It is not surprising that the global COVID-19 pandemic led to millions of lost jobs in the U.S. But one surprising effect of the pandemic was that overall personal savings in the U.S. has increased by about $2 trillion dollars (about 10% of U.S. GDP) due to delayed consumer spending and government expenditures for unemployment insurance and economic stimulus. Economists are struggling to predict the course of the economic recovery due to the uncertainty of what people will do with this extra money as pandemic restrictions ease. The key unknown factor is whether people will consider this extra money as income or wealth. Income is more likely to be spent now on the necessities and small luxuries of life, ex. food, rent, clothing, entertainment, commuting to work. Wealth is generally saved for larger expenditures whether planned events, (ex. a child’s college education, a new house, retirement) or unplanned events (ex. health expenses, financial setbacks, helping others in need). When China eased their pandemic restrictions, consumers participated in a wave of “revenge spending” due to their pent-up demand for travel, entertainment, and luxury goods, but no one knows if other societies will behave likewise. How God’s people handle their money in these uncertain times will matter long after the pandemic is over, and the economy has recovered.
The Bible contains many historical events and parables from Jesus that focus on money, spending, saving, and wealth. Regarding income and spending, Jesus praised the poor widow who put all she had into the offering. The early Gentile churches generously provided money to the Christians in Jerusalem. The parable of the prodigal son reminds us that a fortune can be squandered on reckless living. Regarding savings and wealth, Solomon used the treasures of Israel to build the house of the Lord. In the parable of the affluent, foolish farmer, Jesus condemned everyone who lays up treasure for themselves and is not rich toward God. In so many ways, the Bible cautions and commands us to avoid the love of money; both income and wealth.
The common theme regarding money throughout Scripture is stewardship. First, everything belongs to God. Second, we will ultimately give an account to God for the decisions we made with the resources He gave us. Third, God’s assessment of our faithful stewardship will be rewarded, as in the parable of the talents. It helps to meditate on one question and one statement. First, “what do you have that you did not receive?” And second, “every good gift and every perfect gift is from above, coming down from the Father” Directly or indirectly, every ability, every opportunity, every resource, and everything else we have is an undeserved gift from God. Having much money, little money, or no money should not be our preoccupation. What matters is that we make kingdom-wise decisions with the resources God gives us. The poor, the rich, and everyone in-between battle with the pressures of money in different ways, but greed, selfishness, covetousness, and pride tempt us all.
Now is the time for many Christians to decide what to do with a bit of extra, unbudgeted money. Will each of us store up treasures on earth, or in heaven? Will we look to help our brothers and sisters facing difficult financial circumstances? Will we invest in missions, mercy, and hospitality to reach a lost world for Christ? Jesus was very clear about the dangers of divided loyalty, “you cannot serve both God and money.” And Jesus also showed the consequences of choosing money over God, “it is easier for a camel to go through the eye of a needle than for a rich person to enter the kingdom of God.” These difficult teachings on wealth are dangerous for us to avoid and challenging to our relationship with income and wealth. But it is also helpful to remember that if we honorably manage the blessings God has given us, He will one day welcome us into heaven saying, “Well done, good and faithful servant.”