Several stimulus checks were authorized by the federal government during the pandemic. Millions of eligible Americans were blessed with this stimulus check
making an impact on the financial status of the people in the country. Federal Reserve has released data that shows a major hike in the average amount of money that the general people now hold. Let’s find out how much of an increment the people hold.
Trillions Of Extra Money In The American Hands
According to the Federal Reserve data, a collective amount of almost $1 trillion in cash or equivalent has held by the American household in quarter four of 2019. Checks can be written due to the money being held in accounts. Dramatic growth in the bank balances is quite visible during quarter two of the year 2022. The total average amount as shown by the data of the Federal Reserve has gone up to $4.7 trillion. This is a never occurring shocking increase in decades.
Stimulus Check: Helping Hand In Amassing Money To Americans
With a proper data backup, financial experts believe stimulus checks to be the reason behind the sharp increment of balances. Americans saved up to 17% in 2020, at the peak of the COVID-19 pandemic, This is supposedly the highest rate of personal saving compared to a collective saving of 27.9% in 1944 during the World War II phase.
However, the good news coming up is that States are still delivering stimulus checks (though it is not conducted on the federal level now). Not to forget, nearly half of the US states have benefited eligible residents with additional funds this year. People who have been wisely using these funds can hope to expect a higher hike which would keep growing with time.