The top 1% are hoarding more cash, reports CNBC.com.
Data from American Express Publishing and the Harrison Group show the savings rate of the top 1% jumped to 37% in Q2 2013, up from 34% during the same period last year.
The news outlet suggests wealthy investors are saving since they failed to do so prior to and during the recession.
That’s supported by a 2013 Spectrem study, which asked prosperous Millennials and Gen Xers—the two groups hit hardest during the recession—what they’d have done differently during the 2008-2009 crisis.
Twenty-six percent of respondents said they should have saved more, while 13% wished they hadn’t taken on so much debt.
Further, almost half of participants (48%) are now more worried about job loss. As a result, they’re concerned about not being to maintain their lifestyles (70%) or leave inheritances (39%).
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