Jun 05, 2024

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)

A line graph showing the change in personal savings rate from 2015 to today.

View the current Savings Rate

 

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?

 

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

 

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 is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.

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