And he wishes companies would contribute more to these plans, especially on behalf of employees with lower incomes.
“People don’t lack self-control,” Statman contends. “They know how to save. What they lack is money. Corporations pay them less, they make them pay more for health insurance, and then we complain that they don’t save enough. And when they do have money, the financial services companies rob them blind.”
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