The gross personal savings in the U.S. amounted to over 5.5 trillion U.S. dollars in 2023. These figures have increased steadily since 2015, reaching a peak in 2020, when the volume of savings increased a lot due to the start of the COVID-19 pandemic. After that, savings have decreased, particularly in 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.

Household Saving Rate in Spain decreased to 7.13 percent in the third quarter of 2024 from 21.42 percent in the second quarter of 2024. This dataset provides - Spain Personal Savings - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Graph and download economic data for Gross private saving: Households and institutions (W998RC1A027NBEA) from 1960 to 2024 about savings, gross, households, private, GDP, and USA.

Household Saving Rate in Latvia increased to 5.39 percent in 2023 from 3.12 percent in 2022. This dataset provides - Latvia Personal Savings - 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.

Household Saving Rate in Czech Republic decreased to 17.20 percent in the third quarter of 2024 from 17.40 percent in the second quarter of 2024. This dataset provides - Czech Republic Personal and Households Deposits - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The overall value of household savings in the United States decreased a lot in 2023, after it reached values of well over two trillion U.S. dollars in 2020 and 2021. Household savings peaked in 2020, when they amounted to 2.7 trillion U.S. dollars, which was a very strong increase compared to the previous year. The personal savings as a share of disposable income in the U.S. also peaked in 2020 and 2021.

Household Saving Rate in Lithuania increased to 6.82 percent in 2023 from 4.75 percent in 2022. This dataset provides - Lithuania Personal Savings - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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

Personal Savings in India increased to 26099.21 INR Billion in 2016 from 25429.60 INR Billion in 2015. This dataset provides - India Households Savings - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Argentina Financial System: Liabilities: Deposits: Private: Savings Account data was reported at 46,265,137.110 ARS mn in Dec 2024. This records an increase from the previous number of 42,087,981.489 ARS mn for Nov 2024. Argentina Financial System: Liabilities: Deposits: Private: Savings Account data is updated monthly, averaging 161,506.587 ARS mn from Dec 1999 (Median) to Dec 2024, with 259 observations. The data reached an all-time high of 46,265,137.110 ARS mn in Dec 2024 and a record low of 10,522.944 ARS mn in Dec 2002. Argentina Financial System: Liabilities: Deposits: Private: Savings Account data remains active status in CEIC and is reported by Central Bank of Argentina. The data is categorized under Global Database’s Argentina – Table AR.KB037: Balance Sheet: Financial System.

The private household saving rate in Germany households was around 11.3 percent in 2023. This was a small increase compared to the previous year. The savings rate is the share of gross disposable household income that is not part of final consumer spending.

Household Saving Rate in Ireland increased to 15.30 percent in the fourth quarter of 2024 from 14.90 percent in the third quarter of 2024. This dataset provides - Ireland Gross Household Saving Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

According to the OECD, household gross savings rate compares the savings activities and consumption activities of households. It is an indicator of the financial security in bad times, for example, job loss. The household gross savings rate measures how much households are saving from their current income, but also what is added to the net wealth of a household to fund their future.It is likely that household saving rates increase during periods of economic uncertainty, as purchases are deferred from many non-essential goods and services. Household savings are often the main domestic source of funds to finance investments in the decrease in liabilities or financial assets. In Poland, the household gross savings rate fluctuated in the observed period. As of the first quarter of 2024, the household gross savings rate amounted to 4.92 percent.

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.

Graph and download economic data for Saving and investment: Disaster losses: Private: Domestic business (W773RC1Q027SBEA) from Q1 1971 to Q1 2025 about disaster losses, savings, investment, domestic, business, private, GDP, and USA.

United States GS: saar: Gross Private Saving data was reported at 2,752.200 USD bn in Mar 2013. This records a decrease from the previous number of 2,993.000 USD bn for Dec 2012. United States GS: saar: Gross Private Saving data is updated quarterly, averaging 498.700 USD bn from Mar 1947 (Median) to Mar 2013, with 265 observations. The data reached an all-time high of 2,993.000 USD bn in Dec 2012 and a record low of 26.500 USD bn in Jun 1947. United States GS: saar: Gross Private Saving data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s USA – Table US.A142: NIPA 2009: Gross Saving and Investment: Seasonaly Adjusted at Annual Rates.

United States - Net private saving was 2082.25100 Bil. of $ in July of 2024, according to the United States Federal Reserve. Historically, United States - Net private saving reached a record high of 4797.76400 in April of 2020 and a record low of 15.71100 in April of 1947. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Net private saving - last updated from the United States Federal Reserve on March of 2025.