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: