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Author Topic: Average savings across the globe  (Read 3180 times)
Polo7
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September 10, 2019, 09:47:47 AM
 #1

The average personal amount of savings are between $ 2,900 for the USA and ¥ 5,806,554 for Japan. The USA comes last in our ranking, but their neighbor Canada is one of the richest countries regarding personal savings.




https://www.expertmarket.com/focus/research/countries-that-save-the-most-money







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September 10, 2019, 09:48:53 AM
 #2

Switzerland   $58,389   19.03%   $11,109.09   $925.76   $30.44   $1.27



Switzerland People save most money!
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September 10, 2019, 12:28:16 PM
 #3

A lot of people are in debt, so consider yourself lucky if you have any savings I guess.  and some people wonder why consumer spending is way down and many companies are going out of business.  We are more productive then ever but the wealth inequality keeps getting stronger.
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September 10, 2019, 01:04:57 PM
 #4

The average personal amount of savings are between $ 2,900 for the USA and ¥ 5,806,554 for Japan. The USA comes last in our ranking, but their neighbor Canada is one of the richest countries regarding personal savings.




https://www.expertmarket.com/focus/research/countries-that-save-the-most-money


That's why Americans are always very rich and their GDP is increasing every year. because they never let their money lose value every year due to inflation.
We really need to learn about effective ways to invest so our money doesn't lose value over the years.

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September 10, 2019, 01:27:10 PM
 #5

That's why Americans are always very rich and their GDP is increasing every year. because they never let their money lose value every year due to inflation.
We really need to learn about effective ways to invest so our money doesn't lose value over the years.

Most Americans are on their broke arse like most other places.

Of the people I know there's little middle ground. There are either people who could last for years without working and the others wouldn't last to the end of the day.

One thing I do find a bit silly about these surveys is they never take into account possessions and assets. Most people will have something they can get rid of in difficult times, that's if it wasn't financed.

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September 10, 2019, 01:40:17 PM
 #6

That's why Americans are always very rich and their GDP is increasing every year. because they never let their money lose value every year due to inflation.
We really need to learn about effective ways to invest so our money doesn't lose value over the years.

Well, you actually do need a pretty significant emergency fund that you can easily access.
Especially in the US I'd say.

If they run into any medical issues which aren't covered by their insurance, they're pretty much bankrupt.
If they even have insurance in the first place, that is...

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September 10, 2019, 03:39:25 PM
 #7

Switzerland   $58,389   19.03%   $11,109.09   $925.76   $30.44   $1.27

Switzerland People save most money!
It is easy to manage a country in the healthy wau if the population is very low so we cannot compare the countries with huge population and very few thousand populated country.

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September 10, 2019, 04:46:58 PM
 #8

Switzerland   $58,389   19.03%   $11,109.09   $925.76   $30.44   $1.27

Switzerland People save most money!
It is easy to manage a country in the healthy wau if the population is very low so we cannot compare the countries with huge population and very few thousand populated country.
Yeah,i was supposed to say about the difference of population numbers. I don't mind or easily believe about average savings across the globe yet

there are even people on some countries specially 3rd world ones doesn't even have a savings and do have a hard time on completing their 3 meals a day.
How much more on thinking to have a bank savings which isn't really that possible.

For countries mentioned above,i don't have idea that Americans do have that kind of average savings.



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September 10, 2019, 05:05:25 PM
 #9

Switzerland   $58,389   19.03%   $11,109.09   $925.76   $30.44   $1.27

Switzerland People save most money!
It is easy to manage a country in the healthy wau if the population is very low so we cannot compare the countries with huge population and very few thousand populated country.
Yeah,i was supposed to say about the difference of population numbers. I don't mind or easily believe about average savings across the globe yet

there are even people on some countries specially 3rd world ones doesn't even have a savings and do have a hard time on completing their 3 meals a day.
How much more on thinking to have a bank savings which isn't really that possible.

For countries mentioned above,i don't have idea that Americans do have that kind of average savings.
If someone from India and USA doing the same job but their salary will be huge in difference so where they born is really matter to decide how good they are financially.But America still not the best GDP even they claim that they are the super power in this whole world and the same thing happens with China as well.

So governments are making few people rich and demanding taxes from everyone keep the others poor.

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September 10, 2019, 05:58:01 PM
 #10

Norway and Australia are the Same level on savings thing!
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September 10, 2019, 06:03:48 PM
 #11

Switzerland   $58,389   19.03%   $11,109.09   $925.76   $30.44   $1.27

Switzerland People save most money!
It is easy to manage a country in the healthy wau if the population is very low so we cannot compare the countries with huge population and very few thousand populated country.
Yeah,i was supposed to say about the difference of population numbers. I don't mind or easily believe about average savings across the globe yet

there are even people on some countries specially 3rd world ones doesn't even have a savings and do have a hard time on completing their 3 meals a day.
How much more on thinking to have a bank savings which isn't really that possible.

For countries mentioned above,i don't have idea that Americans do have that kind of average savings.
If someone from India and USA doing the same job but their salary will be huge in difference so where they born is really matter to decide how good they are financially.But America still not the best GDP even they claim that they are the super power in this whole world and the same thing happens with China as well.

So governments are making few people rich and demanding taxes from everyone keep the others poor.

And that's the whole reason why professionals from India is hired big time by these American companies! A lot of American companies open up their subsidiaries in a country like India or Philippines and move their back-office related work because it saves a lot of money for them. Business wise, it makes a lot of sense! Canada may be leading in the list of personal savings but Qatar leads in the list of per capita income! American leads in fire power only!

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September 10, 2019, 06:47:22 PM
 #12

They are so lucky to have savings. Anyway, in my country almost 70% of our populations are poor so you don't need to expect that they have savings. Well, the reason is that they have a lot of kids but they are only earning a minimum wage so there is 0% of chances to get rich and have more savings.

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September 10, 2019, 07:14:41 PM
 #13

The average personal amount of savings are between $ 2,900 for the USA and ¥ 5,806,554 for Japan. The USA comes last in our ranking, but their neighbor Canada is one of the richest countries regarding personal savings.

https://www.expertmarket.com/focus/research/countries-that-save-the-most-money

Problem is that whole Keynesian economic model is build to promote debt and punish savings. That is what governments did in last 50 years and more. Of course that people slowly took that as the truth and started doing same. Now with negative interest rates will be even much worse.

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September 10, 2019, 07:52:42 PM
 #14

The average personal amount of savings are between $ 2,900 for the USA and ¥ 5,806,554 for Japan. The USA comes last in our ranking, but their neighbor Canada is one of the richest countries regarding personal savings.

https://www.expertmarket.com/focus/research/countries-that-save-the-most-money


Interesting list, but I wonder based on what that list has been made or how those data were collected. Anyways, you can't compare which country is rich based on personal savings. The personal savings of a country depends on various factors such as interest rates, future expected profit, future inflation and other tons of other stuffs. If people see that there is an opportunity to make some good profit due to some reason or  event taking place, people won't be keeping their money in the bank. They would rather start investing in order to maximized their future profit. So a country with good economy might also have a low personal savings. Remember though, this low savings will eventually reach equilibrium in the long run.


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September 10, 2019, 08:36:28 PM
 #15

The average personal amount of savings are between $ 2,900 for the USA and ¥ 5,806,554 for Japan. The USA comes last in our ranking, but their neighbor Canada is one of the richest countries regarding personal savings.

https://www.expertmarket.com/focus/research/countries-that-save-the-most-money


Interesting list, but I wonder based on what that list has been made or how those data were collected. Anyways, you can't compare which country is rich based on personal savings. The personal savings of a country depends on various factors such as interest rates, future expected profit, future inflation and other tons of other stuffs. If people see that there is an opportunity to make some good profit due to some reason or  event taking place, people won't be keeping their money in the bank. They would rather start investing in order to maximized their future profit. So a country with good economy might also have a low personal savings. Remember though, this low savings will eventually reach equilibrium in the long run.


I Think the list is pretty accurate
Countries Where savings low People are in debted highly too.


Some countries People live in -200 a Monthly like it means  Every Monthly they have missing some ammount of money in Order to survive someone have borrow the money!
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September 10, 2019, 09:10:12 PM
 #16

Those 8 countries at the bottom. I used to believe that most of them are wealthy and able to save a lot of money but if this study is for real, cost of living from those countries are literally high.

I Think the list is pretty accurate
Countries Where savings low People are in debted highly too.


Some countries People live in -200 a Monthly like it means  Every Monthly they have missing some ammount of money in Order to survive someone have borrow the money!
Yes, due to loans and other circumstances they can't save. Because instead of saving themselves money, they have obligations to pay like those loans that they took. And that's one rule so that you can save, pay your debts first.

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September 10, 2019, 10:16:42 PM
 #17

It is easy to manage a country in the healthy wau if the population is very low so we cannot compare the countries with huge population and very few thousand populated country.

This has nothing to do with population. If anything, being a huge country presents huge opportunities - one can get in a car and drive from California to Michigan on a whim if there is a better paying job there (may or may not be based on a true story). Not that easy for Switzerlanders... or whatever they call themselves.

It's the utter inability to make rational decisions (both on the personal level and on a macro scale) that's a major factor here. Probably a fundamental failure in the education system.

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September 10, 2019, 10:33:32 PM
 #18


I didn't have time to thoroughly read the whole article but the information seems flawed right from the get-go.  The author is comparing the number of cents per hour that citizens of the US, Canada, and Mexico are able to save, but what's not taken into account is the difference in wages and costs of living in those various countries.

Also, I'm not sure what the author is considering as "savings."  Is her scope only including traditional savings accounts?  Because I don't put shit in my traditional savings account.  My employer matches what I deposit into my 401K, and if I have a little left after my monthly budget it goes into an IRA account (or crypto.)

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September 10, 2019, 11:11:49 PM
 #19

Some people don't save although they live a simple life. Many people in the world find it very difficult to eat more than once a day due to poverty. Imagine if you are to be in such situation how can you use save for the future. Eventually, the few money you would gain would be used to cover basic needs your family needs.
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September 11, 2019, 05:31:27 AM
 #20

It is easy to manage a country in the healthy wau if the population is very low so we cannot compare the countries with huge population and very few thousand populated country.

This has nothing to do with population. If anything, being a huge country presents huge opportunities - one can get in a car and drive from California to Michigan on a whim if there is a better paying job there (may or may not be based on a true story). Not that easy for Switzerlanders... or whatever they call themselves.

It's the utter inability to make rational decisions (both on the personal level and on a macro scale) that's a major factor here. Probably a fundamental failure in the education system.
Huge country means huge opportunities but if the population is huge the employment opportunities will hinder.

Migration can be an option to make more money but like you said its not easy and not possible for many countries people's.

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September 11, 2019, 08:21:29 AM
 #21

Huge Country means more people more people means Also more money.

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September 11, 2019, 08:26:23 AM
 #22

Huge Country means more people more people means Also more money.


But this topic is about average savings not the total savings.

And also poor countries has most richest people but their government is only poor.

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September 11, 2019, 09:42:19 AM
 #23

The average personal amount of savings are between $ 2,900 for the USA and ¥ 5,806,554 for Japan. The USA comes last in our ranking, but their neighbor Canada is one of the richest countries regarding personal savings.




https://www.expertmarket.com/focus/research/countries-that-save-the-most-money

but Canadians won't really get many billionaires. because when saving too much, the cash flow in Canada will be greatly reduced and not generate profits for the whole country.
Saving is one of the worst methods, we should really look for something to invest and always make a profit every year so our money doesn't lose value due to inflation.

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September 11, 2019, 09:42:35 AM
 #24

Lol, this is very informative, I can't imagine that some people are even living above their earning to the extent of having debt. Could it be that their cost of living is high? If the cost of living is high, then they should cut it down, because no one can tell me that it is tax that does that.

I have made attempt several times to relocate to the united states, but they kept discouraging me that the standard of their living is too high and that they paid tax a lot, and this makes me wonder why someone would earn $58,000 in a year and only  able to save $11000, is that not too low? What exactly did they spend their money on? Groceries or what? My country, with that $58000, I will surely save at least $30000 per year. For me, I am still able to save at least.

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September 11, 2019, 12:29:37 PM
 #25

The average personal amount of savings are between $ 2,900 for the USA and ¥ 5,806,554 for Japan. The USA comes last in our ranking, but their neighbor Canada is one of the richest countries regarding personal savings.




https://www.expertmarket.com/focus/research/countries-that-save-the-most-money









For me I don't see it as something to rejoice about for increased savings because it connotes lack of understanding on the part of the populace who likely believed that saving would make them rich eventually whereas the opposite is the case. A bank would encourage you to save so easily but not so easy to get loan in other to pursue a dream that would make you wealthy whereas the rich people can have access to all of these saving with little or no stress because they have the collateral and the right connections among the top hierarchy of the banks who could make funds available for them without too much stress eventually the rich get getting richer.

If they don't save, they probably knows the reason why they are not mostly because they are already in debt so they take their money out of the banking system for the fear of direct debit or because they just want to enjoy life to the fullest not knowing what would happen the next day. Its that simple.

 
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September 11, 2019, 03:02:15 PM
 #26

Some people don't save although they live a simple life. Many people in the world find it very difficult to eat more than once a day due to poverty. Imagine if you are to be in such situation how can you use save for the future. Eventually, the few money you would gain would be used to cover basic needs your family needs.
Couldn't agree more with you, at some places people struggle to even survive living the life , never crossed in their mind to save money cause yeah they have not any / nothing left.

But here's actually the concept of saving itself is not like these :

You can buy a luxury car with $1,000 back in 1900 ...
Can you imagine if you do save that $1,000 and spend it later today ? Yes you can buy an average bicycle Cheesy

Saving is not just about keeping money these days , practically it should be about putting money into something that could protect you from inflation ..... and the perfect form of this is cryptocurrency for me personally.

 
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September 11, 2019, 03:10:34 PM
 #27

Savings is a big thing that helps big with the growth of a country's economy. In my country half the earning will be saved for the future. This can be for the children and for the emergency needs. These days this has decreased a lot, as people just insure and pay premium for health and go with EMI on products that isn't affordable instantly. This has caused the savings go low day by day, but they've a satisfaction. Here the risk is at the times of economic downturn, because we don't know whether we'll be in the job tomorrow.

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September 11, 2019, 03:17:46 PM
 #28

Lol, this is very informative, I can't imagine that some people are even living above their earning to the extent of having debt. Could it be that their cost of living is high? If the cost of living is high, then they should cut it down, because no one can tell me that it is tax that does that.

I have made attempt several times to relocate to the united states, but they kept discouraging me that the standard of their living is too high and that they paid tax a lot, and this makes me wonder why someone would earn $58,000 in a year and only  able to save $11000, is that not too low? What exactly did they spend their money on? Groceries or what? My country, with that $58000, I will surely save at least $30000 per year. For me, I am still able to save at least.

Not everyone can just cut their cost of living at will.  People have medical expenses that aren't cheap and school in the United States is very expensive if you want to get a degree in something.  Housing costs are continually rising and employers aren't increasing wages of their employees except for high level executives. 
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September 11, 2019, 08:02:46 PM
 #29

Lol, this is very informative, I can't imagine that some people are even living above their earning to the extent of having debt. Could it be that their cost of living is high? If the cost of living is high, then they should cut it down, because no one can tell me that it is tax that does that.

I have made attempt several times to relocate to the united states, but they kept discouraging me that the standard of their living is too high and that they paid tax a lot, and this makes me wonder why someone would earn $58,000 in a year and only  able to save $11000, is that not too low? What exactly did they spend their money on? Groceries or what? My country, with that $58000, I will surely save at least $30000 per year. For me, I am still able to save at least.



Inflation is one thing what makes prices going high! 
Yea USA will be great Place to live, im sure I would love to live in Miami or new York, if new York then I would like to work at wall street... Lol

But inflation makes First the Property price go high
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September 11, 2019, 08:04:51 PM
 #30

Lol, this is very informative, I can't imagine that some people are even living above their earning to the extent of having debt. Could it be that their cost of living is high? If the cost of living is high, then they should cut it down, because no one can tell me that it is tax that does that.

I have made attempt several times to relocate to the united states, but they kept discouraging me that the standard of their living is too high and that they paid tax a lot, and this makes me wonder why someone would earn $58,000 in a year and only  able to save $11000, is that not too low? What exactly did they spend their money on? Groceries or what? My country, with that $58000, I will surely save at least $30000 per year. For me, I am still able to save at least.

Not everyone can just cut their cost of living at will.  People have medical expenses that aren't cheap and school in the United States is very expensive if you want to get a degree in something.  Housing costs are continually rising and employers aren't increasing wages of their employees except for high level executives. 



That's true! 
Speaccially in Uk where is very expensive but wages seems to be stay Same or Even going lower
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September 12, 2019, 09:49:56 AM
 #31

The average personal amount of savings are between $ 2,900 for the USA and ¥ 5,806,554 for Japan. The USA comes last in our ranking, but their neighbor Canada is one of the richest countries regarding personal savings.




https://www.expertmarket.com/focus/research/countries-that-save-the-most-money









I have debt but I am still hoping to get paid all of that. I DONT HAVE SAVINGS RIGHT NOW. But of course, I don't want to be like this for life. I want to have a better life. Most people here in our country has a lot of debt. So you are still lucky to have savings.

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September 12, 2019, 02:24:39 PM
 #32

Partly depends on the culture and also whether policies make it easier/safer to save. It's doable but it can be hard if you're cash-strapped to begin with. Don't Singapore require its citizens to set a part of their income for savings?
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September 12, 2019, 03:33:23 PM
 #33



When a country has a good number of people who are into savings money, there is a strong probability that its economy is doing well and can easily survive many economic and political catastrophes. That is why saving should have been a priority program for any county as a way to flourish and not just survive. Right now, USA is still not on a good shape as it is remains to be burdened by huge debt and soon this can be a big trap withering its global leadership into thin air. The country's formula of quantitative easing will be coming back to its economy like a big and scary monster.

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September 12, 2019, 04:25:09 PM
 #34

One must factor in the cost of living, average income and of course, taxes in the country. Those who save much are probably those that are living in countries where the economy is booming and no problems whatsoever occurring. There are quite a handful of people saving more than enough in the midst of poverty in a poor country but that isn't simply enough to lift/pad the stats up. Well I guess it boils down to lifestyle choices as well, too, and not just the whole macroeconomic aspect of saving.

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September 12, 2019, 05:17:48 PM
 #35

The average personal amount of savings are between $ 2,900 for the USA
Why does this not surprise me?  People here are addicted to credit cards, keeping up with the Joneses, and living well beyond their means.  I've met too many of them in my lifetime to count--people living from paycheck to paycheck, and yet they're driving huge SUVs, eating out all the time, and have way too much crap in their houses.  It's an insane mindstate.

Luckily I grew out of the temptation to do the above years ago, but it isn't like I don't see the appeal of owning tons of stuff.  When you can't afford it, however.....yeah.

I think this is a generational problem, too.  My grandparents owned a house, but it wasn't anything fancy and they worked all their lives.  The key thing was that they didn't incur tons of debt.  I thought millenials were supposed to be breaking the bad habits of the previous two generations, but who knows.  You can't always believe what you read--and from what I hear those millenials have a lot of student debt which could be keeping them from saving money.

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September 12, 2019, 05:34:51 PM
 #36

I think this is a generational problem, too.  My grandparents owned a house, but it wasn't anything fancy and they worked all their lives.  The key thing was that they didn't incur tons of debt.  I thought millenials were supposed to be breaking the bad habits of the previous two generations, but who knows.  You can't always believe what you read--and from what I hear those millenials have a lot of student debt which could be keeping them from saving money.

Not all debt is the same. I got a mortgage but LTV is below 50% so I'm far better off with it than renting, even if another housing bubble pops. A capable CS student can pay off $100k in student debt in a few years whereas an art major would likely be totally screwed.

Unfortunately trying to avoid debt when everyone around you is borrowing would be a losing strategy in the long run.

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September 12, 2019, 05:38:02 PM
 #37

Inflation is one thing what makes prices going high! 
Yea USA will be great Place to live, im sure I would love to live in Miami or new York, if new York then I would like to work at wall street... Lol

But inflation makes First the Property price go high
I guess we have another whale or do we call them market makers in the making lol. This issue of inflation is really becoming very terrible in United states and I didn’t know what the government of united states is doing about this, they had better control it before you see the rich tuning to a poor person because really, I agree with sana, how can someone be earning that much, only to be able to have a take home of Such amount of money at the end of the year, and it in directly means that they are just working for their country.

I am not sure that if they ever offer me to live in the united States, I will ever take it, except maybe I’m going there as an expatriate, then I know that all my expenses will be paid in full and I would have nothing to worry about those their expensive accommodation.
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September 12, 2019, 05:48:50 PM
 #38

wonder why someone would earn $58,000 in a year and only  able to save $11000, is that not too low? What exactly did they spend their money on? Groceries or what? My country, with that $58000, I will surely save at least $30000 per year. For me, I am still able to save at least.

Some extremely rough averages for cost of living in the USA, sort of an average between individual and family numbers that I could find...

58000 (example income)
- 10497 (federal income tax)
- 2900 (state income tax, a very rough average, this can vary a LOT)
- 17796 (housing cost, including property tax)
- 1524 (gasoline for car)
- 1116 (car insurance)
- 5796 (car loan payment)
- 1800 (heating and a/c)
- 1200 (internet)
- 540   (water/sewage)
- 6602 (food)
- 960 (cellphone)
- 6924 (healthcare insurance)
- 6170 (healthcare insurance deductible - you must pay this before you get benefits from insurance)

=> 63825 average expenditure

leaving you with a grand total of -5825 usd you can sock away for your glorious poverty stricken retirement.

And the above doesn't include averaged college tuition cost, which you will most definitely need if you want to guarantee a chance at 58000 usd per year salary.

Note median household income in the USA is 61372 (from 2017) so there's approx 150 million people that are making lower than this. And it becomes a little clearer why the savings rate is so low.
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September 12, 2019, 06:08:27 PM
 #39

wonder why someone would earn $58,000 in a year and only  able to save $11000, is that not too low? What exactly did they spend their money on? Groceries or what? My country, with that $58000, I will surely save at least $30000 per year. For me, I am still able to save at least.

Some extremely rough averages for cost of living in the USA, sort of an average between individual and family numbers that I could find...

58000 (example income)
- 10497 (federal income tax)
- 2900 (state income tax, a very rough average, this can vary a LOT)
- 17796 (housing cost, including property tax)
- 1524 (gasoline for car)
- 1116 (car insurance)
- 5796 (car loan payment)
- 1800 (heating and a/c)
- 1200 (internet)
- 540   (water/sewage)
- 6602 (food)
- 960 (cellphone)
- 6924 (healthcare insurance)
- 6170 (healthcare insurance deductible - you must pay this before you get benefits from insurance)

=> 63825 average expenditure

leaving you with a grand total of -5825 usd you can sock away for your glorious poverty stricken retirement.

And the above doesn't include averaged college tuition cost, which you will most definitely need if you want to guarantee a chance at 58000 usd per year salary.

Note median household income in the USA is 61372 (from 2017) so there's approx 150 million people that are making lower than this. And it becomes a little clearer why the savings rate is so low.





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There is never enough money to cover debt If it was the money will have no value!


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Rate cut will be the artificial way to boost economy until new regressions.

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September 12, 2019, 06:22:22 PM
 #40

Savings are basically more when when the spending is lesser, or essentially in places where the cost of living is comparatively lesser.

For example, look at this comparison between Bern(Switzerland) and Washington DC(US): https://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=Switzerland&country2=United+States&city1=Bern&city2=Washington%2C+DC

The rent is 98% more higher in Washington DC when compared to Bern. So basically, in theory, if you spend 1000$ for rent in Bern, you'd spend 1980$ in Washington DC. So obviously the savings are lower. And besides, due the recession almost every country is in shambles, and there's no room for savings whatsoever.

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September 12, 2019, 06:41:42 PM
 #41


This is why there are people in US now prefer to live in a smallspace house, you barely can lie straight but they build these kind of houses for people who wants to save.
But then the cost of living is pressuring as if the live in Tokyo specially in big cities in US.  Saving money is hard when you are single and wants to enjoy life, even harder when you have mouths to feed.

But if you live your life like every day is the last, why save?
You can gamble, fuck all the hookers you can find all night and be merry. Its not like you can bring those money to the grave.

 
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September 12, 2019, 07:10:38 PM
 #42


This is why there are people in US now prefer to live in a smallspace house, you barely can lie straight but they build these kind of houses for people who wants to save.
But then the cost of living is pressuring as if the live in Tokyo specially in big cities in US.  Saving money is hard when you are single and wants to enjoy life, even harder when you have mouths to feed.

But if you live your life like every day is the last, why save?
You can gamble, fuck all the hookers you can find all night and be merry. Its not like you can bring those money to the grave.


Yes but savings are resources.

But sure If You are Young and full of energy Why not to enjoy the life fullest! 


If I can save 1000 month then its a point.
If in can save 100-200 month That's small money to save!
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September 13, 2019, 08:08:51 AM
 #43

When a country has too many super rich people they also have a lot of poor people, when a country doesn't have too many super rich people than the public is better for it, I believe that is the whole point of this discussion.

Look at Sweden for example, they have IKEA and the dude is not really as rich as you might have imagined. He has places all around the world but not even in top 5 richest people in the world. That is why if you really look at the table you will see that places with poor people have highest number of billionaires and the places with least amount of poor people have the highest savings average.

Swiss people are doing it a bit hardcore tho, I mean saving up %20 of all your money does sound like way too much Cheesy If you are rich enough to save that much maybe there should be more taxes to help other people even more?

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September 13, 2019, 04:33:06 PM
 #44

When a country has too many super rich people they also have a lot of poor people, when a country doesn't have too many super rich people than the public is better for it, I believe that is the whole point of this discussion.

Look at Sweden for example, they have IKEA and the dude is not really as rich as you might have imagined. He has places all around the world but not even in top 5 richest people in the world. That is why if you really look at the table you will see that places with poor people have highest number of billionaires and the places with least amount of poor people have the highest savings average.

Swiss people are doing it a bit hardcore tho, I mean saving up %20 of all your money does sound like way too much Cheesy If you are rich enough to save that much maybe there should be more taxes to help other people even more?



Rich people want to enjoy the life the life and not Thinking about money!
That's Why they want to be Rich, poor is Only one who daily Thinking about getting money!
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September 14, 2019, 05:01:22 AM
 #45

Switzerland   $58,389   19.03%   $11,109.09   $925.76   $30.44   $1.27
Switzerland People save most money!

Not very surprising. Switzerland is a libertarian country and the government does not indulge in populism by giving out freebies. The tax rates are not very low, but salaries are high enough to neutralize any impact that comes from the taxes. Also, unlike the neighboring nations such as France and Germany, the Swiss government don't waste their revenue on third world immigrants. The revenue is used for infrastructure development and other sectors within the country, rather than encouraging third world immigration.

Also, the Swiss authorities don't force the citizens to shed their anonymity. Even now they have the CHF 1,000 banknote, which remains as one of the largest denomination banknotes around the world. It is a country where personal freedom and privacy is respected, unlike the case with countries such as the United States where the authorities spy on each and every resident.

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September 14, 2019, 05:39:09 AM
 #46

I can verify that we Filipinos are not that good in saving.

We are a third world country and despite that we save, most of them went on being spent on things, essential things but sometimes things that don't really are needed and wanted.

I think that would be a 90% spent and 10% saved, though that saved part would be also parted since that 90% would not be enough to be spent.

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September 14, 2019, 05:57:14 AM
 #47


This is why there are people in US now prefer to live in a smallspace house, you barely can lie straight but they build these kind of houses for people who wants to save.
But then the cost of living is pressuring as if the live in Tokyo specially in big cities in US.  Saving money is hard when you are single and wants to enjoy life, even harder when you have mouths to feed.

But if you live your life like every day is the last, why save?
You can gamble, fuck all the hookers you can find all night and be merry. Its not like you can bring those money to the grave.


Yes but savings are resources.

But sure If You are Young and full of energy Why not to enjoy the life fullest! 


If I can save 1000 month then its a point.
If in can save 100-200 month That's small money to save!

When you want to do the saving, then you must do it when you get the money. Pick the amount of money that you want to save and separate that money from the other money. If you can do that in monthly, then your saving will be bigger no matter how much money you can save in monthly. You don't have to feel about that is small money or big money, as long as you can do that by monthly, I am sure that in some time, you will amaze of what you've done.

Saving $1000 by monthly will be better, but that is if you have a bigger income. But unfortunately, only people who have a bigger income that can do that. But there are many ways that we can do to start saving.

I think saving will be necessary for your life and don't think that your life will end by today, but you should have a dream that you want to reach so that will motivate you to keep doing what you think is right. Besides that, you will have more power to survive and struggle to get more money for your life.

 
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September 14, 2019, 06:20:50 AM
 #48

If someone from India and USA doing the same job but their salary will be huge in difference so where they born is really matter to decide how good they are financially.
Did you mean same job in the same place? Or one from USA and one from India. If they are not in the same place, please do account of average living cost/standard as well. You know both the country has a huge difference in living cost. Therefore, it is basically pulling back to the same.
Macroeconomy is a combination of a lot of factors, you can't conclude anything with one or two single factors.

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September 14, 2019, 07:48:19 AM
 #49


This is why there are people in US now prefer to live in a smallspace house, you barely can lie straight but they build these kind of houses for people who wants to save.
But then the cost of living is pressuring as if the live in Tokyo specially in big cities in US.  Saving money is hard when you are single and wants to enjoy life, even harder when you have mouths to feed.

But if you live your life like every day is the last, why save?
You can gamble, fuck all the hookers you can find all night and be merry. Its not like you can bring those money to the grave.
You cannot bring all the money to the grave, but you have to save to some extent where your future will be guaranteed. In some countries, you will see the way the retirees are suffering despite their pension money, it is because they have no saving to hold for their old age.

Imagine that person earning $58000 and able to save just $110000, if he has 20 years to just work, and after that 20 years, he would still be used to that life of spending that $47000, so how do you expect him to meet up or cope after retirement. When you see people save, it is not because of now, but because of future, those hookers will not be there for you in future when you have no money again, and you have to be running round and begging friends to feed your mouth.
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September 14, 2019, 11:22:33 AM
 #50

No wonder some people in our country go abroad to find job due to a high  annual average of salary in good countries.
When it comes to savings, this really depends on how people handles their finances but what is attractive here is the country with good salary.

I'd like to thank you for sharing this article, I was right that USA gives the highest salary but people are big spenders also. I'm not from USA so I will just do some guessing, maybe the reason why they have a low percentage of savings is because there's a lot of things in USA that is worth spending, so I'd like to believe that living in USA as long as you have a job, you will have a quality life as after all as long as you have a health insurance, you won't have to spend much for medical treatment and your job guarantees you a retirement money if you get old and retired.

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September 14, 2019, 07:36:09 PM
 #51

The average personal amount of savings are between $ 2,900 for the USA and ¥ 5,806,554 for Japan. The USA comes last in our ranking, but their neighbor Canada is one of the richest countries regarding personal savings.




https://www.expertmarket.com/focus/research/countries-that-save-the-most-money








when this world is getting better and better the people thought we also need to be richer in this world that's why I think the savings are doing the best in the situation and it also appreciated by each and everyone in this world to make it more useful
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September 14, 2019, 07:41:20 PM
 #52

I can verify that we Filipinos are not that good in saving.

We are a third world country and despite that we save, most of them went on being spent on things, essential things but sometimes things that don't really are needed and wanted.

I think that would be a 90% spent and 10% saved, though that saved part would be also parted since that 90% would not be enough to be spent.

I think we're getting there. I see a lot of people in banks doing deposits. Sure many of those are probably not for their accounts but I believe the saving rate is slowly increasing.

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September 14, 2019, 09:38:57 PM
 #53

Instead of getting data like this we should more or so take some survey because these kind of data can be misleading since we should understand that the average person saves a lot less as it is written down here and it changes everything when we consider the average the rich all summed up together..

This data is highly misleading I think .
The bank deposits cannot identify a local person's Savings .



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September 14, 2019, 09:59:30 PM
 #54

If someone from India and USA doing the same job but their salary will be huge in difference so where they born is really matter to decide how good they are financially.
Did you mean same job in the same place? Or one from USA and one from India. If they are not in the same place, please do account of average living cost/standard as well. You know both the country has a huge difference in living cost. Therefore, it is basically pulling back to the same.
Macroeconomy is a combination of a lot of factors, you can't conclude anything with one or two single factors.

The place where you spend your income makes a big difference. 20 dollars a day would be a disaster for an American but something normal for someone in India but the key factor is that for 5 dollars you can take your whole family to a restaurant in India and in the USA you'll get a big mac with fries for that.

How much you're spending depends on the economy and your mindset. If you live in a poor country or a country with problems like Greece or Venezuela you won't be saving even if you have a saver's mindset.

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September 15, 2019, 05:29:15 AM
 #55

I am not sure whether this is a very accurate description, as the purchasing power can very from country to country. A person can retire with $50,000 in rural India, but in Japan even 20 times of that amount may not last for more than one or two decades. So rather than measuring the savings using the same metric, it could have been better to use the purchasing power as the measurement unit.

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September 15, 2019, 08:46:41 AM
 #56

There ise Other point too

How wealthy u are based of fact the asset You own.

The average Canadian own 40k. Value assets.
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September 15, 2019, 08:59:52 AM
 #57

Quote
one of the richest countries regarding personal savings
This cant be looked in isolation because national debt also puts people in debt despite their personal savings.   For UK I see they are losing money not saving annually, a weak currency might have caused that partly because it helps to raise costs but in any case I think the national debt per person is 74,000 which means a considerable amount of personal savings is required to say you are well off at all.

Same for Japan and USA both have very large amount of debt owed in their name via government,  Norway has a wealth fund which gives a net wealth of well over 50,000 per person.     Also Greece most famously has a giant amount of debt, enough to bankrupt the entire country.
   In theory the government can default on its debt but this situation could easily wipe out personal savings especially where the cash is saved in national currency.   Thats why I mention it as very relevant information to keep track of but this article makes no mention unfortunately.   A dangerous blindspot in our common vision is that alot of us stand to get wiped out in the worst case scenario.


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September 15, 2019, 07:10:58 PM
 #58

I'd like to thank you for sharing this article, I was right that USA gives the highest salary but people are big spenders also. I'm not from USA so I will just do some guessing, maybe the reason why they have a low percentage of savings is because there's a lot of things in USA that is worth spending, so I'd like to believe that living in USA as long as you have a job, you will have a quality life as after all as long as you have a health insurance, you won't have to spend much for medical treatment and your job guarantees you a retirement money if you get old and retired.

Retirement is a different scenario in many places of the world.

For example, in my country there is a forced retirement fund for everyone, a worker gets less money for their salary and government taxes the company for it and that tax goes to a fund. That fund is used for stuff of course and tries to be even more, they don't even have to put it on stocks or anything, they can make a bridge with that tax and than charge everyone a toll for going through that bridge and still make more profits forever instead of just putting that money into some boring stuff since they are literally the government.

After certain years you earn a chance to start getting paid for it which is your retirement, you can't just get it whenever you want, you have to reach a certain age for it.

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September 16, 2019, 07:10:35 AM
 #59

Sadly here in the Philippines, a typical Filipino only saves $100 for their future. Some Filipino here are one-day millionaire, when they receive their salary they buy things they don't really need and in the long run they go in debt. Also one of the reason why only few people can really save for their future here is the salary, what they earn is just enough to provide the needs of their family so some goes to abroad just to earn more.

https://www.esquiremag.ph/money/wealth/how-much-is-in-a-typical-filipino-s-bank-balance-a00287-20190208

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September 16, 2019, 07:16:11 PM
 #60

Average savings depends on how much a person gets salary and how hard the living costs are. So for example, in high end countries people get a decent wage and things do not cost that much, it still costs more than the poor countries but at the same time you are getting much more salary.

For example, if you live in USA and make 10k per month but spend 8k per month that means you are saving 2k per month, now in smaller country people make 300 dollars a month and spend 350 dollars a month (personally those are really my finances) which means they do not have 8k costs which is great but they do not have 10k salary neither so they are still poor. That is why there is such a big difference between poor and rich countries and their savings difference as well.

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September 16, 2019, 08:46:20 PM
 #61

When you want to do the saving, then you must do it when you get the money. Pick the amount of money that you want to save and separate that money from the other money. If you can do that in monthly, then your saving will be bigger no matter how much money you can save in monthly. You don't have to feel about that is small money or big money, as long as you can do that by monthly, I am sure that in some time, you will amaze of what you've done.

Saving $1000 by monthly will be better, but that is if you have a bigger income. But unfortunately, only people who have a bigger income that can do that. But there are many ways that we can do to start saving.

I think saving will be necessary for your life and don't think that your life will end by today, but you should have a dream that you want to reach so that will motivate you to keep doing what you think is right. Besides that, you will have more power to survive and struggle to get more money for your life.
People with bigger saving also find its difficult too mate, because the bigger they become in standard of living or do I say that the higher they earn, the higher their responsibility grows. I remember when  I started earning salary, if I convert it from my countries' money to usd, it was around 50 usd, as an office assistant, and I wished to save from it but could not save, and I prayed within myself that if I can  just earn a little higher, I will be able to save.

I got a better job of information desk office, and I started earning $200, still, responsibility became higher and found out it was still same as I started and everything I tried dint work, I later got another offer and became a manger where I started earning $2000, I tried to still plan on this and nothing much again, I realize that the higher you earn the more your responsibility become, to your family and to people around you.

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September 16, 2019, 09:04:03 PM
 #62

@OP I think that you read the article wrong it is US citizens who has a higher household saving compared to Canadians. Here is the quote written in the article you provided.

However, the USA sits a lot higher on the list than our closest neighbors. Canada came in halfway down the list in 15th place with average monthly savings of $152. Mexico sit all the way down in 21st place, saving just 9 cents an hour.

Given that the US citizens have a higher annual income there is no doubt that they are saving more money compared to Canadians. It's more about the income they are receiving rather than how they spend their money since they have closely a similar market and the prices aren't that any different I would say that this is not about their standard of living as well.

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September 17, 2019, 04:20:20 PM
 #63

It is easy to manage a country in the healthy wau if the population is very low so we cannot compare the countries with huge population and very few thousand populated country.

This has nothing to do with population. If anything, being a huge country presents huge opportunities - one can get in a car and drive from California to Michigan on a whim if there is a better paying job there (may or may not be based on a true story). Not that easy for Switzerlanders... or whatever they call themselves.

It's the utter inability to make rational decisions (both on the personal level and on a macro scale) that's a major factor here. Probably a fundamental failure in the education system.
In my opinion the system is working as intended, if most people knew how to manage their money then it will not be so easy for businesses around the world to sell stuff that no one really needs and this could probably slow down the economy, they do not want people to take rational decisions with their money and they want them to act impulsively, this is why there is such a divide among people with some people having lots of savings and most people having no savings at all.



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September 17, 2019, 05:18:12 PM
 #64

When you want to do the saving, then you must do it when you get the money. Pick the amount of money that you want to save and separate that money from the other money. If you can do that in monthly, then your saving will be bigger no matter how much money you can save in monthly. You don't have to feel about that is small money or big money, as long as you can do that by monthly, I am sure that in some time, you will amaze of what you've done.

Saving $1000 by monthly will be better, but that is if you have a bigger income. But unfortunately, only people who have a bigger income that can do that. But there are many ways that we can do to start saving.

I think saving will be necessary for your life and don't think that your life will end by today, but you should have a dream that you want to reach so that will motivate you to keep doing what you think is right. Besides that, you will have more power to survive and struggle to get more money for your life.
People with bigger saving also find its difficult too mate, because the bigger they become in standard of living or do I say that the higher they earn, the higher their responsibility grows. I remember when  I started earning salary, if I convert it from my countries' money to usd, it was around 50 usd, as an office assistant, and I wished to save from it but could not save, and I prayed within myself that if I can  just earn a little higher, I will be able to save.

I got a better job of information desk office, and I started earning $200, still, responsibility became higher and found out it was still same as I started and everything I tried dint work, I later got another offer and became a manger where I started earning $2000, I tried to still plan on this and nothing much again, I realize that the higher you earn the more your responsibility become, to your family and to people around you.
I can attest to this but eventually you can really able to save up.Its just a matter of strict money management but it wont really be that easy.When you do earn more the expense would go into the same way.I had already experienced it out which its hard to make adjustments when you are already got used to it. Grin

Savings will just act like a spare money or something left into your current lifestyle.Average savings on each country would really be different and there were lots of
factors that do mainly affects it.


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September 17, 2019, 11:26:11 PM
Last edit: September 17, 2019, 11:44:33 PM by STT
 #65

Nobody is mentioning that the EURO by order of their central bank is dictating that negative interest rates are enacted.   How exactly is anyone to save anymore, its practically outlawed by the nonsense ongoing in economies politics.    This is how I think we are in finance and macro ecomomic terms:


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September 18, 2019, 12:16:39 AM
 #66

Savings of every country will always depend on their economic status in which the richest and the strongest economy will always be the biggest in savings but the poorest country will be mostly no savings at all because mostly buried in World Bank debt.

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September 18, 2019, 08:05:14 AM
 #67

In my opinion the system is working as intended, if most people knew how to manage their money then it will not be so easy for businesses around the world to sell stuff that no one really needs and this could probably slow down the economy, they do not want people to take rational decisions with their money and they want them to act impulsively, this is why there is such a divide among people with some people having lots of savings and most people having no savings at all.
It will be impossible to save money with the level of inflation that we have everywhere now in the country, if government really wants their citizens to be able to save, they need to cut down the rate of inflation from the cost of building to selling of things in the market, I live in a country where someone would purchase something for 1 usd and then sell it for $100, is that not greed?

How can the money be enough wen someone who earns $50 would think that he cannot afford it meanwhile the real value would have been enough for him to afford it and even save enough change in the bank. The control must start from their first if we really are to get it right in this aspect of savings otherwise, many people will just keep living in debt.

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September 23, 2019, 04:28:36 PM
 #68

Nobody is mentioning that the EURO by order of their central bank is dictating that negative interest rates are enacted.   How exactly is anyone to save anymore, its practically outlawed by the nonsense ongoing in economies politics.    This is how I think we are in finance and macro ecomomic terms:

snip
It is obvious that what the governments fear the most is a recession, so they are doing everything that they can to accelerate the economy and that is why they are basically outlawing saving because they want people to spend their money, in my country things are even worse, recently a small tax to savings has been enacted, people are complaining that the government is greedy and they just want money and while they may be right I think the real reason is that they want to incentivize people to spend their money and to not save.



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September 23, 2019, 05:33:59 PM
 #69

Well.. I have a doubt regarding the methodology... Do they take the mean savings or the median savings? My opinion is that median will be a figure closer to the reality when compared to the mean. Because mean can get impacted by high values along the outliers. For example, a single billionaire with a savings of $100 million per month can singlehandedly alter the country wide values.

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September 24, 2019, 05:57:08 AM
 #70

If someone from India and USA doing the same job but their salary will be huge in difference so where they born is really matter to decide how good they are financially.
Did you mean same job in the same place? Or one from USA and one from India. If they are not in the same place, please do account of average living cost/standard as well. You know both the country has a huge difference in living cost. Therefore, it is basically pulling back to the same.
Macroeconomy is a combination of a lot of factors, you can't conclude anything with one or two single factors.
Even there will be huge difference on the pay for Indians vs Americans when both living in USA at the moment.This is why most companies hiring people from India.

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September 24, 2019, 07:40:14 AM
 #71

The average personal amount of savings are between $ 2,900 for the USA and ¥ 5,806,554 for Japan. The USA comes last in our ranking, but their neighbor Canada is one of the richest countries regarding personal savings.

I would expect there's a distinction to be made here between different types of average. It's not too clear at first glance (at least to me) how the article makes its calculations.

If average savings are above zero, I would assume this refers to the mean average, which is disproportionately impacted by a relatively small number of people who have huge savings. I am making assumptions here, but I do think that the majority of people are in debt. If you took median average instead, i.e. the savings of someone who has 50% of people with more savings than them and 50% of people with less, then that person would be below zero, i.e. be in debt.

As a general point I think that different types of average should be used in different circumstances, and ideally when one is used the others should be quoted as well. Otherwise simple use of the mean average can be used to lead people into false inferences, in this case that most people have a small amount of savings, when in all likelihood most people are actually in debt and a small number of people who have huge savings pull the mean average up above zero.

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September 24, 2019, 01:03:05 PM
 #72

I do not appreciate countries with high savings. because that will slow commodity trading and the country's economy will be hard to thrive.
Like Americans, they really know how to use money properly and make money always create value.

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September 25, 2019, 03:49:36 PM
 #73

Of course this is no doubt why many developed countries occupy the above positions, because we can already understand that the average mindset of the person has been formed. Not like people in developing countries, they even struggle to get money just for tomorrow, they didn't have to think about savings anymore.

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September 25, 2019, 07:40:16 PM
 #74

The average personal amount of savings are between $ 2,900 for the USA and ¥ 5,806,554 for Japan. The USA comes last in our ranking, but their neighbor Canada is one of the richest countries regarding personal savings.

I would expect there's a distinction to be made here between different types of average. It's not too clear at first glance (at least to me) how the article makes its calculations.

If average savings are above zero, I would assume this refers to the mean average, which is disproportionately impacted by a relatively small number of people who have huge savings. I am making assumptions here, but I do think that the majority of people are in debt. If you took median average instead, i.e. the savings of someone who has 50% of people with more savings than them and 50% of people with less, then that person would be below zero, i.e. be in debt.

As a general point I think that different types of average should be used in different circumstances, and ideally when one is used the others should be quoted as well. Otherwise simple use of the mean average can be used to lead people into false inferences, in this case that most people have a small amount of savings, when in all likelihood most people are actually in debt and a small number of people who have huge savings pull the mean average up above zero.


   Cnut237 your observation is amazing. I totally agree with you! Most people are in debt, but with small people who have huge savings are rising the statistic over zero. Article
does not show how they get calculation, and what parameters they used for that.
   Generally speaking majority of the people is in debt, there is no doubt in that. Is there a chance for that to be changed in the future? That`s the right question to ask here!

 
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September 26, 2019, 07:44:00 AM
 #75

The average personal amount of savings are between $ 2,900 for the USA and ¥ 5,806,554 for Japan. The USA comes last in our ranking, but their neighbor Canada is one of the richest countries regarding personal savings.

I would expect there's a distinction to be made here between different types of average. It's not too clear at first glance (at least to me) how the article makes its calculations.

If average savings are above zero, I would assume this refers to the mean average, which is disproportionately impacted by a relatively small number of people who have huge savings. I am making assumptions here, but I do think that the majority of people are in debt. If you took median average instead, i.e. the savings of someone who has 50% of people with more savings than them and 50% of people with less, then that person would be below zero, i.e. be in debt.

As a general point I think that different types of average should be used in different circumstances, and ideally when one is used the others should be quoted as well. Otherwise simple use of the mean average can be used to lead people into false inferences, in this case that most people have a small amount of savings, when in all likelihood most people are actually in debt and a small number of people who have huge savings pull the mean average up above zero.


   Cnut237 your observation is amazing. I totally agree with you! Most people are in debt, but with small people who have huge savings are rising the statistic over zero. Article
does not show how they get calculation, and what parameters they used for that.
   Generally speaking majority of the people is in debt, there is no doubt in that. Is there a chance for that to be changed in the future? That`s the right question to ask here!

I hope there's a chance that inequality can be reduced, but trends suggest that it has been worsening dramatically over the last few decades. There's a good book about this, 'Capital in the 21st Century' by Thomas Piketty. There's a brief summary with a few key charts here: https://www.newyorker.com/news/john-cassidy/pikettys-inequality-story-in-six-charts

Also the World Inequality Database provides a lot of good information: https://wid.world/

Here's a good example. It's slightly exaggerated (because the axis doesn't start at 0%), but the trend is clear.

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September 26, 2019, 12:38:50 PM
 #76

If someone from India and USA doing the same job but their salary will be huge in difference so where they born is really matter to decide how good they are financially.
Did you mean same job in the same place? Or one from USA and one from India. If they are not in the same place, please do account of average living cost/standard as well. You know both the country has a huge difference in living cost. Therefore, it is basically pulling back to the same.
Macroeconomy is a combination of a lot of factors, you can't conclude anything with one or two single factors.
Even there will be huge difference on the pay for Indians vs Americans when both living in USA at the moment.This is why most companies hiring people from India.
You mean that they are hiring Indians in order to cut the salary that they pay or what? Because, there is a hidden fact that they work with an Indian person does not mean that the Indians too will not spend as much as the American citizens is spending since it involves the Indian man living in the United States.

If it was an online job, we could say that it is justifiable because the standard of living in India will be different from the standard of living in the United states, but if they are both working in the United states, what is applicable to the American citizen there is what is also applicable to the Indian citizen there too because they are both under the same influence and under the same government. From what you said, this is what I could actually deduce, regardless of I didn’t get your point completely.

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September 26, 2019, 01:39:43 PM
 #77

Unfortunately i didn't see the countries from Africa continent and most of the countries on the list dominated the countries from Europe and America continent and maybe one of the caused why African are excluded because still dominated by poor countries so none of them can be able on the list and from Asia too if i'm not mistaken only three countries can be the top 30 position for average personal amount of savings statistics

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September 26, 2019, 01:52:29 PM
 #78

Unfortunately i didn't see the countries from Africa continent and most of the countries on the list dominated the countries from Europe and America continent and maybe one of the caused why African are excluded because still dominated by poor countries so none of them can be able on the list and from Asia too if i'm not mistaken only three countries can be the top 30 position for average personal amount of savings statistics

Africa is rich in natural resources and many of the countries (such as Angola, Nigeria and Gabon) earn huge amount of revenues every year from the petroleum and natural gas exports. But this money almost never reaches the common people. A very large fraction is taken out of the continent and deposited in tax heavens such as Switzerland and Channel islands, while the people still live in abject poverty.

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September 27, 2019, 03:53:34 PM
 #79

My country can't relate... I don't even expect my country to be on the list knowing the situation of most individuals here. It's easy for people in those country to save money because they're already developed. While my country is in the third world, we're still struggling hard. Though we experienced it before in our history, having equal value to usd...

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September 28, 2019, 08:25:34 AM
 #80

The average personal amount of savings are between $ 2,900 for the USA and ¥ 5,806,554 for Japan. The USA comes last in our ranking, but their neighbor Canada is one of the richest countries regarding personal savings.




https://www.expertmarket.com/focus/research/countries-that-save-the-most-money


That's why Americans are always very rich and their GDP is increasing every year. because they never let their money lose value every year due to inflation.
We really need to learn about effective ways to invest so our money doesn't lose value over the years.
Spending too much is not necessarily one way to help the economy go up. Americans are not sure to use all their money to invest, so we cannot say that the US economy is strong because people do not have the habit of saving much cash.
as in Switzerland, they are the country with the highest per capita saving in the world (19.03%) but it has remained a very high GDP country in recent years and their economy has also increased. very developed in the service - tourism segment.

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September 28, 2019, 02:16:12 PM
 #81

My country can't relate... I don't even expect my country to be on the list knowing the situation of most individuals here. It's easy for people in those country to save money because they're already developed. While my country is in the third world, we're still struggling hard. Though we experienced it before in our history, having equal value to usd...

It may not be accurate to say that those living in developed nations are able to save more than those who live in the third world. Take the case of Japan for example. The living expenses are so high, that young couples are being forced to delay child bearing. On the other hand, the living expenses can be more tolerable in the developing world.

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September 28, 2019, 06:35:12 PM
 #82

Unfortunately i didn't see the countries from Africa continent and most of the countries on the list dominated the countries from Europe and America continent and maybe one of the caused why African are excluded because still dominated by poor countries so none of them can be able on the list and from Asia too if i'm not mistaken only three countries can be the top 30 position for average personal amount of savings statistics

Africa is rich in natural resources and many of the countries (such as Angola, Nigeria and Gabon) earn huge amount of revenues every year from the petroleum and natural gas exports. But this money almost never reaches the common people. A very large fraction is taken out of the continent and deposited in tax heavens such as Switzerland and Channel islands, while the people still live in abject poverty.

My country has a similar situation. A huge amount of natural resources and at the same time, the majority of the population lives very poorly. The gap between the rich and the poor is getting bigger every year.

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September 29, 2019, 11:46:55 AM
 #83

Some people don't save although they live a simple life. Many people in the world find it very difficult to eat more than once a day due to poverty. Imagine if you are to be in such situation how can you use save for the future. Eventually, the few money you would gain would be used to cover basic needs your family needs.
I think $ 2900 is too huge for average wage for Asian. maybe even just 10% of it all. but otherwise i believe every country has poor people. and also many people still didnt know how to do investment. for leftgirly what you said thats is true but i think its not thread started want talking about . its just compare average minimum every country .

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October 02, 2019, 06:49:36 AM
 #84

Maybe people are hard to save because they really need money for their life. Like above me said, sometimes people only eat once in a day because they cannot save more money. They still search for more jobs for money, and they don't even think about saving some money. But that is not all of them, and I believe some of them still trying to save their money even for the small money. We could only see people can saving once they can fill all their needs, and they still have money. But for the rest of them, I think they cannot do that because they don't have money.

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October 02, 2019, 07:02:59 AM
 #85

The average personal amount of savings are between $ 2,900 for the USA and ¥ 5,806,554 for Japan. The USA comes last in our ranking, but their neighbor Canada is one of the richest countries regarding personal savings.

https://www.expertmarket.com/focus/research/countries-that-save-the-most-money


Savings is not always beneficial for economical growth. National Income is defined as sum total of consumption and savings i.e. Y = C + S.
Now suppose there is increase in income, the additional income could be either saved or spent. If it is saved then marginal propensity to save will increase which means no economic activity has been undertaken with additional money. Hence, MPS is inversely proportional to economic spending.
So if additional income is always saved then it may act as hindrance for economical growth.

 
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October 02, 2019, 07:07:20 AM
 #86

The average personal amount of savings are between $ 2,900 for the USA and ¥ 5,806,554 for Japan. The USA comes last in our ranking, but their neighbor Canada is one of the richest countries regarding personal savings.

https://www.expertmarket.com/focus/research/countries-that-save-the-most-money


Savings is not always beneficial for economical growth. National Income is defined as sum total of consumption and savings i.e. Y = C + S.
Now suppose there is increase in income, the additional income could be either saved or spent. If it is saved then marginal propensity to save will increase which means no economic activity has been undertaken with additional money. Hence, MPS is inversely proportional to economic spending.
So if additional income is always saved then it may act as hindrance for economical growth.
Savings aree beneficial for a country because it is a common sense where most of the people put their savings, it is always in the bank and the bank uses the deposits as a capital to make some investments where they can make a lot of money and because of that strategy, the bank helps the country to sustain the flow of currency so their economy will have a continuous growth.

 
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October 02, 2019, 07:12:51 AM
 #87

The average personal amount of savings are between $ 2,900 for the USA and ¥ 5,806,554 for Japan. The USA comes last in our ranking, but their neighbor Canada is one of the richest countries regarding personal savings.




https://www.expertmarket.com/focus/research/countries-that-save-the-most-money








I think the thing is that US has more sort of live in the moment culture. Most of the people there imagine a life where they would work for 5 days and spend that earned money on the weekend. Moreover as the culture in US is that people generally don't have to give a fortune of money to their offsprings as they think they should earn their. Life on their own. Moreover the government takes care of the retirement benefits to every person who is incapable of earning after a certain age so this I think is the reason why US ranks last on this list of average savings across the globe.

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Anegg
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October 02, 2019, 07:39:22 AM
 #88

The average personal amount of savings are between $ 2,900 for the USA and ¥ 5,806,554 for Japan. The USA comes last in our ranking, but their neighbor Canada is one of the richest countries regarding personal savings.




https://www.expertmarket.com/focus/research/countries-that-save-the-most-money
This serves to show the culture surrounding money and saving within different countries. In this day and age, globalization and social media has overtaken the world and materialism manifests in every society. From this information we can gather that the American people clearly live in the moment, however, with such a low average savings, it is blatantly obvious that they do not understand how to plan for emergencies and the curve balls that life will undoubtedly throw at you. Additionally, European countries can be seen doing extremely well in these rankings as their culture is based around providing a good life for their offspring and ensuring their happiness in retirement. The idea of debt in many countries is looked down upon, but this is clearly not the case in the US where the amount of debt is so high that it is a normal thing.