Personal Savings Have Skyrocketed Since March

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The money will start flowing back into the economy.

Even in such volatile times, there are some financial signs that offer hope for the economy in general and lawyers in particular.

One positive indicator: personal savings have skyrocketed since March.

This is good news for individuals, households and businesses. It’s also good for law firms, because it means clients and prospects have a cash cushion to count on.

“The economic fallout from the pandemic has caused many unusual economic data points,” according to Curtis Dubay, senior economist for the U.S. Chamber of Commerce. “The personal savings rate is one of them. Savings increased more than 350 percent from a $1.4 trillion annual rate in February to $6.3 trillion in April and remained significantly elevated in May and June.”

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There are two reasons for the savings boom, Dubay says:

“First, the $1,200 government payments to individuals and families and the extra $600 a week in extra unemployment benefits. Those two sources boosted incomes considerably, and recipients of those funds have saved some of the money. Second, it has been harder to spend during the pandemic than in normal times. That has caused consumers to delay purchases they otherwise would have made.”

The savings curve will flatten as the economy stabilizes and government stimulus dips. At that point, economists expect the savings to begin flowing back into the economy, including law firms.

What’s the story in your firm? How are you faring financially? What about your clients?

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In an age of consolidation where increasingly impersonal transactions have made customer service an oxymoron, we bring together independent agents, insurance companies, and other industry specific service providers to develop and deliver insurance products and risk management solutions that benefit our insurance customers.

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