Average savings across the globe

[Vishnu.Reang]

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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[yulchatar]

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.

[Dread Pirate Roberts]

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 .

[traderethereum]

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.

[SummerBliss]

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.

[meliodas]

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.

[teosanru]

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.

[Anegg]

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.

[SummerBliss]

-snip-

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.

Oops, yes! My bad. I ignored an important assumption in my post. In case of two-sector economy, S = I where I is investment. So yes, when people save money, they either keep it to themselves or keep it in banks. In case they keep money with themselves then it doesn't contribute to economic development but if they deposit it with bank, bank further lend it to others. Here, another concept comes into picture, the concept of Investment Multiplier. When banks lend money, the borrower further give money to someone else, the other person may deposit money into his bank. This way money is back into bank and bank can once again lend the same money to someone else. So, savings do contribute to economic development if it is channelled through banks.

[Mometaskers]

How is Japan at -0.47%? 

IMHO these days 20% is still low when saving. The problem is when the cost of living is high, it makes it really hard to save up. And then your saving's value depreciate if you fail to invest it.

Guess only thing we can do is to try to cut away as much non-essentials from our expenses. The world won't end if you don't watch Netflix or drink at Starbucks. Also helps if you can arrange to live with a family member and ask for a "moratorium" - something like not having to pitch in the bills for a few months after landing a job so you can at least set up an emergency fund for yourself.

[ChrisPop]

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 don't know how they've made those calculations as I've heard from a credible source that 75% of USA residents don't have $500 until the next month's paycheck. So you could say that they're living paycheck to paycheck.

[ShooterXD]

Here in Brazil, we are certainly in a worse situation than Greece. The current minimum wage is 998 reais, while it should be 4500 reais if it accompanied inflation as it should. The population is all in debt, and the rich continue to accumulate more money.

[darkangel11]

Maybe you have noticed that the author of this article made a small mistake that really makes the numbers meaningless. The average yearly income is calculated before tax so that 20k USD for some countries is really 10k USD per year. I don't know if it's like that for all countries but I took a few EU countries and the numbers are incorrect.
Example:
Slovakia
https://www.ceicdata.com/en/indicator/slovakia/annual-household-income-per-capita

Real yearly income per capita ~8k USD and according to the author of this article it's $22,031 (almost 3 times higher)

Poland ~6k USD and according to the author it's $23,998 (4 times higher)

https://www.ceicdata.com/en/indicator/poland/annual-household-income-per-capita

I've been to these countries and I can confirm the data from my links. The average salary is below 15k USD a year. If you add tax you're left with maybe 12k net wage if you're lucky. This makes all the data from the comparison unreal and useless.

[bryant.coleman]

How is Japan at -0.47%? 

I won't be surprised if this is true. Japan is one of the costliest nations to live and the working conditions can be very tough. Meal for two in a mid range restaurant can easily cost $100 in cities such as Tokyo. Rent for a decent apartment can cost $3,000 per month. And remember that the average monthly salary in Japan is considerably lower than that in the United States and the European Union.

[betty11]

Switzerland has  a good personal saving culture which is something worth emulating. Most persons really can't save because of bad spending habits, they keep buying liabilities because they have a credit card. Credit card is one major enemy to a good saving habit, money speaks and want to always be spent, but it takes someone with high financial discipline to avoid debt and save.

[Paecga129]

the cost to transfer money across the globe is huge when you want to transfer Fiat money, but now with the recent Advent of cryptocurrency technology, it's possible to transfer money across the globe for practically free.

[Naida_BR]

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 don't think that this metric is bad for the US citizens.
We need to know where those money go to. Do they shop or do they invest them? If the latter happens, then this is a crucial factor which provides growth to their income.

[bkbirge]

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 don't think that this metric is bad for the US citizens.
We need to know where those money go to. Do they shop or do they invest them? If the latter happens, then this is a crucial factor which provides growth to their income.

https://bitcointalk.org/index.php?topic=5183354.msg52436841#msg52436841

[Oilacris]

How is Japan at -0.47%? 

I won't be surprised if this is true. Japan is one of the costliest nations to live and the working conditions can be very tough. Meal for two in a mid range restaurant can easily cost $100 in cities such as Tokyo. Rent for a decent apartment can cost $3,000 per month. And remember that the average monthly salary in Japan is considerably lower than that in the United States and the European Union.

If that's the case,then it would be no surprise that they had those percentage.If standards or cots of living is really expensive but the average income doesn't equal to that demand then it will surely give out these figures.

Switzerland has  a good personal saving culture which is something worth emulating. Most persons really can't save because of bad spending habits, they keep buying liabilities because they have a credit card. Credit card is one major enemy to a good saving habit, money speaks and want to always be spent, but it takes someone with high financial discipline to avoid debt and save.

I can attest with that Credit card thing which is really a real story.If you do had this card on your wallet,it do anytime calls you out for you to spend. 

[alyssa85]

How is Japan at -0.47%?  

Japan is an OLD society - most people are over 50, it has the highest average age in the world, and the most pensioners.

The rule of thumb is that young people save for their retirement. But old people then draw down and spend their savings as they're retired and too old to work.

So it's possible that young Japanese are saving 10% of their income, but old Japanese are drawing down 5% of their savings. When you get to the stage where the old outnumber the young, then the average across the country is negative.