Spending And Saving - Seven Months In To A Global Pandemic
August 2020 marks the first time in two years that we see an even split in the number of members who were able to save in a given month. Fifty percent of members were able to increase their balances and 50% had to withdraw money. While we’re uncertain of the exact cause, August was the first month that many didn’t receive supplemental unemployment benefits, and it’s also the month that many families returned to “school”, albeit remotely.
As we move in to the seventh month of the pandemic, we start to see the roller coaster of spending finally calm down.
This by no mean indicates that things are easier for SaverLife members - spending on auto is still down 20% compared to the same time last year and grocery spending is up almost 50% compared to August 2019.
