Savings lost $1.1 trillion in purchasing power in 2022
In 2022, the inflation rate increased to 6.6%, while the average interest earned on bank accounts was 0.44%, leading to $1.1 trillion in purchase power loss.
The largest decline in purchasing power - $447 billion impacted depositors at the 6 biggest banks: JPMorgan Chase, Bank of America, Wells Fargo, Citibank, US Bank and PNC Bank.
"Compound interest is the most powerful force in the universe. He who understands it, earns it; he who doesn't, pays it."
| Purchasing Power Decrease | vs.'21 % | Loss per Account | vs.'21 % |
|---|---|---|---|
| $1.1T | ↑ 14.1% | $1.2K | ↑ 19.5% |
