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Savings Are Losing Value Fast | Leeds News
New research reveals a shocking truth: millions of Americans are letting their savings quietly erode as inflation outpaces paltry interest rates. With $502 billion sitting in accounts earning 2.5% or less—while inflation hits 2.6%—people are losing real value on their money. Sixty-two million accounts, including 155.8 billion dollars in over 700,000 high-balance accounts, are stuck in low-yield traps. The average low-interest account holds just under $8,000, and since 2020, savers may have lost nearly 19 cents on every dollar. Experts warn: passive savings aren’t enough anymore. It’s time to…
The skinny
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