Households that continue to keep a significant portion of their wealth in the bank are getting wrecked.

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Imagine parking 100k in a savings account in 2021 and coming out with 70$ by year end. Even though americans are saving more, it isn’t beating out inflation.

People are saving more, spending more, and making less….

” In the 1990s, households generally did well by using savings accounts. Inflation rarely ran above 2% year-over-year, and interest rates were above 5%. ”

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“2020 happened, the spread between the average income generated in a savings account and the income needed to beat inflation has never been wider. We’re talking about a difference of $3,907, based on a savings account holding $100,000. What could have been a mortgage payment, a weekend vacation or down payment on a new car instead went poof due to the invisible tax known as inflation.”

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How are we supposed to not get all doom and gloomy about this?

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h/t channelchek


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