Why Do Many People Have No Savings?

[Suba]

Even though saving is a simple and easy matter, it is difficult to implement, because I have met many people who have income above the minimum wage, do not have savings, their salary runs out every month, and many of them even have debts at stalls or other places. Sometimes I wonder, they also know the importance of saving and investing, but why don't they implement it in their daily lives, of course there are so many reasons for them, why don't they save?

 

[Starmix]

I also observed that here in my place employees do not care to save for the rainy days or emergency need. They spend much yet zero saving when in fact they can make it.

 

[Imran Noori]

Even though saving is a simple and easy matter, it is difficult to implement, because I have met many people who have income above the minimum wage, do not have savings, their salary runs out every month, and many of them even have debts at stalls or other places. Sometimes I wonder, they also know the importance of saving and investing, but why don't they implement it in their daily lives, of course there are so many reasons for them, why don't they save?

I think that kind of people just think about the present, they are not worried about their future.

 

[LoukiaCharilaou]

Some people do not save because they do not earn much and some other people do not save because they spend money carelessly on things they do not really need.

 

[Magnus2022]

Most people don't save simply because they don't earn enough to cover their own expenses. Some don't save simply because they are living above their income.

 

[riberet19]

I think it may be for various reasons, lack of income may be one, lack of financial education may be another, or even compulsive consumption may be factors why people do not have savings.

 

[Knowledge Quest]

One of the reasons why people don't save is because they lack the experience of saving. Some don't believe in savings and prefer to spend their money as soon as they get them.

 

[Jossy]

Even though saving is a simple and easy matter, it is difficult to implement, because I have met many people who have income above the minimum wage, do not have savings, their salary runs out every month, and many of them even have debts at stalls or other places. Sometimes I wonder, they also know the importance of saving and investing, but why don't they implement it in their daily lives, of course there are so many reasons for them, why don't they save?

Savings is very difficult to implement because of extravagant spending.

 

[Heatman]

It's a fact that inflation is affecting everyone and everything and as a result of that, people can hardly save money now.

 

[Suba]

Savings is very difficult to implement because of extravagant spending.

Of the many people I met, they had different reasons why they didn't have any savings, including extravagant spending, always eating outside the home.

 

[Shortie]

I think at the moment, especially with how the economy is and how the cost of living is as well in many places around the world, many people are thinking about the now rather than years down the line. That is understandable, to be honest with the current way things are. We can only hope in time that things will settle down and people may be able to save again.

 

[Shavkat]

Poverty is one of the reasons why some people do not have savings. It also depends on the lifestyle of people.

 

[freelancermaria]

Many people would like to save money, but they are unable to do so. Mostly because they are the family's breadwinner and do not make much money. Because of inflation, it is difficult to save money these days.

 

[Carson20t]

The reason is as simple as how Robert Kiyosaki puts it, we are in the rat race and it is not all that easy to come out of it. You need a lot of sacrifices and being intentional about it. Only then can you see a change in your one's individual life. Having a lifestyle of saving is what will make one start to have financial freedom.

 

[Springtime]

Some people cannot save because what they earn just covers the expenses of their daily necessities. No spare money to save. Some people do not save because they are good at spending, not saving. They don't plan for the future.

 

[Edulady]

I would say I have been on both sides f the coin. When you haven't been put in a corner or been in a situation where you are unemployed after having been employed, then you will know the importance of saving but you won't feel the need to. When life hots and you are broke and unemployed, trust me, first thing you do when you get your first $10 is save 20% of it.

 

[cherry123]

A lot of people don't have saving because of the bills and expenses they are going to pay and are paying. You save money when you know it is enough to not with nothing

 

[nomad]

A lot of people do not have savings because they are unable to earn more money than they actually need for their expenses or they are very bad with their cashflow management skills

 

[jetsaints30]

Even though saving is a simple and easy matter, it is difficult to implement, because I have met many people who have income above the minimum wage, do not have savings, their salary runs out every month, and many of them even have debts at stalls or other places. Sometimes I wonder, they also know the importance of saving and investing, but why don't they implement it in their daily lives, of course there are so many reasons for them, why don't they save?

Thats true saving is simple but challenging I suppose many people find it difficult to save because they have a lot of bills and debts they dont have enough income and they dont have a budget.

 

[Stardom22]

Many people don't have savings because they hardly have any earning methods or sustainable jobs to make the ends meet and have a surplus funds for savings. This because of the unfavorable financial climate world wide.