I believe it.
Many people live for the moment and don’t want to deny themselves to save for later.
Plus there’s the mentality that Medicare will pay for health care and SS will give them some income.
I think the entitlement mentality and normalacy bias contribute to those figures.
This is why the bank bailout of ‘08 will go down as a watershed moment in American history.
The overwhelming majority of Americans, both Left and Right, did NOT want the banks to be bailed out with tax dollars.
The right doomsday scenario was constructed and Congress did it anyway.
That caused a critical turn in the mentality of a lot of people. I’m afraid the prevailing opinion is now “Well, if THEY could be bailed out when they got into trouble, then dammit, I can be bailed out too!”
Very, very bad moment from a deconstruction of society standpoint.