Americans lost an average of $9,000 going into 2022, according to a Northwestern Mutual 2022 Planning & Progress study.
The average amount of personal savings was $73,100 in 2021; in 2022, it has changed to $62,086, or about a 9% difference. The study reports that among the people surveyed, 60% say the COVID-19 pandemic has been “highly disruptive” to their finances.
Christian Mitchell, the chief customer officer at Northwestern Mutual, said, “There could be several factors contributing to the drop in savings from last year, ranging from spiking inflation to people spending more as they resume some sense of normalcy in their lives. But it bears watching because while people say they plan to continue saving at an elevated rate going forward, intentions don’t always follow through to action.”
The Harris Poll conducted the study for Northwestern Mutual. A press release mentioned that since the pandemic, 69% of respondents said they intend to stick to a savings plan. Only about half, at 48%, said they have been able to adapt to their new economic circumstances.