63% of workers unable to pay a $500 emergency expense, survey finds. How employers may help change that
They will make it 83%
Or they may think that those workers being able to maybe pay < $500 in an emergency is a money-making opportunity…
This strikes me as a “you will own nothing and be happy” solution. Instead of paying workers a fair wage so they can put something into savings for a rainy day, you will be at the mercy of your employer for support.
This seems to be the trend. In the future, you will have most of your needs at least met, but not through your own means, because you will have no means whatsoever. You will not be able to take care of yourself without your corporation parent. This is a very coercive situation.
Living as a Service
While wages are obviously a significant factor here, I still wouldn’t be surprised if the primary cause for this is simply the fact that most people aren’t very skilled at managing their personal finances.
I make a pretty decent living, but in discussions with my coworkers who earn as much as I do, and often even more, it becomes apparent that many of them are essentially living from hand to mouth. In contrast, I have a year’s worth of wages invested in stocks and enough cash to purchase two more cars like the one I already own. Finances and saving are subjects I enjoy discussing, but the vast majority of people have zero interest in them, and this has a real impact on their lives.
You’ve been downvoted, but I get what you’re saying. There’s just people who never really got out of the pocket money model of spending whatever you have all the time.
It’s quite possible to do everything right and still end up with not enough, but I definitely work with people who could do better. One guy, between them and their partner earn more than I do, yet are in far worse financial shape, and it’s simply because they see money in their account, and see no reason not to spend it, meaning those little events (that don’t happen all the time, but do happen) like a car failing an MOT, or a boiler breaking in winter, or a roof leak means they have no way to cover it.
I think there’s definitely a market for managed bank accounts, that handle your bills and outgoings, save up an emergency pot for you, put into investments when that fills up, and give you a spuff money pot for takeaways and other frivolous shit.
City life can also be expensive, and too few people move away when it isn’t working for them.
people will worry so much about this but will elect the same people over and over again to lead based on shirt color just because they change the shirt to red or blue same clothing factory
maybe younger people from a new political party might be able to help or rioting in the streets or something
I’m very fortunate to finally be able to cover a major expense like that. Nothing like going to the hospital, but if I needed new tires I wouldn’t be completely broke.
It’s a strange feeling.
It’s also pretty hard when the corporations you work for aren’t interested in paying you what you’re worth. People need and deserve better wages
Corporations literally cannot pay you what you’re worth. The very nature of capitalism requires exploitation. For capitalism to function, there must be an inequity between a worker’s true value, i.e. their productive output, and their cost. The system is literally designed to fuck you over from the top down.
Ehhh, I’d argue the exact opposite. The people at the top hoarding so much wealth are arguably the worst capitalists. Capitalism demands cash flow, and the more the better. Few people hoarding and controlling so much of it is breaking it.
I always love to point to healthcare. Between my portion and my employer my health insurance is over $15000 for my family. Yet I have a $5000 deductible still. Imagine if all that money that my employer is paying me I was actually getting. Then apply that to every family. But instead, a few companies make all the money off that. The problem is healthcare shouldn’t be a business, but a public service just like police, firefighters, roads, etc. In an emergency I’m not going to shop hospitals, and in non emergency I don’t have a choice anyway, my insurance company decides that.
It’s the most broken system and everyone at the top is making too much money from it that it will never change until it gets so bad for the middle class it somehow starts bringing them down
