The Daily Money: Americans are saving record cash. Will they spend it?

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The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW   Monday, August 10 Welcome to Monday, Daily Money readers. Hope you had a restful weekend. It's Brett Molina back with Money and Tech headlines to start your week. The COVID-19 pandemic and economic anxiety that comes with it has prompted Americans to save more money. In April, the portion of monthly income that went to savings hit a record 33.5%, Commerce Department figures show. Although it's declined since then, the savings rate hit 19% in June. That's still significant considering the savings rate before the pandemic was 7.5% of income. College students aren't typically known to have lots of money under normal circumstances. But as the pandemic rages, students face an even greater strain on their finances. Finally, mortgage rates remain at historic lows. Here's how to tell whether you are ready to refinance. Want more Money and Tech headlines? Keep scrolling. Brett Molina, Money/Tech editor Americans saving record cash trove. Will they spend it? Americans have been saving record amounts of money amid economic shutdowns and generous federal stimulus checks. When will they spend it? 'I can't afford tuition': Students face financial... Mortgage rates are low: Is it time to refinance? Is an Amazon distribution center coming to your mall? Gas prices remain steady at $2.25/gallon Kodak deal in question after tweet by federal agency Clemson football: Small business economy 'up in the... States where Alzheimer's disease is expected to rise... Are rental properties or index funds better in pursuit... Apple's 'Woz' turns 70 with live video party   FOLLOW US Problem viewing email? View in browser Unsubscribe • Manage Newsletters • Terms of Service • Privacy Policy/Your California Privacy Rights • Privacy Notice • Do Not Sell My Info/Cookie Policy • Feedback © 2020 USA TODAY, a division of Gannett Satellite Information Network, LLC. 7950 Jones Branch Drive, McLean, VA 22102