U.S. households built up a cushion of savings during the COVID-19 pandemic, but they are rapidly spending it amid the highest inflation in a generation.
from the Federal Reserve Bank of St. Louis; that spiked to 33.8% in April 2020 during the COVID-19 breakout. The rate declined to 13.8% by year-end, only to jump to 26.3% in March 2021.401 retirement plansAbout 2.8% of workers participating in employer-sponsored 401 plans made a so-called "hardship" withdrawal in 2022, according to data from Vanguard, which tracks about 5 million accounts.
Shoppers walk through the milk and cream section of a supermarket in Montebello, California, on August 23, 2022.Fiona Greig, global head of investor research and policy at Vanguard, said the high number of withdrawals is "evidence that some families may be feeling the pinch and drawing on their 401 balances to relieve that financial stress."
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