What Are the Consequences of People Saving More?

Photo by Sharon McCutcheon on Unsplash

People have responded to the economic turmoil produced by the 2020 recession by becoming more financially conservative. It is an understandable response, given the job losses (real or potential) that have affected many. The ongoing uncertainty about the duration of the recession, and pandemic, has prompted many to exercise caution with their non-essential spending. The chart below demonstrates that the…

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