Would you be able to come up with the equivalent of US$400 in an emergency? Many people can’t. A recent survey by the United States Federal Reserve Board reveals that 47% of people in the United States can’t come up with that $400 without selling something or borrowing. That means they may be unable to fix their car or visit a hospital emergency room. They may struggle to pay … [Read more...] about When Emergency Spending is Impossible
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Better Savings for Better Infrastructure
In 2014 the government of the small and impoverished city of Flint in the United States decided to draw its municipal water from a different river than it had been accustomed to while it waited to connect to a cheaper water system. But the new water was corrosive to water pipes, and environmental officials made a fateful decision not to add chemicals that would protect them. By … [Read more...] about Better Savings for Better Infrastructure
Running Out of Time
For decades, Latin America and the Caribbean has been a young region, with lots of people in the workforce compared to the number of elderly. But it is aging. By 2085, the region will surpass Europe as the area of the world with the highest share of elderly and, given current rates of savings, will have insufficient resources to pay for the immense health care, pension, and … [Read more...] about Running Out of Time