The Personal Saving Rate Just Hit an 8-Month High, but That's Nothing to Be Proud Of

The Personal Saving Rate Just Hit an 8-Month High, but That's Nothing to Be Proud Of

Would you consider yourself a good saver? Chances are the answer is "no," and if isn't, I'd have to question whether you're being truthful.

According to recently released data from the St. Louis Federal Reserve, the average personal saving rate came in at 5.5% in May 2017, representing an eight-month high.  In simple terms, it means people are putting away $0.055 (5.5 cents) of every dollar they earn. Comparatively, Americans were saving just 4.5% as recently as December, and just 1.9% as of July 2005.

Image source: Getty Images.

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Source: Fool.com