According to data from the Federal Reserve Bank of St. Louis, the personal savings of Americans totaled $626 billion in Q3 of 2022, marking a substantial drop from the $4.85 trillion in Q2 of 2020.
Savings are now below even pre-pandemic levels.
Here’s the blunt reality: White-hot inflation continues to deplete savings. And it doesn't help that economic growth has been sluggish while companies announce major layoffs. Living paycheck to paycheck has become the norm.
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