Spenders Into Savers: The Great American Shift
August 10, 2021 by Steve Morelli
Although Americans may be known globally as ravenous consumers, they are more likely to call themselves savers, a title they earned over the pandemic, according to some reports.
The Federal Reserve confirmed in its latest report that Americans are saving buckets of cash since the start of the pandemic, often related to federal stimulus infusions.
From the end of the Great Recession to February 2020, the personal saving rate averaged 7.25% until the beginning of the pandemic. The rate shot up to 17.9% since then.