Happiness is lower, insomnia is higher and there has been an increased incidence of mental health issues during the pandemic. This raises the question of how people can find more ways to be happy during these difficult times. We humans are often creatures of habit, slow to adjust to new circumstances, so which changes should we make?

One striking feature of the pandemic is that U.S. personal savings rates have spiked. In April, the rate exceeded 30%. It has been falling, down to 19.5% in June, and will probably fall further yet. But it is still much higher than it was in the pre-covid era, when it ranged from 3% to 8%.

Tyler Cowen is a Bloomberg Opinion columnist.

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