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Americans are saving at an annual pace of $185 billion this year, down from a $240 billion rate two years ago, notes Maureen Allyn, chief economist for Scudder, Stevens & Clark, the mutual fund company.
With consumers spending heavily on items from cars to clothing, they are saving, on average, less than 4 cents out of each dollar of income. That’s low even by the profligate standards of the past.
“Despite all the reasons aging Baby Boomers have to save, they haven’t been doing much of it,” Allyn writes in her quarterly economic review.
