- Americans are locking away greater shares of their money — especially big businesses and the wealthy — a trend that has increased thanks to the coronavirus pandemic and is likely to stick around for some time.
- Thanks to the pandemic, the tendency of the wealthy socking away their money appears to be getting worse. A recent survey from Pew Research found that Americans have cut back on spending, especially at upper-income levels, over the past year.
- 32% of “upper income” adults said they were saving more since the pandemic began, compared to 23% of all respondents and 17% of “lower income” adults. Data from Albion Financial Group show Americans have now socked away around $1.5 trillion in excess savings.
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