Pay cuts, layoffs and mounting debt have made it difficult for many local families to make ends meet, but research shows that they have started saving more.
Personal savings, known in banking circles as nontransaction account totals, increased for the 17 community banks based in Northeast Florida by 29.4 percent from $3.4 billion in the first quarter of 2007, before the economy’s downturn, to $4.4 billion in the first quarter of 2010, according to the Federal Deposit Insurance Corp. Nontransaction accounts are those typically used as savings vessels, such as money market accounts, savings accounts and certificates of deposit. Personal savings totals also increased 1.1 percent from the first quarter of 2009 to the first quarter of 2010.
Jacksonville Business Journal - 25 June 2010
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