We are nowhere near the rates of a few years ago, but is that just getting back to normal?
Answer: 3.6% (a 1.6% decrease from 5.2% in April 2023)
Questions:
- Why did the personal savings rate decrease so drastically from 2020 to 2022?
- In what other areas might people’s money be going if they’re not saving as much as they once were?
- What do you personally think is a good savings rate to aim for?
Behind the numbers (Statista):
“In 2023, personal savings amounted to 4.51 percent of the disposable income in the United States. The personal savings rate peaked in 2020, when U.S. households saved on average over 15 percent of their income. That year and in 2021, there were measures implemented to contain the spread of the COVID-19 virus which limited the ability of people to go out and spend their money, which resulted in people saving more than usual.”
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NGPF has lots of resources focused on Saving. Check them out here.
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