Topic: Average savings across the globe - page 5. (Read 3972 times)
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.
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.
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 .
This data is highly misleading I think .
The bank deposits cannot identify a local person's Savings .
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.
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.
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 https://www.expertmarket.com/focus/research/countries-that-save-the-most-money
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.
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.
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.
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.
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.
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.
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.
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.
Switzerland $58,389 19.03% $11,109.09 $925.76 $30.44 $1.27
Switzerland People save most money!
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.
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
If you are rich enough to save that much maybe there should be more taxes to help other people even more?
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
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!
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 If you are rich enough to save that much maybe there should be more taxes to help other people even more?
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
If you are rich enough to save that much maybe there should be more taxes to help other people even more? 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!
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.
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.
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.
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.
Every debit is someones credit.
To get debit someone have to borrow that
Its like chair game with music, when music is stopped Everybody start fighting to get chair.
There is never enough money to cover debt If it was the money will have no value!
No Wonder Why Trump want rate cuts, its a Economic regressions over usa now That's Why.
Rate cut will be the artificial way to boost economy until new regressions.
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.
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. 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 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.
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.
Jump to: