Personal savings slump amid inflation and interest hikes

Inflation is hitting our savings hard. The personal savings rate, which is the amount of money people have after spending and taxes, currently stands at 4.7% — a long way short of the pandemic rate of 34% in April 2020 and also lagging behind the pre-pandemic rate of 8.8%.

What gives? And how damaging is this for households? To answer that and also provide some advice on how to manage tight budgets to still make savings, CBS News business analyst and host of "Jill on Money" Jill Schlesinger speaks to Here & Now's Peter O'Dowd.