Amid the uncertainty stemming from the coronavirus pandemic and the policy response to it, six in 10 Americans describe themselves as “savers,” up from 54% in 2019, according to a CNBC survey today. Nearly half said their monthly spending has decreased over the past year; just 13% said their monthly spending has gone up. The numbers align with other data about savings behavior.
As more Americans save, the survey found that many have tapped their emergency savings since the pandemic began. Fourteen percent have wiped out emergency savings—including a quarter of 25-34-year-olds—and 11% have borrowed to cover emergency expenses.