Answer: 27.6% (as of March 2021)
How does the personal savings rate today (about 27.6%) compare to the rate during other periods of time?
In our current historical moment, what factors have caused the personal saving rate to be so high?
What do you think is a good saving target to aim for personally?
“The personal-saving rate surged to 27.6% in March, the second-highest rate on record, eclipsed only by last April when the first round of government aid was distributed early in the pandemic. Stimulus payments included in the latest package propelled spending the most of all three rounds of pandemic stimulus checks, according to data-analytics company Earnest Research.
People who received stimulus money drove up total spending growth by 29 percentage points in mid-March compared with the same period in 2019, Earnest transaction figures show. That outpaced bumps of 23 and 22 points after the first and second stimulus checks, respectively.”
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