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By Staff Reporters
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The personal savings of Americans have plunged this year, hitting $629 billion in the second quarter of 2022, according to the Federal Reserve Bank of St. Louis. That’s down from $1.98 trillion in the second quarter of 2021, and $4.85 trillion in the second quarter of 2020, boosted by COVID-related government cash. But it’s also down from $1.41 trillion in the second quarter of 2019, before the pandemic.
In fact, the personal saving rate — meaning personal saving as a percentage of disposable income, or the share of income left after paying taxes and spending money — fell to 3.5% in August, according to the Bureau of Economic Analysis. It’s quite a U-turn: The personal saving rate recently peaked at 26.3% in March 2021 and 33.8% in April 2020. But the drop in the personal saving rate isn’t all pandemic-related: In January 2020, before the coronavirus pandemic, it was 9.1%.
But, what about doctors and other medical professionals?
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Filed under: "Advisors Only", "Doctors Only", Career Development, Financial Planning, Investing, LifeStyle | Tagged: Rates Plummet!, saving, savings, savings rates, SAVINGS: Rates Plummet! |
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Whether we’ve got a recession coming remains the biggest will they or won’t they story but it looks like more Americans are starting to sock away cash just in case.
Data released by the Department of Commerce yesterday puts the savings rate for December at 3.4%—the highest level in seven months and the biggest uptick from the previous month since July 2021 (November’s rate was 2.9%).
Lou
Patrick
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Whether we’ve got a recession coming remains the biggest will they or won’t they story, but it looks like more Americans are starting to sock away cash just in case.
Data released by the Department of Commerce yesterday puts the savings rate for December at 3.4%—the highest level in seven months and the biggest uptick from the previous month since July 2021 (November’s rate was 2.9%).
Lou
LikeLike