I read a short article earlier today that discussed whether or not people who've gone through two recessions in their lifetime will continue to trust their company's ability to prepare them for retirement. It got me thinking about how much more agency people of the working class will take in managing their own retirement and how much alternative investment opportunities will arise in the future of our new normal. How do you think this changes for businesses and what does this mean for financial institutions?
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After living most of my life in Mexico, which we had more than 2 recessions. I could tell you, that you can’t rely on your company’s ability to rely on your retirement. I do it for myself as well as many people does it. Companies here easy come, easy go.
I agree, it's surprising how little people talk about this though. Financial education is abysmal in the US at least anyway, but this one seems quite significant and companies don't seem to improve the lack of education by telling/teaching employees to spread out their investments.
Wholeheartedly agree with Mike Kail
Do you mean working class as the class below middle class (roughly), or do you mean anyone who works for a wage?
I guess I mean both, but most specifically, anyone at any level who has relied on their company's 401k plan to plan for retirement
Trust is key.