Household Saving Rate in the United States remained unchanged at 4.40 percent in July from 4.40 percent in June of 2025. This dataset provides - United States Personal Savings Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Graph and download economic data for Personal Saving Rate (PSAVERT) from Jan 1959 to Aug 2025 about savings, personal, rate, and USA.

Personal savings in the United States reached a value of 975 billion U.S. dollars in 2024, marking a slight increase compared to 2023. Personal savings peaked in 2020 at nearly 2.7 trillion U.S. dollars. Those figures remained very high until 2021. The excess savings during the COVID-19 pandemic in the U.S. and other countries were the main reason for that increase, as the measures implemented to contain the spread of the virus had an impact on consumer spending. Saving before and after the 2008 financial crisis During the periods of growth and certain economic stability in the pre-2008 crisis period, there were falling savings rates. People were confident the good times would stay and felt comfortable borrowing money. Credit was easily accessible and widely available, which encouraged people to spend money. However, in times of austerity, people generally tend to their private savings due to a higher economic uncertainty. That was also the case in the wake of the 2008 financial crisis. Savings and inflation The economic climate of high inflation and rising Federal Reserve interest rates in the U.S. made it increasingly difficult to save money in 2022. Not only does inflation affect the ability of people to save, but reversely, consumer behavior also affects inflation. On the one hand, prices can increase when the production costs are higher. That can be the case, for example, when the price of West Texas Intermediate crude oil or other raw materials increases. On the other hand, when people have a lot of savings and the economy is strong, high levels of consumer demand can also increase the final price of products.

Graph and download economic data for Personal Saving (PSAVE) from Q1 1947 to Q2 2025 about savings, personal, GDP, and USA.

In June 2025, the personal savings rate in the United States amounted to 4.5 percent. That was a slightly lower figure than a year earlier. The personal savings rate is calculated as the ratio of personal savings to disposable personal income. Within the topic of personal savings in the U.S., there are different goals and reasons for saving. What are personal savings? Saving refers to strategies of accumulating capital for future use by either not spending a part of one’s income or cutting down on certain costs. Saved money may be preserved as cash, put on a deposit account, or invested in various financial instruments. Investing usually incorporates some level of risk which means that part of the invested money can be gone. An example of a relatively safe investment would be saving bonds, such as the debt securities issued by the U.S. Department of the Treasury. Saving trends in the U.S. and abroad Looking at the personal saving rate in the United States throughout the past decades, it can be observed that savings had been decreasing until the mid-2000s, and they increased after the 2008 financial crisis. Still, the largest savings rates were reached in 2020 and 2021. The reason for that increase in the savings rate that year might be related to the measures to contain the COVID-19 pandemic. The value of personal savings in the United Kingdom has also followed a similar trend. Although events like the COVID-19 pandemic may have affect many countries in a similar way, the ability to save, as well as the average savings as a share of personal income across countries can vary significantly depending on multiple factors affecting each territory.

During the initial outbreak of the coronavirus (COVID-19) and throughout 2020, many people around the world accumulated a considerable amount of savings. Recent estimates calculated the so-called excess savings to be as high as *** percent of GDP in the United States, amounting to approximately *** trillion U.S. dollars at the end of 2020. European countries also experienced a similar trend, with excess savings in Spain worth *** percent of the country’s GDP, and *** percent in Germany.

What are excess savings?

Excess savings can be defined as any additional amount of money that exceeds the expected value of savings during a specific period. It could sound like a paradox but, despite many people losing their jobs and businesses shutting down due to the consequences of the COVID-19 outbreak in 2020, widespread lockdowns and movement restrictions drove people to reduce spending and increase savings. In fact, the measure undertaken by governments to tackle the outbreak led to saving rates reaching unprecedented heights in many countries across the world, particularly in the wealthiest economies.

What to do with all the money?

It is hard to predict how consumption behavior will develop after the restrictions are lifted and life goes back to pre-pandemic normality. However, we know that those who were able to save more money are generally high-income individuals, as was observed in Canada, for instance. This could mean that their spending will not necessarily increase significantly. Also, the results of a survey conducted in the United Kingdom (UK) in March 2021, revealed that one in ten individuals was planning to spend the additional savings accumulated during 2020, while the vast majority was inclined to keep them in their bank accounts.

Graph and download economic data for Personal Saving (PMSAVE) from Jan 1959 to Aug 2025 about savings, personal, and USA.

During the initial outbreak of the coronavirus (COVID-19) and throughout 2020, many people around the world accumulated a considerable amount of savings. Recent estimates calculated the so-called excess savings to be as high as 1.5 trillion U.S. dollars at the end of 2020. European countries also registered an increase in savings, even though to a much smaller degree. For instance, excess savings in Germany were estimated at 169 billion U.S. dollars.

The saving rate of Canadian households increased considerably during the start of the COVID-19 pandemic in 2020. As of the second quarter of 2020, the saving rate of households in Canada peaked at 26.5 percent. By the fourth quarter of 2024, Canadian households saved on average six percent of their disposable income.

Barriers and facilitators per stage of the process of translating capacity savings into societal cost savings.