Recent studies show savings accounts are starting to dwindle as the U.S. rebounds from the COVID-19 pandemic and lockdown, but experts say every little bit still counts.
If you are struggling with finances during the pandemic, these tips may be helpful.As the U.S. continues to bounce back from the COVID-19 pandemic and lockdown, many Americans say their savings account is starting to dwindle, according to one survey. revealed a solid majority of Americans say they’ve been able to build up their personal savings over the last two years.
"In 2022, Fidelity’s Financial Wellness Checkup surveyed adults we administer employer financial benefits for and found less than one in two had enough emergency funds to cover a typical three months living expenses," Megan Moore, vice president for Some experts even believe Americans should abide by the 50/30/20 rule. Fifty percent of the person’s paycheck should go to needs, 30% should go to wants and 20% should go to savings.
"But we also know that having large goals like this might feel unattainable and discouraging to some, and those just beginning their savings journey just focus on getting started. Saving even a small amount at a time can really pay off in the future," she said. Several factors can inhibit a person’s capability to put away money for a rainy day. on why Americans have trouble saving. Factors can include lower salaries, mortgage debt, and materialism.