Citizens do not have the discipline to save for retirement. They are myopic.
I think it to be a useful idea for the middle class and the upper class...
However the societies are very heterongeious and many people can barely feed their family or themselfes.
How can you make saving legally compulsory when you cannot afford your daily life?
I think that in many of the developed world people save in form of pension funds (private or government), life insurance policies, etc. To save in the old forms is very little lucrative as interest is low and savings lose in value because of inflation.
In developing countries the poor rarely have sufficient savings as they consume most of their earning for their daily consumption. Here saving scheme with support of government could work.......
The standard example that people use is the Singapore case. It is not clear how relevant it is for other countries. I hope that others on RG with better knowledge can comment on this issue.
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