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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https://www.kansascityfed.org/documents/6727/EconomicBulletin_WhyAmericansSavingSoMuchIncome_2020.pdf
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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