Yep its the same in other rich western countries. People spend more than they earn and have very little financial literacy. If they put 10% aside every month and invested wisely their long term financial situation would be dramatically better. But it requires longer term thinking. Not a common trait.

> If they put 10% aside every month and invested wisely their long term financial situation would be dramatically better.

To use a 200 year old quote: "They should eat cakes instead".

Someone with absolutely no money to spare absolutely cannot set aside 10% of their income - and even if they manage to do so, it's all one healthcare or other emergency away from being wiped out.

That’s obvious of course. If you have no money then you can’t invest for the future. However the majority of people living in rich western countries most definitely can put 10% or even 20% aside every month by lowering the living standards accordingly.

Someone making the median household income in the US can absolutely afford to set aside 10% of their income.