Want to Save More? Close Some of Your Savings Accounts
A new study suggests that having multiple bank accounts allows you to fool yourself into thinking you're saving more -- which means you'll really save less.
savings rate
Families Dip Into Savings as Incomes Fall, Energy Costs Rise
In January, U.S. incomes dropped, but spending rose as consumers dug into savings to help cover rising utility costs and the increased price of gasoline.
Most Americans Have More Savings Than Credit Card Debt
A recent survey shows that a majority of Americans have more money in their "emergency funds" than the owe on their credit cards. But if most people have more savings than credit card debt, how come it also feels like the majority of us are broke?
Viral Video Explains the Huge Gap Between the Rich and You
Considering the sort of things that usually go viral on YouTube, you might not expect a six-minute video titled "Wealth Inequality in America," to make the grade. But its powerful snapshot of the American economic landscape is grabbing attention in a way that years of pontificating pundits haven't been able to.
Money Troubles: Who's Hurting the Most in Today's Economy
The sluggish economy has made money tighter across the nation, but, no surprise, the pain isn't being shared equally. A recent survey from Bankrate asked Americans how they're feeling about their finances, and reveals which groups are struggling the most.
Consumer Spending Rose 0.3% in April Despite Weak Income Growth
Consumer spending edged up by a modest 0.3% in April but personal income growth was the slowest in five months, raising concerns about the ability of Americans to keep spending in the future.
As Holiday Season Begins, a Mixed Bag of Economic News
The news from the Commerce Department's Bureau of Economic Analysis was mixed Wednesday. Consumer spending rose in October, but just barely. Incomes were up a bit, but savings did too. And employment figures were just conflicted.
Third-Quarter GDP Rose to 2% on Consumer Spending
Consumer outlays increased at the best pace in about four years -- providing some hope that the expansion can continue. The rise from the second-quarter rate of 1.7% was in line with economists' expectations. Soaring imports were a big drag on the growth report.
Poorer Households Give Consumer Sentiment a Boost
September's consumer sentiment level unexpectedly rose to 68.2 from its preliminary 66.6 reading. However, the entire gain came from more positive responses among households earning under $75,000 -- those who wouldn't be affected by a failure to extend the Bush income tax cuts for the rich.
How Can U.S. GDP Grow If Consumers Become Savers?
The consumer savings rate jumped to 6.4% in June, the highest it has been in a year. But this isn't exactly good news. Sure, it's a natural response to the crisis, but it's spending that drives GDP growth. So where will the next GDP growth surge come from? Our writer's theory: Corporate fear.
U.S. Savings Rate Hits 4% in May as Incomes Rise
The U.S. savings rate rose to an eight-month high in May, as a 0.4% rise in average income outpaced a 0.2% rise in spending. But cautious consumers spending, while good in the long term, may slow the country's economic recovery.
Why Rising Consumer Spending Isn't Likely to Last
Retail sales appear to be on the upswing lately. But where is the money coming from? Unfortunately, it seems to be coming from rising credit use and diminished saving. That's not exactly the formula for a consumer-led recovery.
