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Why we make better money decisions during a crisis

20 May 2020

Many Americans are conspicuously building up their savings accounts. These healthier financial habits are more than being careful—they are a common human reaction to large-scale disaster.

There is a vital lesson buried in the April announcement from the Bureau of Economic Analysis. Despite the unprecedented numbers of people filing for unemployment30 million at the end of April—people are actually saving money. The report indicates that the savings rate escalated to a historical high of 13.1% in March, with people putting away $2.17 trillion. The last time it neared 13% was 2012; before that was 1970.

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This content was originally published by Fast Company. Original publishers retain all rights. It appears here for a limited time before automated archiving. By Fast Company

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