The top five reasons for starting to save money for retirement are turning a certain age (29%), their employers offered a matching contribution (24%), their employers started paying for a plan (22%), saved for no particular reason (17%), and some were automatically enrolled by their employers (16%). And, there are many reasons why Americans do. So, there is really no excuse not to do it. Also, it is one of the most basic of all investments. Saving for retirement or a rainy day is one of the most important things that a person can do. With these, you can not only keep track of your financial health but also plan for your future investments and retirement funds. #Investing finances software
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The average savings in 2020 because of not making major purchases like cars sit at $5,693. The top five activities that people miss out on causing some savings are not spending on eating out (50%), clothing/fashion (50%), spa/beauty/salon (45%), coffee (39%), and drinking out (38%). Other reasons for significant savings include not going out for drinks (27%), not spending on fashion (23%), not going to a salon or spa, (21%), not attending a wedding (20%), and not commuting to work (18%). The top five activities that people miss out on, which caused them to save money in 2020 are vacations/trips (43%), major purchases like cars (34%), music/sports events (29%), eating out (28%), and childcare payments (28%). About 75% of financial advisors in the US in 2020 recommend to their clients to invest in liquid cash and equivalents. The personal savings rate for this month in the US was at a respectable 20.5%. By January 2021, monthly personal savings were at $3.93 trillion. The figure later dropped to 13.4% in December 2020. The number shot up to 33.7% in April, largely due to the coronavirus. In January 2020, the personal savings rate was only at 7.6%. The highest recorded share of households reporting a decrease in savings was on March 22 and March 29 with 44%. During the period, the lowest share of households reporting this was recorded on July 20 at 31%. By December 11, the number dropped to 36%. On March 22, 44% of US households claimed that their savings decreased because of COVID-19. During the period, however, the lowest figure was at 45% recorded on May 25, and the highest share of 51% was recorded on July 20. And, on December 11, the figure is at 47%. 
In March, about 48% of households attest to this.
Most households in the US claim that the amount of savings in 2020 largely stayed the same. The highest share of households that savings increased during the pandemic was 18% and that was on November 13. Come December 11, 17% of US households claim that their savings have increased. Data found during that day indicate that only 8% of households saw their savings increase. Since March 22, 2020, there has been a relatively steady increase in household savings in the US because of the pandemic. This is the highest since the 17.3% posted in 1975. In COVID-stricken April 2020, the personal savings rate in the US reached 33.7%. Moreover, this is the highest since 2012’s figure of $1.3 trillion. 
This is almost double what was posted back in 2019 at $1.2 trillion.
The value of personal savings in the US in 2020 was $2.32 trillion. This is reminiscent of the 13.2% savings rate posted back in 1970. The personal savings rate in the US in 2020 was 13.7%. This is a drop from 2018’s 2.4% and the previous year’s 1.8%. In 2020, the US inflation rate was 1.2%. Check out what happened in 2020 through these general investment statistics. However, COVID-19 had a lot of negative effects. With nothing much to do and nowhere to go, Americans got to save. Contrary to what some people would expect, the personal savings rate in the country was up in 2020.
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