Question of the Day: What was the U.S. personal savings rate in April 2024 compared to April 2023?
We are nowhere near the rates of a few years ago, but is that just getting back to normal?
Answer: 3.6% (a 1.6% decrease from 5.2% in April 2023)
Questions:
- Why did the personal savings rate decrease so drastically from 2020 to 2022?
- In what other areas might people’s money be going if they’re not saving as much as they once were?
- What do you personally think is a good savings rate to aim for?
Behind the numbers (Statista):
"In 2023, personal savings amounted to 4.51 percent of the disposable income in the United States. The personal savings rate peaked in 2020, when U.S. households saved on average over 15 percent of their income. That year and in 2021, there were measures implemented to contain the spread of the COVID-19 virus which limited the ability of people to go out and spend their money, which resulted in people saving more than usual."
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NGPF has lots of resources focused on Saving. Check them out here.
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About the Author
Ryan Wood
Ryan grew up with and maintains a love for learning. He graduated from the University of Wisconsin-Green Bay with a degree in Business Administration and worked in sports marketing for a number of years. After living in Texas, Colorado, Tennessee, and Minnesota, the call of education eventually brought Ryan back to his home state of Wisconsin where he was a Business and Marketing teacher for three years. In his free time he likes to spend time with his wife and daughter, play basketball, read, and go fishing. Now with NGPF, Ryan is excited to help teachers lead the most important course their students will ever take.
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