In 2022, the inflation rate increased to 6.6%, while the average interest earned on bank accounts was 0.44%, leading to $1.1 trillion in purchase power loss.

The largest decline in purchasing power - $447 billion impacted depositors at the 6 biggest banks: JPMorgan Chase, Bank of America, Wells Fargo, Citibank, US Bank and PNC Bank.

"Compound interest is the most powerful force in the universe. He who understands it, earns it; he who doesn't, pays it."