These are the Countries that Save the Most Money Around the World

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By Rob Binns | Senior Writer | Published: 9 June 2020

Which Country Saves the Most Money?

Everyone likes to put away a little bit of money each month to save up for a treat or to protect against unexpected payouts. At Expert Market, we've researched which countries are able to save the most money each month.

Using two unique data sets from OECD, we calculated how much each country can save based on average household incomes and on the costs of living. The results show that Switzerland – despite having a lower household income than the USA – saves the most money, around $926 per month or $1.27 every hour.

The USA has the highest household income on the list of 30 countries studied by the OECD, yet we sit in 9th place for the amount of money we are able to save – behind Australia and multiple European countries too. In the states we are able to save on average $243 per month or 33 cents an hour.

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However, the USA sits a lot higher on the list than our closest neighbors. Canada came in halfway down the list in 15th place with average monthly savings of $152. Mexico sit all the way down in 21st place, saving just 9 cents an hour.

Country

Average Annual IncomeAverage Household SavingsAnnual SavingsMonthly SavingsDaily Savings

Hourly Savings

Switzerland

$58,38919.03%$11,109.09$925.76$30.44

$1.27

Sweden

$40,90915.72%$6,430.49$535.87$17.62

$0.73

Norway

$50,9089.11%$4,638.23$386.52$12.71

$0.53

Australia

$50,1679.23%$4,627.91$385.66$12.68

$0.53

Germany

$44,9259.52%$4,278.21$356.52$11.72

$0.49

France

$41,2528.89%$3,666.48$305.54$10.05

$0.42

Austria

$46,0847.8%$3596.4$299.70$9.85

$0.41

Netherlands

$50,6706%$3,039.19$253.27$8.33

$0.35

United States

$58,7144.97%$2,916.32$243.03$7.99

$0.33

Denmark

$50,0244.97%$2,487.19$207.27$6.81

$0.28

Belgium

$47,7025.1%$2,430.89$202.57$6.66

$0.28

Korea

$33,1107.18%$2,377.30$198.11$6.51

$0.27

Slovenia

$33,0856.49%$2,148.54$179.04$5.89

$0.25

Chile

$23,2478.87%$2,062.24$171.85$5.65

$0.24

Canada

$47,8433.81%$1,823.30$151.94$5.00

$0.21

Czech Republic

$21,6896.63%$1,437.98$119.83$3.94

$0.16

Spain

$36,3253.88%$1,410.50$117.54$3.86

$0.16

Italy

$34.1402.91%$993.13$82.76$2.72

$0.11

Hungary

$19,9994.91%$982.15$81.85$2.69

$0.11

Slovak Republic

$22,0313.82%$840.92$70.08$2.30

$0.10

Mexico

$14,8675.36%$796.72$66.39$2.18

$0.09

Estonia

$21,5643.38%$729.73$60.81$2.00

$0.08

United Kingdom

$41,384-0.18%-$74.91-$6.24-$0.21

-$0.01

Finland

$40,731-0.20%-$82.68-$6.89-$0.23

-$0.01

Japan

$35,780-0.47%-$168.17-$14.01-$0.46

-$0.02

Poland

$23,998-0.71%-$169.43-$14.12-$0.46

-$0.02

Ireland

$46,074-0.4%-$182.91-$15.24-$0.50

-$0.02

Portugal

$24,105-4.07%-$979.87-$81.66-$2.68

-$0.11

Latvia

$20,518-11.24%-$2,306.63-$192.22-$6.32

-$0.26

Greece

$25,211-17.28%-$4,255.45-$362.95-$11.93

-$0.50

At the bottom of list sit Greece, not too surprising given their financial circumstances over the past few years. Those in Greece are actually unable to save any money as their outgoings are on average higher than their salary. Greek citizens are currently losing 50 cents an hour or $363 every month.

It’s not just Greece that are unable to save, 8 countries came out with negative figures in this savings study. Including our transatlantic cousins in the UK who are losing 1 cent every hour or $6.24 per month.

Expert Market dug deeper into the data and identified which state is able to save the most money based on average state incomes from the Kaiser Family foundation. Thanks to their higher income, people working in New Hampshire are able to save an average of $313 a month or 43 cents per hour. On the other end of the scale those in Mississippi are only able to save $166 every month or 23 cents an hour.

State

Annual SalaryAnnual SavingsMonthly SavingsDaily Savings

Hourly Savings

New Hampshire

$75,675.00$3,761.05$313.42$10.30

$0.43

Alaska

$75,112.00$3,733.07$311.09$10.23

$0.43

Maryland

$73,594.00$3,657.62$304.80$10.02

$0.42

Connecticut

$72,889.00$3,622.58$301.88$9.92

$0.41

Minnesota

$68,730.00$3,415.88$284.66$9.36

$0.39

New Jersey

$68,357.00$3,397.34$283.11$9.31

$0.39

Massachusetts

$67,861.00$3,372.69$281.06$9.24

$0.39

Washington

$67,243.00$3,341.98$278.50$9.16

$0.38

Colorado$66,596.00$3,309.82$275.82$9.07

$0.38

Utah

$66,258.00$3,293.02$274.42$9.02

$0.38

Hawaii

$64,514.00$3,206.35$267.20$8.78

$0.37

California

$63,636.00$3,162.71$263.56$8.66

$0.36

Virginia

$61,486.00$3,055.85$254.65$8.37

$0.35

Wyoming

$60,925.00$3,027.97$252.33$8.30

$0.35

Iowa

$60,855.00$3,024.49$252.04$8.29

$0.35

Oregon

$60,834.00$3,023.45$251.95$8.28

$0.35

Nebraska

$60,474.00$3,005.56$250.46$8.23

$0.34

Illinois

$60,413.00$3,002.53$250.21$8.23

$0.34

Pennsylvania

$60,389.00$3,001.33$250.11$8.22

$0.34

Vermont

$59,494.00$2,956.85$246.40$8.10

$0.34

Missouri

$59,196.00$2,942.04$245.17$8.06

$0.34

New York

$58,005.00$2,882.85$240.24$7.90

$0.33

Delaware

$57,756.00$2,870.47$239.21$7.86

$0.33

North Dakota

$57,415.00$2,853.53$237.79$7.82

$0.33

Texas

$56,473.00$2,806.71$233.89$7.69

$0.32

Rhode Island

$55,701.00$2,768.34$230.69$7.58

$0.32

Wisconsin

$55,425.00$2,754.62$229.55$7.55

$0.31

South Dakota

$55,065.00$2,736.73$228.06$7.50

$0.31

Kansas

$54,865.00$2,726.79$227.23$7.47

$0.31

Michigan

$54,203.00$2,693.89$224.49$7.38

$0.31

Ohio

$53,301.00$2,649.06$220.75$7.26

$0.30

Arizona

$52,248.00$2,596.73$216.39$7.11

$0.30

Nevada

$52,008.00$2,584.80$215.40$7.08

$0.30

Indiana

$51,983.00$2,583.56$215.30$7.08

$0.29

Idaho

$51,624.00$2,565.71$213.81$7.03

$0.29

Montana

$51,395.00$2,554.33$212.86$7.00

$0.29

North Carolina

$50,797.00$2,524.61$210.38$6.92

$0.29

Georgia

$50,768.00$2,523.17$210.26$6.91

$0.29

Maine

$50,756.00$2,522.57$210.21$6.91

$0.29

Florida

$48,825.00$2,426.60$202.22$6.65

$0.28

Tennessee

$47,330.00$2,352.30$196.03$6.44

$0.27

Oklahoma

$47,077.00$2,339.73$194.98$6.41

$0.27

South Carolina

$46,360.00$2,304.09$192.01$6.31

$0.26

Louisiana

$45,922.00$2,282.32$190.19$6.25

$0.26

New Mexico

$45,119.00$2,242.41$186.87$6.14

$0.26

Alabama

$44,509.00$2,212.10$184.34$6.06

$0.25

West Virginia

$42,824.00$2,128.35$177.36$5.83

$0.24

Arkansas

$42,798.00$2,127.06$177.26$5.83

$0.24

Kentucky

$42,387.00$2,106.63$175.55$5.77

$0.24

Mississippi

$40,037.00$1,989.84$165.82$5.45

$0.23

 

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Rob Binns
Rob Binns Senior Writer

Rob writes mainly about the payments industry, but also brings industry-specific knowledge of CRM software, social media monitoring, and invoice finance. When not exasperating his editor with bad puns, he can be found relaxing in a sunny corner, with a beer and a battered copy of Dostoevsky.