BOSTON (WHDH) - The majority of Massachusetts residents have been putting their money into a rainy-day fund instead of spending it during the COVID-19 pandemic, saving nearly 50 percent more cash than other Americans, new research showed.
Financial support and lender, Credit Ninja, recently conducted a survey of 3,000 adults over the age of 18 to find out how their saving habits have changed during the pandemic due to economic uncertainty.
The survey found that the average Bay Stater with a full-time job has saved an average of $649 each month since March 1, 2020, compared to the national average of $329.
“Considering there have been fewer opportunities to leave the home due to social distancing, it is likely people are saving on costs such as gas, commuting, and eating out,” Credit Ninja said in a news release.
Alaskan residents have saved the most since the start of the pandemic at $655, while Louisianans saved the least at $150 each.
Research also found that many economists are unable to agree how long the recession will last, and that 86 percent of respondents said they intend on continuing to save a portion of their available income through 2021 as a precaution.
For more on the research, click here.
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