Where To Live To Save More Money?

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The household saving rate, defined as the share of household net disposable income that is saved, or the percentage of household income is put aside for savings, is an important economic indicator of wealth. Worldwide, the forecast for 2020 shows Europeans are still much better at saving than residents in other countries, with the top 10 highest rates of personal savings reported in five European nations.

According to a new Finder analysis of data from the Organization for Economic Cooperation and Development examining household savings forecasts for next year, Luxembourg tops the list in expected savings in both percentage and absolute figures. Households in Luxembourg are anticipated to save on average around $7,103 next year. Lithuanian households rank last, expected to actually to spend $741 more than their actual annual income.

The United States ranks well for the total dollar figure saved in households – fifth at about $3,100 – yet fails to reach the top 10 countries in terms of percentage of disposable income saved, coming in at No. 12. U.S. households are projected to save 6.88% of their income in 2020, according to the OECD.

These are the top 10 countries with the highest expected rates of household personal savings in 2020.

Top 10 Countries With Highest Rates of Personal Savings

  1. Luxembourg
  2. Switzerland
  3. Sweden
  4. Germany
  5. Netherlands
  6. South Korea
  7. Hungary
  8. Ireland
  9. Estonia
  10. Slovenia

Original article seen on U.S. News (Sintia Radu)