Topic: Average savings across the globe - page 4. (Read 3972 times)
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.
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.
Like Americans, they really know how to use money properly and make money always create value.
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.
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.
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.
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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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. snip
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.
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.
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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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.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.
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.
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.
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.
@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.
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.
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.
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.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.
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.
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.
I agree specially those who lived in the third world countries, most people don’t stick to their jobs due to low pay rate and looking for alternative sources of income. Having good savings after retirement is great, probably we should start doing it while we are still young.
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.
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.
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
https://www.esquiremag.ph/money/wealth/how-much-is-in-a-typical-filipino-s-bank-balance-a00287-20190208
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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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.
There ise Other point too
How wealthy u are based of fact the asset You own.
The average Canadian own 40k. Value assets.
How wealthy u are based of fact the asset You own.
The average Canadian own 40k. Value assets.
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 .
Totally agree with this,people can save their savings in other form also which is the best idea compared to in fiat which will eventually lose its value in long run due to inflation.But we may sumup the data reported on income tax which might give more accuracy on the value than the total average of deposits. This data is highly misleading I think .
The bank deposits cannot identify a local person's Savings .
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