The United States is one of the wealthiest countries on the planet, yet there are still segments of the population who are financially struggling. Different sides of the political aisle might blame these struggles on corporate greed, or individual laziness, but the reality is, most economic stagnation and forms of socioeconomic inequality are the result of inherent social and cultural issues. If we can make these changes—without spending additional taxpayer money—we could all produce more, earn more, and generally have access to more abundant resources.

Societal Changes for Economic Improvement

These adjustments could have a massive positive effect on personal earnings and prosperity:

Better access to birth control. One of the biggest limiting factors for personal financial growth is children; if you have a child, especially an unplanned one, you may find it harder to build a career, and your spending will sharply increase. With the abundance of birth control options available, including the birth control patch, unplanned children shouldn’t be nearly as much of an economic barrier. Better access to birth control, better knowledge of birth control, and fewer social stigmas around birth control could all mitigate the problem. Higher financial literacy. Financial literacy in the United States is abysmal. Only 57 percent of U.S. adults have a basic understanding of important financial concepts like compound interest, financial risk, and diversification. Why? There are a few competing ideas here, but it’s evident that we don’t spend much time or effort prioritizing financial literacy in our educational systems. There are few “personal finance” classes in middle schools and high schools, and parents don’t often go out of their way to teach their kids about finance. Fewer sources of dependency. There are legitimate arguments for the importance of social welfare programs, but for the most part, any source of dependency is going to produce dependent people. If you’re regularly collecting unemployment benefits and your basic needs are met, why would you look for work? Obviously not everyone takes advantage of the system this way, but with fewer crutches to lean on, people generally have more intrinsic motivation to earn something for themselves. An understanding of diverse social needs. That said, it’s important to realize that not everyone in the country has access to the same resources, or has the same wants, needs, or cultural background. A better understanding of the diversity of our population can help us find alternative routes of growth, and help us identify the true obstacles standing in the way of success. Future-focused thinking. In the oft-cited Stanford marshmallow experiment, kids were tested on whether they would take an immediate marshmallow or wait, delaying gratification, in order to get two marshmallows. Kids who resisted temptation for double the reward had better all-around life measures later in life, including higher SAT scores, higher salaries, and even lower body mass index (BMI). Why? Because delaying gratification and thinking about the future are vital to success. In our culture, people tend to be more focused on immediate gratification and the present moment; if we could shift to think more about the future, we could all stand to benefit. Better incentives for independent entrepreneurs. Entrepreneurs are the gateway to economic growth. Small businesses are responsible for a disproportionate amount of new jobs, and under the right conditions, starting your own business can help you earn far more money than you’d make at any traditional job. However, we need better support for entrepreneurs; we need communities that support local business owners, and we need fewer regulations, restrictions, and “red tape” keeping entrepreneurs from following their dreams. Belief in potential. Belief in the “American dream” of upward economic mobility is rapidly declining, especially in white populations. But that belief tends to be a self-fulfilling prophecy; if you feel like you’re stuck in your current station in life, and that you’ll never be able to make more money, you’re never going to work harder or try new things. Conversely, if you believe you can achieve anything, you’ll be much more likely to set and achieve ambitious goals.

Slow Growth and Massive Barriers

The problem with most of these changes is that, while they may have an enormous potential effect on economic prosperity across the country, they aren’t simple changes for any organization or institution to make. If we want Americans to have higher financial literacy, we all need to do a better job of prioritizing it—in schools, in our households, and in our communities. If we want to instill more future-focused thinking, we need to foster it wherever and whenever we can. Still, if we manage to make progress in any of these areas, we’ll likely see positive results in earnings, wealth, and prosperity nationwide.