Millennials are saving their money — but it could be hurting the US economy, reported Pippa Stevens for CNBC, citing a note a Raymond James analyst wrote to clients.
The personal savings rate in the US has increased from 5.7% in 1996 to 8.1% in 2019, according to the St. Louis Fed.
Jason Dorsey, a researcher of millennials, previously told Business Insider that the Great Recession has made millennials more risk-averse and practical when it comes to money.
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