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Savings Up $223,000
In Local Area
Residents of Rappahannock County saved a record amount of money during the past year. Attracted by the high interest rates paid by banks and by savings and loan companies, they salted away a larger than usual proportion of their income in such institutions. They also put more into investments and into other savings.
With earnings higher than the year before for most local peo’ pie, they were able to put away the increased amount without reducing their customary rate of spending for goods and se» vices. The result was that total sav-, lngs by Rappahannock County residents during 1967 came to approximately $223,000. The local estimate Is based upon national data complied by the Federal Reserve Board and other governmental agencies and upon income and sales figures reported for each area of^jwe country. They show that the amount a family saves depends principally upon how much it has left after paying its bills for essen tial items. l A not he r factor that determines the family’s savings program is the extent of Its concern about taxes, inflation and Vietnam. . The survey shows that there is a direct relationship between earnings and savings. Families at the bottom of the income scale live from hand to mouth and are unable to have anything. Families that have $4,500 left after taxes put aside 2.8
86.1%