Americans Saving Less Amid Rising Costs
New government statistics show Americans are saving a smaller share of income. Higher costs tied to inflation have contributed to the drop.
Topic cluster
declining
2 sources grouped by AFBytes in Economy
AFBytes briefing
Lower savings directly reduce household financial buffers for emergencies, retirement contributions, and major purchases such as homes or vehicles.
Key entities
- Savings
What to watch next
- Watch the next personal income and outlays report from the Bureau of Economic Analysis for confirmation of the savings trajectory.
- Monitor the next personal income and outlays report from the Bureau of Economic Analysis for trend confirmation.
U.S. Personal Savings Rate Falls to Four-Year Low
The U.S. personal savings rate reached its lowest level in about four years, raising comparisons to the period preceding the Great Recession.