Posted 12/7/2023, 4:51:00 PM
Pandemic Savings Evaporated: 99% of Americans Face Financial Hardship as Inflation Outpaces Income
- 99% of Americans have burned through excess pandemic savings and will be worse off financially by mid-2024 vs. pre-pandemic
- All income groups except the top 1% are on pace to have lower inflation-adjusted liquid assets by mid-2024
- Excess savings peaked at $2.1 trillion in August 2021 but have since declined to below $150 billion
- Consumers face tighter credit, fewer COVID relief programs, less savings/liquidity, and high inflation
- Elder millennials specifically are struggling with buying homes, retirement saving, and spending due to economic storms