Personal Savings Rate by Country 2026

Some countries have families that save more money than others. This is typically ranked in terms of the household saving rate. The household saving rate is defined as a share of the household in that disposable income that is saved. This could also be calculated as a percentage of household income that is put aside for savings. Both of these formulas are relatively standard, and the differences between them do not change much. There are certain parts of the world that save more money than others, while families that do not save as much money tend to be under more financial stress.

What Countries Have Families That Save the Most of Their Income?

There are several countries that rise above the rest when it comes to saving money. In general, people who live in Europe tend to save more of their money. For example, in Luxembourg, a tiny European country, approximately 18 percent of all income families make goes into a savings account where it can be used later. Two other European countries also ranked in the top three. Switzerland is second on the list, with families saving approximately 17.5 percent of their income. Sweden is also very high on the list, where 17 percent of the income people make is put into a savings account. European countries fill out most of the top 10, with South Korea being the highest non-European country to be on the list. South Korea ranks sixth with 8.5 percent of household income being saved.

Do Families in the United States Save a Lot of Money?

Families in the United States save a decent amount of money, but they do not compare to European countries. In general, families in the United States save just under 7 percent of their household income. This is good enough for 12th on the list. On the other hand, in terms of total dollar amount saved, the United States ranks fifth. The United States is far above other countries on the list because the quality of life in the United States is higher, mostly driven by larger salaries. On the other hand, families do not save as large a percentage of their income when compared to other countries.

Why Do Some Families Have a Hard Time Saving Money?

There are lots of reasons why families have a hard time saving money. Of course, the obvious answer is that families might not make enough money to put away a substantial amount.

On the other hand, there are numerous other factors that underpin this statement. For example, inflation can take a toll on families living in certain parts of the world. This happens when the price of goods and services goes up. In addition, some people may not know that they are supposed to save a certain percentage of their income, particularly if they want to retire one day. Saving, and the converse of a potential spending problem, are multifactorial.