CIAO DATE: 07/2009
April 2009
The last 18 months have dealt a devastating blow to Americans’ sense of financial security. Few have been untouched by the financial crisis. For many, wealth accumulated over years of saving and investing has disappeared almost over night. For many more, the economic crisis has imperiled their jobs, their ability to provide for their families, and their optimism about the future. These crises have revealed an American system for saving and investing that poorly serves many on Main Street. For decades, the United States has not been a nation of savers. Research has also documented a “wealth gap” that points to an extremely uneven distribution of assets in America today. A closer look at the data also reveals an “investment gap” between lower- and higher-income savers which adversely affects both the long-term financial security and financial opportunity of lowerincome savers.
Resource link: Wall Street/Main Street: The Challenge of Building Financial Security in the Obama Era [PDF] - 578K