Thu, Nov 01 2007

Does money have nothing to do with wealth?

I appreciated what one online article reported concerning consumer confidence. Stephen Gallagher was quoted as saying, "The sense of wealth is very important, not just the actual wealth itself."

I had begun to think I was a bit daft because I keep hearing news reports of an upbeat attitude toward the overall economy in America. But many of the people I talk to are afraid. Their earning power is less now than it was even a few years ago. Some are either unemployed or are in a job that they fear will be eliminated at any moment. Some are working, but are working for less pay than they were a few years ago or are having more withheld from their paychecks for health insurance. Many have dipped into their savings and are worried about what they're going to do when it's time to retire or when their health might no longer enable them to work full-time. Some are feeling an obligation to help their adult children with financial assistance or are helping to assist elderly parents. The aged among us are living longer, but that also means their lifetime cost of living is higher. Advancement in medicine has given many a longer life, which is wonderful. But this also means that more joint replacements, heart surgery and other expensive procedures are often performed during that time. I just haven't been seeing all this positive outlook on the economy when it comes to each individual's situation.

Are the people who are afraid for the future being overly pessimistic? Or are those who see the economy as healthy in denial? Maybe it's a bit of both. Whatever the case, I meet more and more people who are not confident that they can stretch their money into next year—much less into the Golden Years.

posted at: 10:29 | category: /Miscellaneous | link to this entry