Other countries are far behind: What makes us Europe’s best savers?

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Where does Switzerland stand compared to other European countries when it comes to the net savings rate of private households? Comparison portal HelloSafe answered this question using datasets from the Organization for Economic Co-operation and Development (OECD) for the years 2021 and 2022. Here are the findings:

With a savings rate of 21.9 percent, private households in Switzerland set aside more money than any other European country. According to HelloSafe in the study, this is an important foundation for a resilient economy. “By fostering this culture of savings, Switzerland positions itself as the guardian of its future prosperity.”

Ireland (20.2%) is in second place and the Netherlands (17.5%) is in third place.

At the bottom are countries with negative net savings: Portugal (-5.4%), Greece (-3.1%) and Slovakia (-2.6%).

In 2021, the savings rate in Switzerland was 11.6 percentage points above the EU average (10.3 percent). Among the neighboring countries, the country with the highest savings rate is France (12.8 percent), followed by Austria (12 percent), Germany (11.4 percent) and Italy (2.1 percent).

In 2020, the savings rate increased both in Switzerland (+30 percent) and in the entire European Union (+108 percent). According to HelloSafe, during the Covid-19 pandemic, Swiss and Europeans were able to save a larger portion of their income due to containment measures.

* According to the OECD, net savings correspond to households’ net disposable income plus adjustment for changes in pension entitlements minus household consumption expenditures.

Source :Blick