Wednesday, February 10, 2021

Survey Says Pandemic Has Had Staggering Effect On Americans' Savings

A new survey, by Los Angeles-based GoBankingRates, says that there have been "staggering effects" on Americans' financial well-being. The site said it recently ran a survey, which found that 40% of Americans now have less than $300 in savings, which is a drop compared to the pre-pandemic figure of $400 that the Federal Reserve had measured pre-pandemic. GoBankingRates found, among other things, that 55% of Americans had to dip into their savings, with the 25 to 34 age group being the most affected, at 64.3%. The company did not give any details on how it conducted the survey, the methodology behind the survey, or how many people were surveyed to come up with the figures.