Americans Are Stockpiling Cash

With no place to go and businesses closed, we are saving more than ever.

(Image credit: Getty Images)

Americans have gradually begun to reopen their wallets, but we’re still saving more than we have in decades. The personal savings rate, which measures the amount of money Americans have left over each month after spending and taxes, dropped to 17.8% in July after spiking to 33% in April, but that’s still the highest rate since May 1975. Some 45% of Americans say they’re saving more than usual, according to a survey by the Associated Press and the NORC Center for Public Affairs Research.

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