Ben Franklin's timeless financial advice can be a wake-up call for Americans, WalterIsaacson writes. InvestInYou (In partnership with acorns.)
For 60 years, there has been a downward trend in the personal savings rate. It has reached a crisis, and it's been widely reported that 40 percent of Americans say they would have trouble dealing with a $400 emergency. But this is not something that can be fixed by merely exhorting strapped families to save more.
Reversing the decline in savings rates will require both a change in public attitudes and a new burst of innovations that are aimed at the 21st century economy rather than the corporate and industrial one that arose after World War II. Franklin's books were intended, he said, to teach about"industry and frugality as the means of procuring wealth and thereby securing virtue." But he knew that, in addition to spreading the penny-saved gospel, America needed clever public and private innovations to promote wealth building and equal opportunity.
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