Sunday, June 3, 2012

The average American only saves 3% of their income!

Can you believe it?! The average American only saves 3.4% of their income. That is very low compared to the rest of the world. For example, in China, they save about 15% of their income. The only countries with lower savings rates are countries like Sweden and Norway, where all of the retirement and health care is provided by the government and savings aren't as necessary. I guess Americans learned nothing from the great recession. After savings rates spiked during the recession it looks like they are back to their old spending habits. I mean three percent! That's less than the 401k "match" that most companies provide. Anyway, if you're interested in reading more about this, check out the latest post at Budget Ways.

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