Sometimes a shock to the system is the best way to change behavior, and the recession did just that with many of our savings. However, it looks like that change may have been short-lived. BillShrink studied their user’s average amount of savings, as well as intended savings, and found that users were actually saving less than they used to. Do you think Americans have learned to save better or is history just going to repeat itself in the next recession?
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Whether or not the recession will cause Americans to change their behavior “permanently” is an interesting question to ponder. Seems to me that it likely won’t. But if the economic downturn continues for another year or so, just maybe it will. Recall that the great depression (which was admittedly far worse) did cause a permanent change in our nation’s psyche. Bill