Americans took their cost of living raises and stuck them in their piggy banks, says the Commerce Department, pushing the savings rate to a 14-year high. Not long ago we had a savings rate of 0.1% — now it has skyrocketed to 5%.
From the 1950s to the 1980s consumers saved about 9% of their income, says MarketWatch. Are we headed back to those levels?
Are you saving more? If so, why?