Average savings across the globe - page 6.

The Sceptical Chymist

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Quote from: Polo7 on September 10, 2019, 05:47:47 AM

The average personal amount of savings are between $ 2,900 for the USA

Why does this not surprise me? People here are addicted to credit cards, keeping up with the Joneses, and living well beyond their means. I've met too many of them in my lifetime to count--people living from paycheck to paycheck, and yet they're driving huge SUVs, eating out all the time, and have way too much crap in their houses. It's an insane mindstate.

Luckily I grew out of the temptation to do the above years ago, but it isn't like I don't see the appeal of owning tons of stuff. When you can't afford it, however.....yeah.

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.

dothebeats

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One must factor in the cost of living, average income and of course, taxes in the country. Those who save much are probably those that are living in countries where the economy is booming and no problems whatsoever occurring. There are quite a handful of people saving more than enough in the midst of poverty in a poor country but that isn't simply enough to lift/pad the stats up. Well I guess it boils down to lifestyle choices as well, too, and not just the whole macroeconomic aspect of saving.

joelsamuya

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When a country has a good number of people who are into savings money, there is a strong probability that its economy is doing well and can easily survive many economic and political catastrophes. That is why saving should have been a priority program for any county as a way to flourish and not just survive. Right now, USA is still not on a good shape as it is remains to be burdened by huge debt and soon this can be a big trap withering its global leadership into thin air. The country's formula of quantitative easing will be coming back to its economy like a big and scary monster.

TheCoinGrabber

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Partly depends on the culture and also whether policies make it easier/safer to save. It's doable but it can be hard if you're cash-strapped to begin with. Don't Singapore require its citizens to set a part of their income for savings?

owengtam09

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Quote from: Polo7 on September 10, 2019, 05:47:47 AM

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 have debt but I am still hoping to get paid all of that. I DONT HAVE SAVINGS RIGHT NOW. But of course, I don't want to be like this for life. I want to have a better life. Most people here in our country has a lot of debt. So you are still lucky to have savings.

Polo7

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Quote from: Indamuck on September 11, 2019, 11:17:46 AM

Quote from: sana54210 on September 11, 2019, 05:42:35 AM

Lol, this is very informative, I can't imagine that some people are even living above their earning to the extent of having debt. Could it be that their cost of living is high? If the cost of living is high, then they should cut it down, because no one can tell me that it is tax that does that.

I have made attempt several times to relocate to the united states, but they kept discouraging me that the standard of their living is too high and that they paid tax a lot, and this makes me 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.

Not everyone can just cut their cost of living at will. People have medical expenses that aren't cheap and school in the United States is very expensive if you want to get a degree in something. Housing costs are continually rising and employers aren't increasing wages of their employees except for high level executives.

That's true!
Speaccially in Uk where is very expensive but wages seems to be stay Same or Even going lower

Polo7

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Quote from: sana54210 on September 11, 2019, 05:42:35 AM

Lol, this is very informative, I can't imagine that some people are even living above their earning to the extent of having debt. Could it be that their cost of living is high? If the cost of living is high, then they should cut it down, because no one can tell me that it is tax that does that.

I have made attempt several times to relocate to the united states, but they kept discouraging me that the standard of their living is too high and that they paid tax a lot, and this makes me 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.

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

Indamuck

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Quote from: sana54210 on September 11, 2019, 05:42:35 AM

Lol, this is very informative, I can't imagine that some people are even living above their earning to the extent of having debt. Could it be that their cost of living is high? If the cost of living is high, then they should cut it down, because no one can tell me that it is tax that does that.

I have made attempt several times to relocate to the united states, but they kept discouraging me that the standard of their living is too high and that they paid tax a lot, and this makes me 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.

Not everyone can just cut their cost of living at will. People have medical expenses that aren't cheap and school in the United States is very expensive if you want to get a degree in something. Housing costs are continually rising and employers aren't increasing wages of their employees except for high level executives.

Ayiranorea

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Savings is a big thing that helps big with the growth of a country's economy. In my country half the earning will be saved for the future. This can be for the children and for the emergency needs. These days this has decreased a lot, as people just insure and pay premium for health and go with EMI on products that isn't affordable instantly. This has caused the savings go low day by day, but they've a satisfaction. Here the risk is at the times of economic downturn, because we don't know whether we'll be in the job tomorrow.

EdenHazard

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Quote from: leftgirly on September 10, 2019, 07:11:49 PM

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.

Couldn't agree more with you, at some places people struggle to even survive living the life , never crossed in their mind to save money cause yeah they have not any / nothing left.

But here's actually the concept of saving itself is not like these :

You can buy a luxury car with $1,000 back in 1900 ...
Can you imagine if you do save that $1,000 and spend it later today ? Yes you can buy an average bicycle Cheesy

Saving is not just about keeping money these days , practically it should be about putting money into something that could protect you from inflation ..... and the perfect form of this is cryptocurrency for me personally.

audaciousbeing

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Quote from: Polo7 on September 10, 2019, 05:47:47 AM

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

For me I don't see it as something to rejoice about for increased savings because it connotes lack of understanding on the part of the populace who likely believed that saving would make them rich eventually whereas the opposite is the case. A bank would encourage you to save so easily but not so easy to get loan in other to pursue a dream that would make you wealthy whereas the rich people can have access to all of these saving with little or no stress because they have the collateral and the right connections among the top hierarchy of the banks who could make funds available for them without too much stress eventually the rich get getting richer.

If they don't save, they probably knows the reason why they are not mostly because they are already in debt so they take their money out of the banking system for the fear of direct debit or because they just want to enjoy life to the fullest not knowing what would happen the next day. Its that simple.

sana54210

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Lol, this is very informative, I can't imagine that some people are even living above their earning to the extent of having debt. Could it be that their cost of living is high? If the cost of living is high, then they should cut it down, because no one can tell me that it is tax that does that.

I have made attempt several times to relocate to the united states, but they kept discouraging me that the standard of their living is too high and that they paid tax a lot, and this makes me 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.

tadpole_bitfrog

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Quote from: Polo7 on September 10, 2019, 05:47:47 AM

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

but Canadians won't really get many billionaires. because when saving too much, the cash flow in Canada will be greatly reduced and not generate profits for the whole country.
Saving is one of the worst methods, we should really look for something to invest and always make a profit every year so our money doesn't lose value due to inflation.

mersal

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Quote from: Polo7 on September 11, 2019, 04:21:29 AM

Huge Country means more people more people means Also more money.

But this topic is about average savings not the total savings.

And also poor countries has most richest people but their government is only poor.

Polo7

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Huge Country means more people more people means Also more money.

mersal

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Quote from: suchmoon on September 10, 2019, 06:16:42 PM

Quote from: mersal on September 10, 2019, 11:39:25 AM

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.

Huge country means huge opportunities but if the population is huge the employment opportunities will hinder.

Migration can be an option to make more money but like you said its not easy and not possible for many countries people's.

leftgirly

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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.

DireWolfM14

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Quote from: Polo7 on September 10, 2019, 05:47:47 AM

https://www.expertmarket.com/focus/research/countries-that-save-the-most-money

I didn't have time to thoroughly read the whole article but the information seems flawed right from the get-go. The author is comparing the number of cents per hour that citizens of the US, Canada, and Mexico are able to save, but what's not taken into account is the difference in wages and costs of living in those various countries.

Also, I'm not sure what the author is considering as "savings." Is her scope only including traditional savings accounts? Because I don't put shit in my traditional savings account. My employer matches what I deposit into my 401K, and if I have a little left after my monthly budget it goes into an IRA account (or crypto.)

suchmoon

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Quote from: mersal on September 10, 2019, 11:39:25 AM

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.

jossiel

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Those 8 countries at the bottom. I used to believe that most of them are wealthy and able to save a lot of money but if this study is for real, cost of living from those countries are literally high.

Quote from: Polo7 on September 10, 2019, 04:36:28 PM

I Think the list is pretty accurate
Countries Where savings low People are in debted highly too.

Some countries People live in -200 a Monthly like it means Every Monthly they have missing some ammount of money in Order to survive someone have borrow the money!

Yes, due to loans and other circumstances they can't save. Because instead of saving themselves money, they have obligations to pay like those loans that they took. And that's one rule so that you can save, pay your debts first.

Topic: Average savings across the globe - page 6. (Read 3939 times)