Question of the Day: What was the U.S. personal savings rate in March 2021?

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May 02, 2021
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Question of the Day, Savings

Answer: 27.6% (as of March 2021)

View the current Savings Rate

 

Questions: 

  • 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?

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Wall Street Journal):

"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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NGPF has lots of resources focused on Saving. Check them out here. 

 

About the Author

Mason Butts

After graduating from UCLA with a Master's in Education, Mason spent 5 years as a science educator in a South Los Angeles public high school. He is committed to supporting the holistic growth of all students and empowering them to live a life of relational, academic, and financial success. Now settled in the Bay Area, Mason enjoys facilitating professional developments and partnering with educators as they prepare students for a bright financial future. When Mason is not building curriculum or planning a training, he can be found cycling, trying new foods, and exploring the outdoors.