The State of Savings - July 2020

Our proprietary data reveals how individuals in the U.S. have changed their savings behaviors over the course
of the COVID-19 pandemic as business and travel restrictions disrupted our economy. Not surprisingly, we
saw notable shifts in savings plan contributions and withdrawals in the first few months of the outbreak, as
individuals experienced changes in employment and braced for the potential financial fallout.

States across our nation have since begun phased reopenings of businesses, and our data already suggests
positive signs of savings recovery. Though their business environments have changed, employers that
had made changes to their retirement plan match are beginning to revisit this decision. In addition, the
majority of individuals continue to “stay the course,” with low withdrawal activity and a small percentage
reducing savings.

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