News Source
EXCERPT:
Americans are saving less money than they have in nearly four years as rising living costs strain household finances and force many families to rely increasingly on credit cards and debt to get by.
The personal saving rate dropped to 2.6 percent in April, according to new Commerce Department data, marking the lowest level since June 2022 and a steep decline from the 5.5 percent rate recorded one year earlier.
The savings rate measures the share of disposable income households set aside rather than spend.
