HOW THE PANDEMIC HAVE HELPED THE WORLD DEVELOPED A SAVING CULTURE
Over the past two years, the pandemic have instill a saving culture into the world and the society
The recent omicron variant break out have made countries of the world adopts different measures to safeguard the impact the new spreading variant might have the world and its economy.
While some are tiredlessly working on vaccines and subsequent shots to curb the spread of the popular variant. Some, especially American families are hoarding cash because of fatigue and uncertainty, with little chance the trend will reverse soon.
Over the past two years, households have socked away close to $1.6 trillion in “excess savings,” or resources they otherwise wouldn’t have been able to save before the Covid-19 crisis,
According to the Federal Reserve Bank of New York. The funds are well beyond the three to six months of emergency savings generally recommended by financial advisers.
This shows that the pandemic have helped people to adopt a saving lifestyle for the days of the unknown and this trend isn't slowing down anytime soon.
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