More Americans are moving money from checking and savings accounts to investment vehicles, boosting the economy amid high inflation. JPMorganChase Institute analysis shows total cash reserves increasing, especially in brokerage accounts and money market funds. Families in all income bands are benefiting, with lower-income households seeing a 5-6% annual increase.

President of the institute, Chris Wheat, explains the shift to higher-interest accounts as a way for people to manage cash in a changing rate environment. Despite caution about the trend’s longevity, the analysis reveals a positive impact on consumer spending and overall financial well-being. Median cash balances for the highest income quartile exceed $8,000, while the lowest quartile hovers around $1,000.

Read more at Yahoo Finance: More Americans shift money from checking and savings to accounts with investment income, study says