60% of Americans Don’t Fully Understand How Interest Rates Affect Their Savings

A Vanguard Survey Focuses on Idle Money

Date:

Pixabay CC0 Public Domain

Author: Funds Society, Miami

The new national consumer survey by Vanguard reveals that Americans’ savings are losing value

More than half of the respondents (54%) save in traditional bank savings accounts or checking accounts (39%), where average interest rates are approximately 0.41%

66% of respondents plan to adjust their current savings strategy in the next year, citing inflation (44%) as the main driver of this decision