Overall, Americans are saving more and spending less during the quarantine. According to the U.S. Bureau of Economic Analysis, in April the personal savings rate in the US hit an historic 33%.
But with rampant unemployment, many people are facing an unknown financial future.
What’s the best way to manage your money in a recession that is unlike any other economic downturn in modern times? How will the pandemic upend plans like saving for college, buying a home or planning for retirement?
Lazetta Rainey Braxton is the Co-CEO of the wealth management firm 2050 Wealth Partners, and a regular contributor to CNBC.
Nicolas Abrams is the President and CEO at AJW Financial Partners. They are both certified financial planners.