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Savings & Retirement

Wealthy Americans Boost Savings in Face of Pandemic Worries

  • BofA survey finds the rich have concerns about the economy
  • ‘They’re not spending on travel and leisure’ during crisis
California Cities Top The List Of America's Richest Zip Codes
Photographer: David Paul Morris/Bloomberg

The pandemic is spurring many people in the U.S. to shore up their finances -- even those who can afford to invest $1 million.

That’s one finding from a Bank of America Corp. survey of affluent Americans, which showed half of respondents have become more pessimistic on the economy than they were at the start of the year. About 38% were kept up at night worrying about financial setbacks, while 37% were concerned about unexpected increases to health-care expenses, according to survey results released Tuesday.