In hindsight, it makes sense that at and after the height of the COVID-19 pandemic Americans hoarded more money than ever. BEA notes that personal income increased $107.2 billion (0.5 percent) in March 2022.
While understandable, this is still should raise concerns. After all, Bankrate found that only 41 percent of Americans would be able to cover a $1,000 car repair or emergency room visit. Additionally, if hit with an unexpected bill, 37 percent of people would have to borrow this money in some capacity.
Furthermore, 59 percent of adults in the U.S. are living paycheck to paycheck. And, via a CreditDonkey survey, 29.2 percent of respondents say they aren’t saving any of their income….