It’s not uncommon for people today to get nostalgic for the past, especially when it comes to comparing it to their current financial situation. For example, back in the day, it was a lot less expensive to buy a home, get a college degree or simply go to the grocery store.
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What other financial problems simply didn’t exist in the past that are giant financial burdens in the present? Money expert Dave Ramsey shared on his website, Ramsey Solutions, seven money problems that didn’t exist 50 years ago. If you find you’re currently dealing with these, he also shared his recommendations for how to fix these financial issues.
Lack of Guaranteed Retirement Funds
Ramsey specifically highlighted pension plans as guaranteed retirement money. According to the article, 41% of private sector employees were covered by pensions in 1960. Over the decades, though, many companies have been unable to sustain this model due to retirees having longer lifespans and needing to draw these benefits for many more years.
Today, Americans are in charge of funding their own retirement, which can be a lot of pressure when you factor in the dwindling Social Security trust fund. The good news is that there are many accounts you can open and max out yearly, like a 401(k) or a Roth IRA, which help you save early and consistently for your retirement.
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Rampant Identity Theft
Did you know that as of right now in 2025, there is an identity theft case every 22 seconds and it is still predicted to increase by the end of the year? Over the past decade in particular, identity theft and fraud cases have been steadily increasing and victims of fraud are said to experience a $500 median loss.
The more society becomes digitally dependent, the more difficult it is to avoid falling victim to a scam. Here are some other scary statistics:
- The Federal Trade Commission (FTC) received 5.7 million total fraud and identity theft reports this year alone, 1.4 million of which were identity theft cases.
- One of the biggest areas for identity theft scams is benefits fraud.
- The median loss of fraud cases for victims is about $500, with total losses estimated to be $10.2 billion.
What can be helpful, as Ramsey Solutions suggests, is finding smart ways to safeguard your finances. You can purchase identity theft insurance to protect your bank accounts and cancel credit cards to reduce hacking attempts.
Expensive Healthcare
It would be nice if you could be more concerned about getting sick or injured than whether or not you could afford care. However, privatized healthcare in America costs people thousands of dollars each year — even if they’re insured. It’s estimated that the cost of health insurance for a family of four varies significantly but can range from under $2,000 per year to over $35,000 per year, depending on factors like location, plan type, income and whether the plan is employer-sponsored or purchased individually.
If you’re worried about potentially finding yourself in a financial bind over healthcare costs, the post on Ramsey Solutions recommends taking these helpful steps:
- Save enough money for a fully funded emergency fund with at least three to six months’ worth of expenses.
- Explore plans with higher deductibles, as this may be able to help lower your monthly premium. Talk it over with an insurance professional if you are interested in switching plans.
- Put the money you’re saving each month into a Health Savings Account (HSA). This helps cover deductibles, co-payments and other healthcare expenses like dental appointments or contact lenses.
Ubiquitous Credit Cards
Today, credit cards are in more places than our physical wallets. They also occupy a place in the digital wallet stored on our smartphones and can be found in apps, like Starbucks and Uber, where we have our credit cards programmed as a form of payment.
If you really want to eliminate credit card use, the post on Ramsey Solutions recommends cutting them up. You can also eliminate monthly charges and keep yourself from accumulating future debt by saving up enough money to buy the things you want, with cash.
Exorbitant Debt
Just how much debt does the average American carry? In 2025, that average balance is in the thousands, regardless of age. Gen Zers at age 20 carry an average of $9,593, while a 35-year-old millennial has an average of $78,396. And a 50-year-old Gen Xer has a whopping average of $135,841 in debt.
If you have debt, the best thing you can do is pay it off in full. The post on Ramsey Solutions recommends using the debt snowball method to pay off your balance, starting with the smallest amounts of debt and working your way up to the biggest.
High Cost of Living
Virtually every aspect of life, from the price of homes to the cost of cars and overall transportation, is significantly more expensive now than it was 50 years ago.
What can be done to combat these costs? According to the post on Ramsey Solutions, cutting back on big expenses is a helpful strategy to counteract the high cost of living. You might be able to sell your car if you live in a large city with reliable public transportation, or find a roommate to rent an apartment with.
Lack of Budgeting
While it has been more than 50 years since the credit card was invented, admittedly, many consumers today do rely on credit for their spending needs. Not everyone has, or sticks to, a budget each month.
The best thing to do is get back into the habit of budgeting again. As old-fashioned as it may sound, budgeting allows you to track your spending and clearly understand how much money is coming in and going out every month. This allows you to pinpoint problems and make adjustments if you are having trouble saving or going into debt regularly.
Caitlyn Moorhead contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: 7 Money Problems We Didn’t Have 50 Years Ago, According to Dave Ramsey
