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Government-run pensions are in general a ponzi. Once you run out of new investors (active taxpayers) your pyramid falls apart. If people were just taught to save for their pension independently instead of trusting govt to do it for them. Governments are the worst asset managers.
These days even private pension funds, hamstrung by slow real economic growth and obsolete allocation rules, are also allowing their beneficiaries to be raided by investing their funds in negative interest rate bonds.
This is an unsustainable behaviour. Once the economies slow down, a lot of people will lose their life savings. Financial literacy is one of the most underrated life skills we can teach young people. I still don’t understand why it’s being overlooked by everyone.
It's very hard to teach. When it was a kid it took the form of "the miracle of compound interest." They didn't tell us that miracle works backwards when real interest rates are negative.
I come from an ex-communist country where the only thing our parents were taught was to trust government and big boys running the country. Even to this day a huge portion of Slovakia believes that government is going to take care of them. I don’t see this changing any time soon.
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