Due to stimulus payments and a period of decreased spending during the height of the 2020 pandemic, Bank of America Corp (NYSE:BAC) revealed that only 12% of its customers have account inflows 85% or less of their outflows. If the economic slowdown continues to remain gradual, then Bank of America expects increased savings accounts to support consumers for longer.
This is because savings buffers such as stimulus payments and lockdowns allowed consumers to save more than normal during the pandemic.
