(FOX BUSINESS) – U.S. households are burning through the savings buffer that they built up during the COVID-19 pandemic at an alarming pace as high inflation rages.
Millions of Americans stashed away extra cash during the pandemic as a result of multiple stimulus checks, boosted unemployment benefits and limited spending options.
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But those savings are quickly dwindling: Americans have spent down about 35% of the extra money they accumulated during the pandemic as of mid-January, according to one estimate from Goldman Sachs. By the end of the year, the bank projected that households will have spent roughly 65% of that money.
