this post was submitted on 31 Aug 2023
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Work Reform

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[–] SCB@lemmy.world 4 points 1 year ago (1 children)

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.

[–] dangblingus@lemmy.dbzer0.com 2 points 1 year ago (1 children)

A bank account isn't going to magically make you richer.

[–] SCB@lemmy.world 2 points 1 year ago

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.