> People are going to end up either starving or being a burden on their working children or the state because they don't earn enough to save for retirement: we're going to need to bring back defined-benefits pensions, peg Social Security to inflation, and increase the minimum wage
This is already happening to middle class families. I wouldn't word it as "a burden", but I have been lending money to some of my older relatives for a while now so they can make ends meet.
Nudging works, but it has to happen early in life, and some people will make bad financial choices anyway - such as "investing" in old property. You also have to be born in the right era. Those older relatives would have some decent savings had they made the choices I'm making now, but those choices are just slightly profitable these days.
This is already happening to middle class families. I wouldn't word it as "a burden", but I have been lending money to some of my older relatives for a while now so they can make ends meet.
Nudging works, but it has to happen early in life, and some people will make bad financial choices anyway - such as "investing" in old property. You also have to be born in the right era. Those older relatives would have some decent savings had they made the choices I'm making now, but those choices are just slightly profitable these days.