Many bank accounts ballooned early in the pandemic, when people were stuck at home and received stimulus checks, then receded quickly as inflation and “revenge” spending on vacations, dining out and other services, took their toll.

But researchers say households are beginning to settle back into pre-pandemic spending and saving patterns. In the decade between the Great Recession and the pandemic, bank accounts were “very consistent,” said Wheat of the JPMorgan Chase Institute. “There was a lot of stability — and that’s the pattern we’re starting to see again.”

[...] holds across income groups and race, wide inequities have persisted and in some cases, worsened.

https://www.washingtonpost.com/business/2023/07/17/bank-accounts-excess-cash-savings/

#economics #USEconomics #stability