Plus, the difference between women’s and men’s savings during lockdown
Aug 18, 2021
| Current events
| The economy
Women saved $100 more than men during the height of the pandemic
From employment rates to paychecks, the pandemic hurt women. By some estimates, Covid-19 has set them back 10 years in the workplace. But according to data on Albert members, women still managed to save, even in the face of economic uncertainty. Before the pandemic, men saved slightly more than women. But during the same length of time amid the pandemic, women managed to stay consistent while men’s average savings dipped. On average, women ended up saving $100 more than men from mid-March 2020 to May 2021. While we don't yet know why, our findings are in line with a wider trend: women increased their retirement savings at record rates even as they suffered professional blows while juggling childcare and household responsibilities.
Albert members doubled savings during the height of the pandemic
Beyond these gender gaps, Covid-19 significantly changed the way all Albert members save. The highs and lows of their savings accounts mirror a rollercoaster of a year filled with stimulus payments and safer-at-home measures (more money) along with job loss and stockpiling stay-at-home essentials (less money).
During the height of the pandemic, from March 11, 2020, through May 31, 2021, deposits into Albert savings accounts nearly doubled compared to the same length of time pre-pandemic, helping members save a total of $340M.
Since launching in 2017, Albert has helped members save more than $700M as of May 31.
Within the first year of using Albert, the average Genius subscriber saves up an extra $450 on average.