Average savings across the globe

[bitgolden]

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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[Harlot]

@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.

[South Park]

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.

[stomachgrowls]

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.

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.

[STT]

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:

[jaocoincrypto18]

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.

[sana54210]

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.

[South Park]

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.

[Vishnu.Reang]

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.

[mersal]

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.

[Cnut237]

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.

[SvonioneFromMangoCoinz]

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.

[b3llsf1l3s]

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.

[Bezobraznike]

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!

[Cnut237]

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.

[FanEagle]

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.

[bering]

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

[Vishnu.Reang]

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.

[jake zyrus]

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...

[DBronze98]

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.