Credits: Social Media
Study finds Americans rank in surprising position for average household savings
A new financial study ranked the average household in America as third when it comes to using their disposable income for savings.
Saving money is difficult, no matter what country you live in. Across the globe, economies are facing a litany of issues, like foreign conflict and shady politics, that have a knock-on effect on everything from the stock market to the price of food. But, when compared to other countries, the United States of America is actually doing fairly well in terms of savings.
How did America do with household savings?
In a recent study conducted by City Index, researchers delved into the stressful world of personal savings. Using data from 2000 to 2022, they found that Switzerland has the best savings culture with a mean average of $5,908 in the bank.
Similarly, and perhaps surprisingly, the US ranked 3rd just behind Luxembourg with a disposable income of $40,395 and a savings amount of $3,028.
City Index awarded the US with a total savings score of 9.67 out of 10, with the country also ranking first with the highest disposable income of $42,592. Of that amount, Americans are typically placing 7% ($2,961) in their savings account.
How did America stack up against other nations?
Some countries on the list could stand to learn a thing or two about savings from the States. Ranking fourth, Chile was awarded a total savings score of 9.63 out of 10. Despite having the lowest mean disposable income of just $14,004, they managed to put away 11% at $1,532.
Besides the two top spots, most European countries ranked further down the list. Germany. ranked 5th, banked $3,568 in savings, while neighboring France secured $2,876.
The poor United Kingdom, who are experiencing a rather fierce cost of living crisis, ranked 17th on the list behind countries like Austria, Sweden and Belgium. With a disposable income of $28,222, they only filed away 3.25% at $918.
