If that “someday” were today, how would the average American hold up financially? Fairly well, but at the expense of their nest eggs, according to a new analysis from the JPMorgan Chase Institute. “We see families building savings back up more slowly than they spend them down, so if many families lose savings in a recession, it could take a while for them to recover,” said Chris Wheat, president of the JPMorgan Chase Institute, a think tank within the country’s largest bank.
That’s left them with dwindling cash buffers, he told CNN. In his research, Wheat defines a cash buffer as the amount of time someone could keep up their regular spending without any income or access to new credit. In June 2021, the top-income quartile of Chase customers had a median cash buffer of 43 days, while the lowest-income quartile had a median cash buffer of 22 days.
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