Of all the people I went to high school and college with very few of them have any sort of meaningful level of retirement savings. Most of them over-purchased on their housing and that is their only real asset. I don't know what happened but the consumerism is certainly part of it. I once went to go visit a friend who had all the latest gadgets, 3 cars despite only having 2 drivers in the family, was mortgaged to the hilt and when I wanted to go get some chicken wings and beer with him he "can't afford it."

I worry about most of my pals when it comes time to collect the government pension too because that system, in most countries, has been bankrupt for a long time.