https://www.cnbc.com/2020/04/03/coronavirus-may-create-a-generation-of-supersavers-who-reshape-economy.html
Before the coronavirus, the economy was booming and extremely successful with a lot of spending. Some economists are now saying that this event in our time will help the future of our economy with more savings and fewer risks. People now believe the world isn't as strong and invisible as people once thought, so maybe people will be more careful with their money. They say this is going to be a very big generation impact on the way that our economy works. A "successful economy" may not be the same type of "successful economy we once thought before the coronavirus. How do you think more savings will benefit our economy in the long run?
2 comments:
I think this is an interesting take on coronavirus affecting our economy. It puts it in a more positive light. Essentially you could ask "How do you incentivize people to save when they don't know how? Close all businesses in the country so they can't spend anything." But in all seriousness, I think our generation and the one before need to learn a serious lesson about credit and savings. There are too many stories about people taking out credit cards and their lack of ability to pay them back, overdrafting bank accounts, and so on. It would've been helpful if more people had savings before this pandemic, but I think the lesson will be learned, as tough as it is, and we will be more prepared as an economy in the future.
I completely agree with the take that the view on what a "successful economy" looks like will drastically change. People will never forget this and how it has impacted every single aspect of peoples daily life. Many people will start to save more because of this and I think that is a good thing. But individuals benefit may stay consistent because while people will want to save more, they will not want the risk so I could see overall investment rise, but return on investment for people will probably stay consistent with times past.
Post a Comment