Why Are Americans Saving So Much of Their Income?

Andrew Smith

Economic Bulletin, 2020, 4

Abstract: For much of 2020, Americans have saved a greater share of their income than ever before. This increase in savings appears to be predominantly driven by precautionary motives. Therefore, consumers may be reluctant to draw down these savings in the future to support spending.

Keywords: Savings; Consumption; Personal Income; COVID-19 (search for similar items in EconPapers)
JEL-codes: E20 E21 E27 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (6)

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