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2016 | OriginalPaper | Chapter
Sidelined: The Millions Who Are Left Out
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Economic risks have gone up for households over the past 30 years. Wages and salaries have become more volatile, unemployment spells have become longer, stock prices have undergone wider boom and bust cycles, and house price swings have become more dangerous as households have become mired in debt. And households increasingly have had to manage their savings on their own to avoid too much exposure to these risks as DB pensions have disappeared, Social Security’s benefit growth has slowed, and individualized savings such as 401(k) plans, IRAs, and housing have become ever more widespread.