EXAMINING THE PANDEMIC EFFECTS ON THE WORLD’S SAVING CULTURE

The world is witnessing its out right saving culture dwindle in the face of the pandemic

EXAMINING THE PANDEMIC EFFECTS ON THE WORLD’S SAVING CULTURE
Gosfem - Free school management software

It was reported that as of November 2021, workers were putting away less money from their wages into savings compared to what they were saving before the pandemic era.

This spells the end of higher levels of saving in existence before the pandemic for the future, the savings rate continually shrink more slowly. Americans are set to eat up about $5 billion extra a month out of a $2.5 trillion in savings.

The world savings in itself shrink about hundred times the American size, as world populace lose interests in anticipating for tomorrow. While income shrinks due to job loss caused by the pandemic, expenditure increases due to increase in living commodities.

Government around the world also dive into their foreign reserves to cater for immediate financial needs caused by the pandemic. In retrospect, dry reserves only means Incured debts rise by 80% as nations seeks for loans around the world.

Even for people who the pandemic doesn’t really effect much in terms of employments, commodities prices increase including gas create disparities in expenses rate. 

Although, with shortage and increase in everything, all the populace had to do is downsize and stop living outside their immediate needs. It further strengthens the arguement about the dwindling saving culture. 

The pandemic has affected all parts of human endeavors, it's left to individuals to augment their ways and standard of living in face of the pandemic,  which in turn has affected the world saving culture.


You Can Also Read