Data Shows Americans are Hoarding Cash in Savings Accounts

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Data Shows Americans are Hoarding Cash in Savings Accounts

The recent climate has encouraged many Americans to hoard cash, according to data from the federal government’s Bureau of Economic Analysis, with savings rates in banks the highest they have been since November 1981. The savings rate rose dramatically from 8 percent to 13.1 percent. This suggests Americans are concerned about their economic stability.

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