Why we make better money decisions during a crisis

Many Americans are conspicuously building up their savings accounts. These healthier financial habits are more than being careful—they are a common human reaction to large-scale disaster.

There is a vital lesson buried in the April announcement from the Bureau of Economic Analysis. Despite the unprecedented numbers of people filing for unemployment — 30 million at the end of April—people are actually saving money. The report indicates that the savings rate escalated to a historical high of 13.1% in March, with people putting away $2.17 trillion. The last time it neared 13% was 2012; before that was 1970.

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