Good news: savings rate is up
Government figures released last week showed that the personal savings rate in January rose to 5 percent, a level not seen for 14 years. Only a few years ago, the savings rate was briefly negative.
"Americans used to save money once upon a time," says David Wyss, chief economist with Standard & Poor's. "From 1950 to 1990, it averaged almost 9 percent."
Retailers are feeling the pinch -- it's meant less shopping -- but saving more is good for individuals. And eventually, good for the whole country, one hopes. In housing terms: Savers are more likely to have money for down payments, for their mortgages, for unexpected expenses like a broken washing machine.
Do you find yourself saving more now than you did a few years ago?