Inflation is high, savings are low
According to Envestnet | Yodlee data, 36% of people have less than $100 in savings, and more than half have less than $1,000 in savings (see Figure 1). This is similar to Yodlee data from 2022 which indicates nearly identical percentages in savings balances.
This data aligns with a recent survey from GOBanking who found interesting statistics regarding age brackets of American savers in 2022:
- People aged 45-54 were the most likely age bracket to have less than $100 in savings.
- People aged 55-64 were the most likely age bracket to have more than $10,000 in savings.
- People aged 65+ were the most likely age bracket to have between $2,001-$5,000 in savings.
According to GOBanking, inflation remains the primary roadblock holding people back from saving more money. With last year prices hitting record highs across many essential goods and services, this forced individuals to dip into their savings to accommodate the rising prices.
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About Envestnet | Yodlee Merchant, Retail, Shopper, and Spend Insights
Envestnet | Yodlee Merchant, Retail, Shopper, and Spend Insights utilize de-identified transaction data from a diverse and dynamic set of data from millions of accounts to identify patterns and context to inform spending and income trends. The trends reflect analysis and insights from the Envestnet | Yodlee data analysis team. By combining data with intelligence – connecting vast amounts of actual de-identified shopping data with state-of-the-art analytics and machine learning – Envestnet | Yodlee provides visibility into an entire set of shopping daily purchase behavior including, but not limited to, transactions, customer lifetime values, and merchant/retailer shares.
To learn more about Envestnet | Yodlee Merchant and Retail Insights and get a free demo, please contact an Envestnet | Yodlee sales representative.