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this post was submitted on 30 Mar 2024
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I commented there, and while I do lean towards the idea that personal finance literacy is an issue, I don't think that it's purely a matter of self-control. I don't think this is necessarily a "Bob knows that he should spend N and save X but instead spends N+X" situation. I think that some of it is that people do not really have a great idea of what they should be doing in terms of personal finance. Like, what is a reasonable amount to be spending? How much should I be spending on housing? How much should be going towards retirement? How much of an emergency buffer should I have? What should I do with money that I save?
I think the answer is in your first sentence, personal finance literacy. At least in my case reading about it, learning the basics (six months expenses emergency fund, pay credit cards in full every month, invest in ETFs..) and understand other people's strategies is all it took. Hate to say it but I owe reddit one for all that knowledge.