401(k) deposits AND lottery sales up. What gives?
The iffy global economy is far from being out of the woods, and some of the details about what we are doing with our money shows that the public is just as confused about the economic future as the government. On the positive side of things, in the past 12 months, the average contribution into 401(k) plans by participants was at a record high ($5,890) along with a record percentage of participants contributing (84%).1 The numbers above would indicate that the American public has a little more money to save and all is well and good with the world. That feeling of confidence is thrown off a bit with the knowledge that despite increased contributions, 401(k) balances have actually dropped 12% thanks to a skittish stock market.
Need another dose of reality to share at the dinner table? People are still looking for the quick fix over the slow accumulation of money more than ever as lottery sales have skyrocketed of late. 26 of the 43 states with lotteries saw revenue growth last year, and “ticket sales in at least 17 of those states set records…”2 In other words, we don’t know what to think about tomorrow, but we sure wouldn’t mind getting rich quickly.
Read on:
NHJournal.com – Fidelity: 401(k) balances drop 12 pct in 3Q
USAToday.com – Lottery ticket sales increase across country
(image taken from WorldNewsInsight.com)
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