Survive to Thrive Data Blog Series: Consumer Saving During COVID-19 and the PFM Opportunity

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12 June 2020
Stephen Greer

I recently noticed some interesting data published by MX which looked at some changes in consumer behavior during the pandemic. A few points on saving caught my eye:

  • 50% of consumers plan to save their stimulus check.
  • 2/3 have changed their view of saving since the pandemic.
  • 34% said they are putting more into savings than before.
  • Those in the income bracket of $40k-$59k are spending more on savings.

These findings are reinforced by data from the Bureau of Economic Analysis in April 2020 which showed a spike in the national savings rate to 33%, historic highs.

This blog is part of a data series in our ongoing coverage of developments around COVID-19. View the rest of the blogs within this series:

  1. Insights on Shifting Retail Banking Customer Needs
  2. Acceleration of Digital in Corporate Banking
  3. Consumer Saving During COVID-19 and the PFM Opportunity
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North America