Savings Are Slowly Being Drained Away As Interest On Deposits Lags Far Behind Inflation
With inflation above eight percent, anyone with money in the bank is seeing their savings erode at the fastest rate on record because savings account rates, which are still largely languishing around 1 percent, are not they have kept up. “They will lose money. The value of their savings is declining,” said Claire Celerier, an associate professor of economics at the University of Toronto’s Rotman School of Management. It’s a stark contrast to the last time inflation was this hot....