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people can ignore savings,” he warned. “They will need savings even though the savings will be eaten up by inflation. It will have to be accepted.” Lareau said he was starting to hear ominous sounds from some economists that the coming recession may be as bad or worse than the last one.
“it’s not going to be a soft one,” he said. “And don’t believe what the official government policy is that there won’t be any. No national leader in any country is going to say they’re going into a national recession. They just don’t do that.”
Lareau said there is a growing need for personal financial counselors to help the public deal with this changing world.
In the past, he said, it was assumed that people knew how to manage their money.
“It was a less sophisticated world,” he explained. “The range of options was pretty clear. You took cash to the store and you bought. If you ' didn't have the cash you didn’t go to the store or else you looked and walked on.”
“It’s a very different world today,” he said.
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