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Many young people are not saving for their pension, because they think climate change will end the world They will be astonished when they realize they will not only survive climate change but thrivehttps://www.marketwatch.com/story/how-to-get-young-people-to-save-for-the-future-when-they-think-the-planet-is-doomed-2019-05-23 …
The average income in GDP/person will increase to 300-500% or even 1,000% of today's income according to the UN's own scenarios for 21st century SSPs except SSP3, which is 'only' 170% https://www.sciencedirect.com/science/article/abs/pii/S0959378015000837?via%3Dihub …pic.twitter.com/qADOqz7jeR
While global warming — even if we do nothing — will cost a rather manageable 2-4% of GDP by the end of the century Here the updated UN Climate Panel overview by Nobel Laureate climate economist, Nordhaus https://www.nber.org/reporter/2017number3/nordhaus.html …pic.twitter.com/60lXUFCM4I
Once they are a bit older without savings - and find the apokalypse did not come after all - they will clamour for a big, strong state to take care of them. This is the whole intention of this manufactured hysteria.
Elephant in room: article says 'most nonsaving millennials say financial constraints are the top reason. The average student-loan debt is $37,172, according to The Wall Street Journal. And, while the cost of living has gone up, wages have remained stagnant over the past 30 yrs.'
They are not saving coz they are skint
well we will survive whatever will be coming, but money is last thing you would need to save. On today's situation it may take one day and all the savings will become worthless. Especially now USA pinching China. First thing they should make sure, is to have own property.
Real wage growth has been totally flat for forty years. No, they aren’t thriving.
Young people are not saving for their pension (or anything else) because the concept of deferred gratification is utterly alien to (most of) them.
You know them all, do you?
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