Is it just consumerism and materialism or do they have not enough income? In Germany, 50% do not have any savings. Over 60% of those who have savings do save less than 100€ per mounth. Maybe just 50 or 20.
10 million people over here (1/8) have to live with 102€ per week, for everything exept rent. This means electricity, groceries, hygiene, clothes & shoes, insurances, whiteware (new or repair), puplic transport or a car (obligated insurance, gas, repairs), maybe pets, TV, hobbies,... everything with 102€. How much can there be left to save it?
ok I see your point. I would argue that it is definitely a mixture of both, consumerism/materialism and insufficient income. Because It is established that as income increases the spending increases, even though the subjects were surviving on less and probably satisfied. My point is, if the income is not great, that is yet another reason to save, that means managing a tight budget and letting go og unnecessary items i.e. cigarettes, alcohol, drugs and deffo pets and pet food. I get that it could be hard, but trust me, I come from a developing corrupt country and you guys are blessed. Saving is still manageable if you imagine yourself living on a smaller income.
I totally agree thats even more important to save money if you don't have much. But I understand that that's not really possible for many people. And for example most of the 10 millions here are not even allowed to have more than 150€ savings per year of their life. Means if you are 30 and have more than 4500€ (including car, life insurance,...) you have to take that money for living, before you even get any benefit. Doesn't matter if you've saved that money over 15 years by putting 10€ aside per week.
If you invest in cryptos and loose your money it's totally your problem, but if you make profit you have to take that for living till you are poor enough again. That's kind of depressing.