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BLOGS. August 23, 2022
Consumer Debt – How Has It Impacted Activity in Retirement Plans?
Consumer confidence is certainly in the headlines as inflation causes people to adjust or reduce their spending. But, perhaps intuitively, the volatile economic environment is also adversely impacting how much individuals are saving. According to the U.S. Bureau of Economic Analysis, the U.S. personal savings rate was as high as 33.8% in April 2020, but it shrank to 5.1% in June 2022. While the 5.1% level is much closer to the ten-year U.S. average savings rate of 6.0%-8.0%, it is a dramatic decline from April 2020.