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Americans' savings is dwindling
Americans are in relatively good shape financially, but their position is tenuous. During the pandemic Americans' savings rate ballooned due to government stimulus and a lack of places to spend money. Now, with the economy reopened they are making up for lost time. Americans' personal savings rate is now below pre-pandemic levels, according to data from the Federal Reserve Bank.
Many consumers have already exhausted their pandemic savings and are buying on credit. The number of consumers with credit cards and personal loans reached record highs in the second quarter, according to a report from TransUnion. Inflation and rising interest rates are pushing consumers to spend more for the same amount of goods and services.
The views and opinions of Mooney Navigator are those of the author who is not an associated person of Moomoo Financial Inc. The view and opinions of the author do not reflect the views of Moomoo Financial Inc. or any of its affiliates. The views and opinions of the author are provided for informational purposes only, do not constitute a recommendation of an investment strategy or to buy, sell, or hold any investment in any form, and are not research reports and should not be used to serve as the basis for any investment decision. All investments involve risk including the loss of principal and past performance does not guarantee future results.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Justin Zacks
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Johnnie Worker : We have more debt than we can repay. That’s why I personally believe low inflation is no longer a choice
polite Chupacabra_84 : inflation is seen abd experienced by all, not only Americans.
RDK79 : I’m shocked national debt is not a hot topic. It use to be. Balance the budget was a big deal, it even happened once…. and had all the associated pros and cons. Now it’s not an issue at all! I’m sure it will be, just a matter of time I guess.