Savings Are Starting To Wane
Through last month, savings trends among SaverLife members were trending higher than normal—likely due to tax refunds and stimulus payments, more people were able to save, and able to do so in greater numbers. That trend has begun to reverse course, and there is very likely a cliff approaching for many members, as the extra $600 in unemployment benefits expire at the end of July.
The chart below shows patterns in both savings and withdrawals, as the sum of each column represents 100% of the linked member population’s net account balance at the end of each month. For example, in February 2020, 60% of members had a net savings gain at the end of the month and 40% had a net savings loss.
