Household wealth grew substantially in 2020 and 2021 as a result of reduced spending during the three-year COVID-19 pandemic (i.e., between the first quarter of 2020 and the first quarter of 2023), substantial income support from government transfers, and increases in asset values. But the extraordinary wealth that households accumulated in 2020 and 2021 had dissipated by the first quarter of 2023, largely as a result of stock market losses and low saving rates coupled with weak income growth. In addition, liquid wealth, meaning wealth held in checking and savings accounts, has fallen substantially since 2021.
https://www.hamiltonproject.org/wp-content/uploads/2023/08/20230801_THP_HouseholdFinances_Report.pdf
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