Household Saving Rate in the United States increased to 4.60 percent in January from 3.50 percent in December of 2024. This dataset provides - United States Personal Savings Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2023, personal savings amounted to 4.51 percent of the disposable income in the United States. The personal savings rate peaked in 2020, when U.S. households saved on average over 15 percent of their income. That year and in 2021, there were measures implemented to contain the spread of the COVID-19 virus which limited the ability of people to go out and spend their money, which resulted in people saving more than usual.

Savings during recessions During recessions, households often tend to increase their savings due to economic uncertainty and to compensate for any possible loss of income, which could occur, for example, in the case of falling into unemployment. For example, as seen in this statistic, the savings rate increased noticeably between 2007 and 2012, coinciding with a period of crisis. However, there are also factors that affect the amount of money that households can manage to set aside, such as inflation. Saving can be particularly difficult during periods when the inflation rate has been higher than the growth rates of wages.

Savings accounts The value of savings deposits and other checkable deposits in the U.S. amounted to roughly 11 trillion U.S. dollars in late 2023, even after a significant fall in the amount of money placed in those types of instruments. In other words, savings accounts are a type of financial asset that is very widely used among households to save money. Nevertheless, interest rates of savings’ accounts differ a lot from one financial institution to another. Some of the lesser-known online banks had the highest interest rates, while the major banks often offered lower interest rates.

In December 2024, the personal saving rate in the United States amounted to 3.8 percent. That was slightly lower figure than a year earlier. The personal saving rate is calculated as the ratio of personal savings to disposable personal income. Within the topic of personal savings in the U.S., there are different goals and reasons for saving. What are personal savings? Saving refers to strategies of accumulating capital for future use by either not spending a part of one’s income or cutting down on certain costs. Saved money may be preserved as cash, put on a deposit account, or invested in various financial instruments. Investing usually incorporates some level of risk which means that part of the invested money can be gone. An example of a relatively safe investment would be saving bonds, such as the debt securities issued by the U.S. Department of the Treasury. Saving trends in the U.S. and abroad Looking at the personal saving rate in the United States throughout the past decades, it can be observed that savings had been decreasing until the mid-2000s, and they increased after the 2008 financial crisis. Still, the largest savings rates were reached in 2020 and 2021. The reason for that increase in the savings rate that year might be related to the measures to contain the COVID-19 pandemic. The value of personal savings in the United Kingdom has also followed a similar trend. Although events like the COVID-19 pandemic may have affect many countries in a similar way, the ability to save, as well as the average savings as a share of personal income across countries can vary significantly depending on multiple factors affecting each territory.

Key information about China Gross Savings Rate

• China Gross Savings Rate was measured at 44.3% in Dec 2023, compared with 44.3% in the previous year.
• China Gross Savings Rate is updated yearly, with data available from Dec 1952 to Dec 2023, and an average rate of 44.3%.
• The data reached an all-time high of 44.3% in Dec 2010 and a record low of 16.5% in Dec 1962.
• CEIC calculates Gross Domestic Savings Rate from annual Gross Domestic Savings and annual Nominal GDP. Gross Domestic Savings is calculated as Nominal GDP less Final Consumption Expenditure. The National Bureau of Statistics provides Final Consumption Expenditure in local currency and Nominal GDP in local currency.
• In the latest reports, China GDP expanded 4.5% YoY in Mar 2023.
• China Nominal GDP reached 4,166,759.1 USD mn in Mar 2023. Its GDP deflator (implicit price deflator) increased 0.4% in Mar 2023.
• China GDP Per Capita reached 12,621.7 USD in Dec 2023.

This dataset provides values for PERSONAL SAVINGS reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Key information about Japan Gross Savings Rate

• Japan Gross Savings Rate was measured at 28.8% in Mar 2022, compared with 28.8% in the previous quarter.
• Japan Gross Savings Rate is updated quarterly, with data available from Mar 1980 to Mar 2022, and an average rate of 28.8%.
• The data reached an all-time high of 28.8% in Mar 1992 and a record low of 22.9% in Mar 2014.
• CEIC calculates quarterly Gross National Savings Rate from quarterly Gross Savings and quarterly Gross National Income. Economic and Social Research Institute provides Gross Savings in local currency and Gross National Income in local currency, based on SNA 2008 with benchmark year 2015. Gross National Savings Rate prior to Q1 1994 is based on SNA 1993 with benchmark year 2000.
• In the latest reports, Japan GDP expanded 1.8% YoY in Mar 2023.
• Japan Nominal GDP reached 1,080,149.8 USD mn in Mar 2023. Its GDP deflator (implicit price deflator) increased 1.7% in Mar 2023.
• Japan GDP Per Capita reached 33,906.0 USD in Dec 2022.

Personal savings in the United States reached a value of 911 billion U.S. dollars in 2023, which is significantly higher than in 2022. Personal savings peaked in 2020 at nearly 2.7 trillion U.S. dollars. Those figures remained very high until 2021. The excess savings during the COVID-19 pandemic in the U.S. and other countries were the main reason for that increase, as the measures implemented to contain the spread of the virus had an impact on consumer spending.

Saving before and after the 2008 financial crisisDuring the periods of growth and certain economic stability in the pre-2008 crisis period, there were falling savings rates. People were confident the good times would stay and felt comfortable borrowing money. Credit was easily accessible and widely available, which encouraged people to spend money. However, in times of austerity, people generally tend to their private savings due to a higher economic uncertainty. That was also the case in the wake of the 2008 financial crisis. Savings and inflationThe economic climate of high inflation and rising Federal Reserve interest rates in the U.S. made it increasingly difficult to save money in 2022. Not only does inflation affect the ability of people to save, but reversely, consumer behavior also affects inflation. On the one hand, prices can increase when the production costs are higher. That can be the case, for example, when the price of West Texas Intermediate crude oil or other raw materials increases. On the other hand, when people have a lot of savings and the economy is strong, high levels of consumer demand can also increase the final price of products.

Key information about Singapore Gross Savings Rate

• Singapore Gross Savings Rate was measured at 47.5% in Dec 2024, compared with 47.5% in the previous year.
• Singapore Gross Savings Rate is updated yearly, with data available from Dec 1960 to Dec 2024, and an average rate of 47.5%.
• The data reached an all-time high of 47.5% in Dec 1997 and a record low of -2.1% in Dec 1960.
• CEIC calculates Gross National Savings Rate from annual Gross National Savings and annual Gross National Income. The Singapore Department of Statistics provides Gross National Savings in local currency and Gross National Income in local currency.
• In the latest reports, Singapore GDP expanded 0.4% YoY in Mar 2023.
• Singapore Nominal GDP reached 120,606.6 USD mn in Mar 2023. Its GDP deflator (implicit price deflator) fell 0.0% in Mar 2023.
• Singapore GDP Per Capita reached 90,689.0 USD in Dec 2024.

Key information about India Gross Savings Rate

• India Gross Savings Rate was measured at 30.7% in Mar 2024, compared with 30.7% in the previous year.
• India Gross Savings Rate is updated yearly, with data available from Mar 1951 to Mar 2024, and an average rate of 30.7%.
• The data reached an all-time high of 30.7% in Mar 2008 and a record low of 7.9% in Mar 1954.
• CEIC calculates Gross Domestic Savings Rate from annual Gross Domestic Savings and annual Nominal GDP. Ministry of Statistics and Programme Implementation provides Gross Domestic Savings in local currency and Nominal GDP in local currency based on SNA 2008, at 2011-2012 prices. Gross Domestic Savings Rate is annual frequency, ending in March of each year.
• In the latest reports, India GDP expanded 6.1% YoY in Mar 2023.
• India Nominal GDP reached 873,666.0 USD mn in Mar 2023. Its GDP deflator (implicit price deflator) increased 4.1% in Mar 2023.
• India GDP Per Capita reached 2,452.2 USD in Mar 2023.

Key information about Kenya Gross Savings Rate

• Kenya Gross Savings Rate was measured at 11.9% in Dec 2023, compared with 11.9% in the previous year.
• Kenya Gross Savings Rate is updated yearly, with data available from Dec 2006 to Dec 2023, and an average rate of 11.9%.
• The data reached an all-time high of 11.9% in Dec 2010 and a record low of 10.1% in Dec 2008.
• CEIC calculates Gross Domestic Savings Rate from annual Gross Domestic Savings and annual Nominal GDP. Gross Domestic Savings is calculated as Nominal GDP less Final Consumption Expenditure. Final Consumption Expenditure is the sum of Private and Government Final Consumption Expenditure. The Kenya National Bureau of Statistics provides Final Consumption Expenditure in local currency and Nominal GDP in local currency.
• In the latest reports, Kenya GDP expanded 5.2% YoY in Sep 2022.
• Kenya Nominal GDP reached 26,869.9 USD mn in Sep 2022. Its GDP deflator (implicit price deflator) increased 4.0% in Sep 2022.
• Kenya GDP Per Capita reached 2,236.0 USD in Dec 2021.

Household Saving Rate in European Union decreased to 11.89 percent in the third quarter of 2024 from 18.71 percent in the second quarter of 2024. This dataset provides - European Union Personal Savings - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Brazil Gross Savings Rate

• Brazil Gross Savings Rate was measured at 11.9% in Dec 2024, compared with 11.9% in the previous quarter.
• Brazil Gross Savings Rate is updated quarterly, with data available from Mar 1991 to Dec 2024, and an average rate of 11.9%.
• The data reached an all-time high of 11.9% in Sep 1994 and a record low of 4.8% in Mar 1994.
• CEIC calculates Gross National Savings Rate from quarterly Gross Savings and quarterly Gross National Income. The Brazilian Institute of Geography and Statistics provides Gross Savings in local currency and Gross National Income in local currency, based on SNA 2008 and BPM6. Gross National Savings Rate prior to Q1 2000 is based on benchmark year 1985.
• In the latest reports, Brazil GDP expanded 3.4% YoY in Mar 2023.
• Brazil Nominal GDP reached 491,315.0 USD mn in Mar 2023. Its GDP deflator (implicit price deflator) increased 6.2% in Mar 2023.
• Brazil GDP Per Capita reached 8,936.2 USD in Dec 2022.

Graph and download economic data for Personal saving as a percentage of disposable personal income (A072RC1Q156SBEA) from Q1 1947 to Q4 2024 about disposable, savings, personal income, percent, personal, income, GDP, and USA.

In 2023, the average annual savings rate of households in Taiwan stood at 24.23 percent. This means that on average every household or household member did not spend this share of their disposable income for consumption purposes but saved it for future use. The savings rate increased considerably in 2020.

In the first quarter of 2024, the amount of savings made by Brazilian households accounted for 16.2 percent of the country's Gross Domestic Product (GDP). In the same quarter of the previous year, the Brazilian economy had registered a household saving rate of 17.5 percent of its GDP. In turn, Brazil's capital investments represented approximately 17 percent of GDP.

Median saving rate by income quintile - experimental statistics

The net saving of households and non-profit institutions serving households (NPISHs) in Germany increased by 0.2 percent of household and NPISH net disposable income (+1.8 percent) in 2023 in comparison to the previous year. In total, the net saving amounted to 11.38 percent of household and NPISH net disposable income in 2023. This increase was preceded by a declining net saving in this industry.Find more statistics on other topics about Germany with key insights such as mutual funds as a percentage of total household financial assets, household shares and other equity, except mutual funds shares and as a percentage of total household financial assets.

Key information about Denmark Gross Savings Rate

• Denmark Gross Savings Rate was measured at 34.9% in Dec 2024, compared with 34.9% in the previous quarter.
• Denmark Gross Savings Rate is updated quarterly, with data available from Mar 1990 to Dec 2024, and an average rate of 34.9%.
• The data reached an all-time high of 34.9% in Sep 2022 and a record low of 17.1% in Dec 1993.
• CEIC calculates Gross National Savings Rate from quarterly Gross National Savings and quarterly Gross National Income. Statistics Denmark provides Gross National Savings in local currency and Gross National Income in local currency.
• In the latest reports, Denmark GDP expanded 1.7% YoY in Mar 2023.
• Denmark Nominal GDP reached 102,023.3 USD mn in Mar 2023. Its GDP deflator (implicit price deflator) increased 1.9% in Mar 2023.
• Denmark GDP Per Capita reached 67,743.6 USD in Dec 2022.

Key information about Romania Gross Savings Rate

• Romania Gross Savings Rate was measured at 18.3% in Dec 2024, compared with 18.3% in the previous quarter.
• Romania Gross Savings Rate is updated quarterly, with data available from Mar 1995 to Dec 2024, and an average rate of 18.3%.
• The data reached an all-time high of 18.3% in Sep 1995 and a record low of -3.9% in Jun 1995.
• CEIC calculates Gross Domestic Savings Rate from quarterly Gross Domestic Savings and quarterly Nominal GDP. Gross Domestic Savings is calculated as Nominal GDP less Final Consumption Expenditure. The National Institute of Statistics provides Final Consumption Expenditure in local currency and Nominal GDP in local currency.
• In the latest reports, Romania GDP expanded 2.9% YoY in Mar 2023.
• Romania Nominal GDP reached 86,036.3 USD mn in Mar 2023. Its GDP deflator (implicit price deflator) increased 14.4% in Mar 2023.
• Romania GDP Per Capita reached 14,987.8 USD in Dec 2021.

Household Saving Rate in Portugal increased to 10.70 percent in the third quarter of 2024 from 10.10 percent in the second quarter of 2024. This dataset provides - Portugal Gross Household Saving Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.