The Oxford Club has painted a picture about the savings habits of Americans. It is not a beautiful one, but it reflects the reality of the situation. People have not gotten into the habit of saving as much as most finance experts believe they should. This may come down to both habit, and that most people live paycheck to paycheck and just don’t have the extra 15 to 20% recommended to put into savings.

The latter of those scenarios come from the economy of late. Some people are still picking up the pieces from 10 years ago, which means they spend everything they have just to get by. This reality lends itself to people getting into the habit of not saving. The word habit is about the best way to describe this because habits will make or break the finances of a household. People get used to doing, or not doing, something and that has a ripple effect hard to get out of.

The financial arm of the Oxford Club has done a good job through the years in educating people about all things financial, and their recent piece about saving is no exception. Saving money is the bedrock for having a stable retirement, and institutions like Oxford recognize that sometimes it is out of the hands of people to do so. Sometimes it is a choice of putting food on the table, or saving money.

There has to be a way of articulating to those who struggle, ways to make both choices work.

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