It happened yet again, I was reading an article and caught a little twist. Not a big twist mind you. They didn’t out and out lie. But it certainly could affect a reader’s mindset.
The article was on saving for retirement. It was from a writer for a very reputable financial website. It is a name most people know and rely on. And the fact in question was simply this: they told you to save for retirement (the good part) and then told you what would happen if you did this in your twenties at a rate of 7 percent. The only problem is, no one on God’s green earth is earning 7 percent on their savings anymore. If you have a sizeable amount in savings, you might get 2.5 percent if you are lucky.
How do I know this? Well, I am a bookkeeper in my day job. But mostly I know this because I researched it.
To put it more clearly, savings might not keep up with inflation. And with the stockmarket on a roller coaster, investing there is not as attractive either. So instead, you might choose to pay down debt such as your mortgage, your cars and your credit cards.
Afer all, the interest rate on what banks lend you is significantly higher than what they are willing to pay you. You won’t have more income in retirement that way, but you will certainly be able to keep more of
what little you have in your pocket. The article skews the reader’s decisions and that make me think that financial website works more for the one percent than the rest of us.
This would hardly qualify as fake news. But I am tired of it, people! We as writers need to have some integrity. Now maybe this article was recycled from years ago when interest rates were higher. That’s possible, right? But some decent editing should have caught that error. And frankly, I think the writer should have been ashamed.
Journalism used to be an honorable profession.