Unfortunately, as is the case with record US household net worth - where as we showed last week the bulk of assets is held by the top 1% while the bottom 90% are left the liabilities - the average savings rate doesn't tell the full story, and according to a new study low-income households are burning through their cash far more quickly than higher-income families and could be out of savings soon if more aid is not delivered.

The report, released Wednesday by the JPMorgan Chase Institute, found that the median household checking account balance surged by 65% after the arrival of stimulus checks in April, formally known as Economic Impact Payments, but balances have steadily declined since May, and by the end of October the median low-income family spent 64% of the extra cash they accumulated this year compared with last year, leaving them with about $236 in extra cash. In contrast, higher-income households lost just 38% of the cash cushion built up this year, and had a median $810 in savings.