We’re Saving More Than We Realized
Quick: What’s America’s national savings rate? A generation ago, you might have guessed 10% and been pretty close to the market. More recently, there has been a lot of hand-wringing about a precipitous decline in how much of their income Americans are saving—down, according to the U.S. government’s Bureau of Economic Analysis, to just over 2% this year. There was a brief period after the Great Recession when people were saving at higher levels, up to nearly 9% according to BEA figures, because they were getting serious about paying off debt. But the trend has been pretty dismal since then.