Saving Not Only Impacts Individuals But Has Economic Benefits
A new report released by Oxford Economics last week revealed that a boost in savings would make the US less dependent on foreign capital, make households more secure, and strengthen long-term economic growth.
According to the report, the household saving rate, currently at 3.8%, would need to increase by one to five percentage points in order to create this change. In actual dollars that means each person would need to increase their savings by $3,500. While that may seem like a daunting task, it is possible for individuals of all income to save money and build wealth. Take a look at the infographic below for more and make a savings commitment by Pledging to Save.
- Written by Katie Bryan
- Category: Blog
- Published: 02 July 2014