Paying higher wages doesn’t get people to start bank accounts, much less retirement accounts.
Many people on the poorer end of the spectrum literally hide money in their walls/mattresses rather than get bank accounts - I know many of these people firsthand.
Paying higher wages doesn’t get people to start bank accounts, much less retirement accounts.
Many people on the poorer end of the spectrum literally hide money in their walls/mattresses rather than get bank accounts - I know many of these people firsthand.
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Not having one does make you poorer, but this is neither here nor there.
My point is, someone hiding money in their mattress isn’t going to put much value in 401(k)s and likely does not have one.