As the coronavirus pandemic spreads, the wealth gap widens in America by theothersarahh
... [+]As the economic damage caused by the coronavirus continues to worsen, new research from UBS reveals how consumer saving habits have changed based on income: while many low-income households are planning on saving less of their income over the next three months than they previously did, nearly one third of high-earning households are planning to save more.
Among households that earn more than $200,000 per year, 28% are planning to save a larger portion of their income in the future. 20% of households earning less than $60,000, on the other hand, anticipate that they will save less. 9% of households earning between $100,000 and $200,000 say they’ll increase their savings, and households earning between $60,000 and $100,000 generally say they’ll save the same amount.
In general, high-earning households already tend to save more than low-earning households do, both as a percentage of each paycheck and in absolute terms, UBS says.More than 24 million Americans work in the five sectors that are at the highest risk for a major slowdown in the United States: mining/oil and gas, transportation, employment services, travel arrangements, and leisure and hospitality.
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