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More copies of this ISBNThis title in other editionseBook editionsWhatever Happened to Thrift?: Why Americans Don't Save and What to Do about Itby Ronald Wilcox
Synopses & ReviewsPublisher Comments:It is no secret that Americans save very little: every economic index confirms as much. But to solve the real mystery, we must ask the questions, “Why?” “What are the effects on our economy?” and “What can be done about it?”
In this thoroughly researched and thought-provoking book, Ronald T. Wilcox clearly describes not only how the “savings crisis” adversely influences personal lifestyles over the long term but also how it can undermine our national wealth and standard of living. Wilcox cogently explains that savings are essential to fuel our nations economic growth, whether its putting money in the bank or in the form of direct loans to the government as savings bonds, for example. And, he presents unambiguous facts showing that a high proportion of current wage earners simply will not have enough money for self-support during retirementand that the government safety nets for income and health can no longer be counted on. Most important, Wilcox examines the many rational and irrational reasons behind individuals failures to put money away, what third parties such as corporations and government can do to help, and the steps people can take today to help themselves.
The book is an attempt to reinvent thrift in the United States, to find practical ways to help people consume less and save more now so that we can be a richer people in the future and a more prosperous nation. It is a must-read for every corporate executive, policy maker, and concerned citizen. Review:"It's a much bemoaned fact that Americans who fail to sock money away in savings accounts and investments risk severe hardship once they hit retirement age or fall on tough times. What's far less obvious is how to turn these overspenders into savers. Wilcox draws insights from economics and psychology to tackle this challenge in his slim but sensible volume. His analysis of our prodigal ways is slight — a historian or cultural critic might have handled this question with more depth and aplomb — but his policy prescriptions are comprehensive, insightful and well argued. Wilcox explores radical measures, such as replacing the income tax with a consumption tax, as well as simple and easily implemented programs such as automatic enrollment in 401(k) plans and requiring more fee disclosure from investment firms. He observes that current incentives skew toward the wealthy and highlights ways to give lower-income Americans access to savings vehicles like mutual funds. As Wilcox wisely notes, there's no magic bullet for America's savings crisis, but a patchwork of practical solutions, small and large, could significantly increase workers' long-term financial security. (June)" Publishers Weekly (Copyright Reed Business Information, Inc.) About the AuthorRonald Wilcox is professor of business administration at the Darden School of Business, University of Virginia. He lives in Charlottesville, Virginia. His expertise is in the area of marketing financial services, marketing and public policy, marketing research, pricing and auctions. Wilcox joined the Darden faculty in 2001. He is formerly an assistant professor at the Carnegie Mellon Graduate School of Industrial Administration and an economist for the U.S. Securities and Exchange Commission.
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