Half Of Americans Didn’t Save During Pandemic, Leaving No “Savings Cushion” Amid Recession Fears

Roughly half of Americans did not build up savings during the COVID-19 pandemic, according to a new survey by YouGov, as fears mount that a recession could be looming on the horizon.

YouGov’s survey covered 20,000 adults across 18 major economies including Sweden, Spain, Australia, China, and India, and challenges the idea that households within the world’s major economies have a savings cushion that could bolster spending amid a potential economic downturn.

According to the survey, shared exclusively with Bloomberg, 51 percent of respondents stated that they had not added to their savings during the global pandemic, with Germany seeing the lowest rate of savings at 39 percent, while Italy stood at 40 percent.

The United States, United Kingdom, and Canada also saw results below 50 percent when respondents were asked if they had added to their savings.

Elsewhere, the survey showed that of those who did manage to build up their savings during the pandemic, just 53 percent have managed to hold onto them, while 26 percent have spent the savings on bills or other essential purchases.- READ MORE