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Americans Are Running Out Of Money By 2024:

Pandemic Savings Are Running Out - and all of the "Excess Savings" that Americans has accumulated is going away.

Research from the San Fransisco FED suggested that “Americans have burned through more than 90% of the “excess savings” they amassed in 2020 and 2021. What little remains, the economists estimate, is likely to be gone by the end of September." Other Federal Reserve members have also previously predicted that “excess savings" would run out earlier this year - which proved to be inaccurate.

There's also an investor survey which concluded that Americans were poised to run out of money - but this time, it would happen in January of 2024.

However, it really depends on who you ask:
Bank of America went on record to say that, in September, ”median household savings and checking balances were up by more than 40% relative to 2019 for low-, medium- and high-income households.” According to them, this is a reflection on how strong the job market is, which gives people the confidence to continue spending.

Chase Bank also tends to agree with this, pointing out that - across their customers, “the median bank balance across all income groups still remained between 10% and 15% higher at the end of the first quarter of 2023 than at the end of 2019.”

The truth is: It'll be impossible to tell.

For instance, Goldman Sachs believes that “there is little reason to think that households will ever get through their excess savings completely” - and, if they do, as several of these reports have predicted, then savings would still be at the same pace it was - before 2020.

So, in terms of my own thoughts: Yes, Americans ARE running out of money - but this really only applies to the excess savings that accumulated throughout the pandemic. So, my best guess is that most people will unconsciously spend whatever is extra and then, revert back to a more “bare-bones” budget once they absolutely have to.

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