Four Out Of 10 Telwutters Increased Their Monetary Savings During This Pandemic!
On April 29th, 2020, the United States government's Bureau of Economic Analysis released a report indicating that the bank the savings rate in America has increased by 5% (from 8% in Feb to 13% in March) and this is the highest savings rate since 1981. The 5% increase constitutes a total of $2.17 trillion dollars.
As a follow-up to this research Tellwut wanted to find out if its members have saved money during the pandemic. We conducted a survey with more than 1700 Telwutters from across the USA and Canada asking them if they have increased their monetary savings during the pandemic. Overall, 40% reported an increase in savings during the COVID-19 pandemic.
A further comparison between USA and Canada showed that 43% of Americans had increased their savings versus nly 37% of their Canadian counterpart. Tellwut also analyzed savings rates amongst one's occupational situation comparing the trend among people who are employed (full-time), unemployed and self-employed, and students. According to the survey results, students reported a maximum increase in savings rate – 51% followed by employed (46%), self-employed (37%) and unemployed (30%).