Lower-income households saw a disproportionate increase in savings and then a rebound in spending during the first few months of the pandemic thanks in large part to the federal government’s relief programs, which helped ease the economic downturn, according to a new study published.

Those in the lowest income quartile, earning less than $27,000, had the largest increase in savings, going from having approximately $2,000 in savings pre-pandemic to $3,000 in May, according to household bank account data analyzed by scholars from the University of Chicago, Princeton University, and the JPMorgan Chase Institute.

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