Something that we’ve been hearing in St. Louis is that people need to get their spending under control. When I ask Financial Counselors about what people should be doing with their finances the number one answer is always that “people need to spend less than they earn.” They follow that up with “anyone can save, regardless of how much they make.”
These messages are in direct conflict with what many call the “paradox of thrift.” In this Planet Money report we hear about different approaches to this issue. To listen to the story click on the picture below. To read more about savings go to www.feedthepig.org.