Why Can’t Americans Save? This week the New York Times "Room for Debate" section took on that very topic, "Why Can't Americans Save?" The article featured several different perspectives on a recent Harris poll that examined American’s savings habits.

As you may have already guessed from the title of the article, the poll shows that the post-recession savings rate spike is looking like a short-lived event, and, in fact, the savings rate in America is already falling.

What happened to the notion that the recession would drive people to adopt a more thrifty and frugal approach to their finances and in turn develop more sustainable money habits – especially when it comes to saving? 

That, my friends, is a very good question.

While I encourage you to read the entire article, here is a brief list of the major issues touched on by the contributing authors:

- The lingering effects of the Great Recession
- The role of tax policy in providing incentives (or disincentives) to save
- Predatory lending
- Debt levels (private and public)
- Stagnant wages vs. increasing costs (namely healthcare and education costs)
- A culture of spending
- Income inequality
- Bad mortgages/over-lending

So, what do you think – is the “savings revolution” over? If so, why do you think that is? Or, have you found some successful ways to act on the lessons that you learned in the recession?

Post your comments and check back to see my responses, including some thoughts from my new book Money Sanity Solutions. While there is definitely room to debate the difficulties of saving, there’s no room to debate its importance in a balanced and healthy financial perspective. Thanks for sharing your opinion.