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It’s fashionable to save money (1958)

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All of a sudden, it’s fashionable to save money

A new note of caution now has appeared in the average family’s handling of money. Debt seems a little more risky, saving a bit more attractive. In a cross-country survey, lenders tell how people feel about their money.

People are saving money, borrowing less

Net changes from early 1957 to early 1958

New savings in savings and loan associations increase from $333 million to $454 million — up $121 million (figures for January)

New savings in mutual savings banks increase from $197 million to $383 million — up $186 million (figures for January and February)

New savings in savings accounts in commercial banks increase from $1.2 billion to $2 billion — up $800 million (figures for January and February)

New savings in US Savings Bonds (Series E and H)

  • Year ago: Cash-ins exceeded purchases by $221 million
  • Now: Purchases exceed cash-ins by $43 million — up $264 million in net purchases (figures for first quarter)

New debt on installments decrease from $6.1 billion to $5.9 billion — down $200 million (figures for January and February)

New debt on home mortgages decrease from $1.94 billion to $1.78 billion — down $160 million (figures for January)

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