High savings during corona was driven by restrictions rather than precautionary consumers

Economic Memo – February 2021 – No. 2

Authors Andersen, Svend Greniman; Jensen, Rasmus Mose; Christensen, Nicolai Risager
Subject Current economic and monetary trends
Type Economic Memo
Year 2021
Published 11 February 2021
Abstract icon Households' savings increased significantly during the first wave of the corona pandemic in Denmark and several other countries. This Economic Memo finds that the higher savings in Denmark were driven by restrictions rather than precautionary consumers. Precautionary savings have so far been relatively limited and smaller than during the financial crisis. (Memo available in Danish only).