Journal Article

Why Are Americans Saving So Much of Their Income?

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;

JEL Classification: E20; E21; E27;

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Bibliographic Information

Provider: Federal Reserve Bank of Kansas City

Part of Series: Economic Bulletin

Publication Date: 2020-12-04

Pages: 4