Americans saved more money from March through June than we did before the Covid-19 crisis. Households banked an additional $916,000,000,000 (billion) Bankrate's Chief Financial Analyst Greg McBride knows why. "People are really putting more money away! There are many factors involved. Most people are spending less - or spending money differently, especially if they are working from home and their income has not been affected. They are saving commuting and work-clothing costs." McBride adds: "There's the added motivation of the uncertainty of what will come ahead. Motivating some people of putting something away for a rainy day. If it hasn't happened already - they are afraid it might."
Americans are Not Known for Saving
The question is: will we put our next stimulus check in our savings account?
McBride says his research shows we will. He feels most will sock away at least part of their next stimulus check, but isn't sure how long the practice will last. "As the economy improves and things go back to 'normal' - people tend to get 'frugal fatigue' and begin dipping into their savings."
That could be the next disease to hit the U.S. !
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