Americans have been losing their savings due to the ongoing effects of Covid-19.

According to Northwestern Mutual’s most recent report, the average amount of personal savings fell 15% to $73,100 from 2021 to $62,086 2022. 2022 Planning & Progress study. A majority of Americans believe that the epidemic has caused financial disruption to their lives in 60% of cases.

It annual studyThe Harris Poll conducted the survey between February 8th and 17th of this year. Data was culled from responses to 2,381 American adults.

Christian Mitchell, Northwestern Mutual’s chief customer officer, said in an interview that “there could be many factors contributing to the fall in savings last year.” press release.

48% reported that they had been able adapt to new situations despite the negative impact of the pandemic on their finances. Nearly three quarters of respondents say they are now better financially because of the pandemic.

Respondents identified three healthy money habits: spending less on living expenses, paying down debt and investing more. 17% reported that they are now reviewing their financial plan regularly, and 14% claimed they have increased savings. retirement contributions.

Mitchell cautioned that 69% of respondents said they intend to keep their savings rate at the same level.

It is worth keeping an eye on because even though people claim they want to keep saving at a higher rate moving forward, their actions don’t always match up with their intentions,” he stated.

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