Greeks are finding it hard to put money aside for a “rainy day”, according to 2022 data by the Organization for Economic Co-operation and Development (OECD), with the Organization’s comparative chart revealing Greek households are the worst in terms of savings out of all countries included in the data.
The figures indicated that the estimated savings as a percentage of disposable income for Greeks dipped from -4.9% in 2021 to -11.3% in 2022, compelling Greeks to tap into their income to make ends meet. It is worth noting that the inability of Greek households to save in 2022 was similar to 2010 (-4.1%) when the negative effects of the 2010 economic crisis started to be felt.
The Swiss lead the way as the top saver among OECD countries, boasting an impressive average household savings rate of approximately 19%, as reported by the Organisation for Economic Co-operation and Development (OECD) based on 2022 data.
This figure significantly outpaces the European Union’s average of around 6%. A detailed look at the chart reveals that France and Germany also surpass the EU average, each with a household savings rate hovering around 11%, while Italy and the United Kingdom trail behind, registering rates of approximately 2%.
The household savings rate, a key metric in this study, reflects the total savings as a percentage of net disposable income. Net disposable income comprises the net salary plus received social benefits and minus paid taxes. This indicator offers valuable insights into the average proportion of income saved by households, thereby contributing annually to the expansion of their financial wealth.
