State of Savings: Detroit
Believe in Us. We Believe in Ourselves.
SaverLife’s Detroit members struggle to earn income compared to national averages, and financial resilience remains elusive. The barriers are high in Detroit—despite similar demographics to the national membership...
Detroit members are 31% more likely to be considered financially vulnerable, and 71% less likely to be financially healthy when compared to national averages.
Detroit members are fighting for financial stability. As illustrated by the chart below, in 2021, Detroiters are matching the national average of people able to increase their balance by $100 in any given month.
WHAT’S WORKING
Individual Resourcefulness & Dedication
Despite having to withdraw large sums of money more often than their national peers, Detroit members are working to save what they can, when they can.
WHAT’S NOT WORKING
Income Consistency & Availability
In 2020, Detroiters had to decrease savings balances more often than their national peers. For example, in the summer of 2020, the percent of people having to withdraw $100 or more is 26% higher in June - August vs. the national average.
Debt
Detroiters have also struggled to pay down credit card bills and build liquidity. Detroit residents have trailed national counterparts in monthly credit card payments. This is especially true in the spring and early summer of 2021, as payments have trailed the national average by 25%.
Spending
At the same time, the pandemic also led to much higher spending on groceries for Detroit members vs. national averages. Detroit residents have routinely spent more than the national average on groceries, but this was especially true in spring 2020, when Detroit members spent 65% more than the national average.
