Americans Are Struggling to Save Again
Personal savings rates in America rocketed higher at the start of the pandemic. The combination of government stimulus checks, the inability to go out or travel, and economic uncertainty led to savings rates climbing well into the double digits. Prior to the pandemic, Americans' savings rate was between 7% and 8%.
But Americans are struggling to save again. Savings rates have fallen below the pre-pandemic average, reaching 5.4% in May, according to data from the St. Louis Federal Reserve. There are several factors at play, some you may be able to control. If you want to keep your budget and retirement on track, your savings rate may be one of the most important factors to watch as you make your plans.
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Source Fool.com
