Personal savings - additional information
Saving refers to strategies of accumulating capital for future use by either not spending a part of one’s income or cutting down on certain costs. Saved money may be preserved as cash, put on a deposit account or invested in various financial instruments. Investing usually incorporates some level of risk which means that part of the invested money can be gone. The example of a relatively safe investment would be saving bonds, debt securities issued by the U.S. Department of the Treasury.
The personal saving rate in the United States amounted to 13.7 percent at the end of 2020, compared to 11 percent in 1960. The personal savings in the United States exceeded 2.3 trillion U.S. dollars in 2020.