Average savings across the globe

[STT]

If we are being harsh here we could easily say the value of savings across the globe is now zero and I will explain how now.   The main reasoning being that each government of which a person might save the currency has debt running into the trillions or a large % of the countrys wealth/productive capacity.   If you were to save the cheques you hope will be paid, it could easily be the case you may never receive the value.   This is partly why we live in such a consumerist society because it is not safe to save.
   The only country I think of immediately where the population has actual savings on average per person would be Norway and this is because for a long time the government has taken the nations oil wealth and not used it for spending or infrastructure 'investment' but saved these funds as a sovereign wealth fund for the nation.   Every citizen of Norway has to their name an average value of about $70,000 in national wealth.   Every other western country citizen has many tens of thousands of debt owing in national debt.
  If people saved gold it may place them partly outside their countries national debt liabilities, I would agree they have some savings but if people save up promissory notes or paper FIAT then they could easily have no savings at all and long term this is the end game.

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.

Its free to speculate but the cost to using Crypto is the variance in the value of each blockchain and whether it will hold that value.   It is an improved situation for many I agree because most people are not transferring large values and % costs are less important to them then absolute fees and the difficulty of operating a bank account with all the problems it can bring for the small household.

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[bryant.coleman]

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.

This is also a possible explanation. BTW, retirement age has risen in Japan to above 60. From what I have heard, the average retirement age currently stands at 65 years there. It is harsh, although Japan has one of the best human life span across the globe, at 84 years (81 for men, and 87 for women). If we take the average age of entry to the labor market at 25 years (which is a very conservative estimate), a Japanese male can be expected to work for 4 decades non-stop before being allowed to retire. 4 decades of work, in order to get one and half years of pensions doesn't look very attractive for me.

[jostorres]

There are tons of people in debt but the calculation is probably including people like warren buffet who has billions of dollars in their bank account, if you calculate the richest 100 people in USA that have money in their account as "savings account" than I am afraid the calculation will be wrong because they have enough money to make 300+ million people positive where as there are people who are in debt in the millions.

Just look at how much school debt there is in USA and you will see that millions of people are sharing a common debt just for school let alone all other things. That is why this calculation is showing how much gap there is between wealthy and the poor instead of showing how much people have in savings on average, of course that is for countries like USA where there is a big wealth gap.

[juperos]

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

Well, I think this is one of Canada's recession signals. A country that maintains large levels of savings every year will stagnate its economy by not having too many transactions taking place. I guess that Canada will be one of the countries with the first economic crisis if the great economic crisis comes.

[Mometaskers]

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.

Could be the reason. Still, would that really mean that most people wouldn't be able to set aside some savings that the country goes on negative?

This makes me worried about where my country is going to if even an industrialized nation like Japan is at negative savings.

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.

I haven't thought of this but it makes sense. I guess we'll find out if we also see China in a similar negative savings situation since it's also having a rapidly aging population.

[ololajulo]

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.

US tax and mortgages consume large percentage of the income though they seem to have one of the highest income in the world. US citizen also have a bad spending habit. They get into debt early and pay all the their lives. Their risk taking ability into making more money is lower in US citizens than for foreigners. 

[ecnalubma]

Lucky for those people who lived in first world countries, considerably they have best advantages and benefits that their local companies government or private can offer. Unlike the 3rd world tier countries where the cost of living is high but underwage barely can’t save after retirement.

[jmigdlc99]

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

Quite surprising that USA has the least savings, considering that it has always been known that USA is the place to go if you wan't to earn money. I doubt the accuracy of that article, especially because of the average salary that the USA has which is $47060 (source:  https://www.thebalancecareers.com/average-salary-information-for-us-workers-2060808).

Thats not even enough to buy a fraction of bitcoin.

[doomistake]

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.

Most of the people that have debts stays in debt because they are paying their debts by debts, thati is the reason too why they can't make any savings. They are spending more than they earn, the worst case scenario for them is living on the streets asking for money because they are always being a happy-go-lucky individual who is an epicurean. In the end, they will blame it all to the Government.

They will start saying claptraps like the Government are not doing anything for the lack in job oppotunities, as a result, the Government will start to have debts also on other countries because their citizens are all selfish idiots.

[dimonstration]

Not all is able to save, in the world full of earthly things and bills it is really tempted not to save or at least to have emergency fund. We must change now if we wanted to have a much comfortable life. USA and other Europeans country are still better way to have savings, unlike i n some Asian countries and third world countries that are only trying to survive living daily due to different area minimum wages plus the tax and inflation that are inevitable nowadays. Some are unable to be insured or even got their own medical plans sue to financial crisis. So be thankful those countries who are still able to save since many people are not, even they wanted too.

[xSkylarx]

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.

Most of the people that have debts stays in debt because they are paying their debts by debts, thati is the reason too why they can't make any savings. They are spending more than they earn, the worst case scenario for them is living on the streets asking for money because they are always being a happy-go-lucky individual who is an epicurean. In the end, they will blame it all to the Government.

They will start saying claptraps like the Government are not doing anything for the lack in job oppotunities, as a result, the Government will start to have debts also on other countries because their citizens are all selfish idiots.

It is not the government's fault if its people go in debt. You already said that they are living too much base on what they can only earn. On the other hand if the government will have debt in other countries, it will have bad effects in the future if the money was only used for corruption not for the country's benefit.

[barabarian1]

certainly those who have a high amount of savings are those who live in developed countries. whereas those living in third countries are largely unable to save because the money is used up to meet their daily needs. because of low per capita income and also high inflation. cause they can't save their money. lucky people who live in developed countries. they can have a lot of savings.

[Suslived]

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 highly doubt the statistics behind those numbers, is that a typo? Comparing those values thats like $2,900 vs $48,000. How can Japanese have more savings than the Americans when the average salary for the US market is much higher?

The Japanese are truly innovative people and probably why they are one of the first to adopt bitcoin and cryptocurrencies.

[huu78]

I think they are intelligent to spin the money not only to be saved and it will not add more to their money. Maybe they are after the payday of the real world work money they use to invest anywhere it so that the money spins and increases a lot. Not just saving and being drain by bank interest only but they are clever.

[stepwilli]

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 highly doubt the statistics behind those numbers, is that a typo? Comparing those values thats like $2,900 vs $48,000. How can Japanese have more savings than the Americans when the average salary for the US market is much higher?

The Japanese are truly innovative people and probably why they are one of the first to adopt bitcoin and cryptocurrencies.

You should not judge it based on salary, they might have more salary than japan, but the cost of living might be lower in Japan than US which we know how extremely expensive that living in the United states could be.

The statistic may not be wrong really because I have seen many countries there where I have some friends that are seriously complaining of payment so much for living in the country, and the thing that kills them more is taxing, some countries tax is very high that when they pay you your salary, the amount that is leaving for tax is more than 30 percent of the salary which is very bad. My country is even worst, tax is not imposed on us, but the cost of living is far high that what we learn which makes it difficult for us to be able to save.

[drachman]

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.

There is no denying the rich are getting richer but people are also guilty of this, there is not a person I know that has any significant savings and yet they spend their money in a bunch of stuff they do not really need and yet they complain to me all the time about how they are short on cash, people need to stop spending that much in useless stuff, there is nothing wrong with spending but try to get the most for your money, and then once you have some savings you should invest in gold or bitcoin.

[Google+]

I think they are intelligent to spin the money not only to be saved and it will not add more to their money. Maybe they are after the payday of the real world work money they use to invest anywhere it so that the money spins and increases a lot. Not just saving and being drain by bank interest only but they are clever.

indeed that turning money you have can be very much but in cryptocurrency no one can guarantee profit, you can get a loss if you can't control your patience and are easily affected by bad news and selling your assets at cheap prices can make you lose and no profit.

[Polo7]

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

Well, I think this is one of Canada's recession signals. A country that maintains large levels of savings every year will stagnate its economy by not having too many transactions taking place. I guess that Canada will be one of the countries with the first economic crisis if the great economic crisis comes.

Yes you are correct and what does the government have to so?  More taxes!!  More taxes coming

[slashz9]

yes because the tax in America is very high I guess or they charge taxes on anything, there are people who say you will be taxed when trading.
in my opinion it's very bad, because in trading you may not necessarily get money, in contrast to jobs that are sure to get a salary every month.

[BronxCats]

I'm around $5,000 in debt, started using credit cards to keep my money in Crypto. Didn't have a job, so that should lower the average a bit. But I'm getting there and hopefully in a few months I could start saving again. As far as the coins I have, they're pretty much worthless. Not even enough volume for anything.