Are Americans spenders or savers?
We’re good savers — but with room for improvement.
Feel like you’re struggling to save? Take heart: Finder’s analysis of data from the Organization for Economic Cooperation and Development (OECD) reveals Americans might be better savers than they think.
The United States ranks 15th out of 34 OECD countries for the percentage of disposable income saved, ahead of countries like Japan, the United Kingdom and Poland, but behind Estonia, Mexico and Sweden. When ranking countries based on the total dollar amount saved, the United States jumps to seventh place, leapfrogging countries with higher savings rates but lower average disposable incomes like Mexico, Italy, Australia and the Netherlands.
Top 15 highest saving OECD countries
Complete list of all OECD countries and rankings
Ranked by % of disposable income saved | Country | Percent (%) of disposable income saved | Dollar ($) amount of disposable income saved |
---|---|---|---|
1 | Sweden | $18 | $6,194.06 |
2 | Germany | $16 | $6,843.54 |
3 | Switzerland | $16 | $6,813.58 |
4 | Luxembourg | $16 | $7,544.77 |
5 | Norway | $16 | $6,478.32 |
6 | Mexico | $15 | $2,553.45 |
7 | Canada | $14 | $5,193.24 |
8 | Italy | $10 | $3,321.07 |
9 | Australia | $10 | $4,227 |
10 | Netherlands | $10 | $3,714 |
11 | Chile | $10 | $1,667 |
12 | Estonia | $10 | $2,387 |
13 | France | $9 | $3,360 |
14 | Austria | $8 | $3,233 |
15 | United States | $8 | $4,234 |
16 | Czech Republic | $8 | $2,135 |
17 | Hungary | $8 | $1,679 |
18 | Ireland | $8 | $2,340 |
19 | South Korea | $7 | $1,895 |
20 | Belgium | $6 | $2,345 |
21 | Slovenia | $6 | $1,652 |
22 | Denmark | $6 | $2,108 |
23 | Finland | $6 | $2,031 |
24 | Slovakia | $5 | $1,158 |
25 | Costa Rica | $5 | $744 |
26 | Japan | $4 | $1,282 |
27 | Portugal | $4 | $1,139 |
28 | Spain | $2 | $574 |
29 | Poland | $1 | $347 |
30 | United Kingdom | $1 | $261 |
31 | Lithuania | $1 | $174 |
32 | New Zealand | $0 | -$124 |
33 | Latvia | -$3 | -$660 |
34 | Greece | -$12 | -$2,590 |
Are Americans saving enough money?
American households are forecast to save 8.5% of their disposable income in 2021. Using the average disposable income of $53,202, that equates to $4,522 a year. While that figure might not sound like a lot when compared with the $7,545 Luxembourgers are set to save, it adds up. If you put the monthly savings difference, $252 a month, into a savings account with an annual interest rate of 2.0% (play around with our calculator below to see how much you could save), over 15 years you could save $52,819 — more than $7,400 of it pure interest.
However considering America has the highest disposable income of OECD countries included, you’d expect the savings rate to be higher. Sweden — the country with the best savers — has an average disposable income of $35,164, which is $18,039 less than America. Yet, they have a much higher forecasted savings rate of 17.61%. The Germans and the Swiss come in a close second and third, both with savings rates over 16%, and Luxembourgers came fourth, with a rate of over 15%. If Americans put away the same percentage as the Swedes they’d be putting away an extra $5,137 for a total of $9,371, or if they matched the Germans, an extra $4,399 for a total of $8,633.
Country | Savings rate | Annual savings* | How much more Americans would be saving |
---|---|---|---|
Sweden | 17.61% | $9,371 | $5,137.00 |
Germany | 16.23% | $8,633 | $4,399.00 |
Switzerland | 16.17% | $8,600 | $4,366.00 |
Luxembourg | 15.99% | $8,508 | $4,274.00 |
Norway | 15.52% | $8,256 | $4,022.00 |
*Based on the average American household’s disposable income
Trying to boost your savings?
Thanks to the power of compound interest, the earlier you start saving, the better. But the best news? No matter your age, it’s never too late to put money away for your future.
Here are Finder’s top tips to save more:
- Find the best interest rate you’re eligible for. Above, we saw that by putting away $252 a month, we could save more than $53,000 over 15 years at an interest rate of 2.0%. At an interest rate of 1.5%, you’d end up with more than $2,000 less. It pays to have the strongest rate, so shop around and compare your savings options.
- Save more of your disposable income. Another way to supercharge that nest egg is to save more of your disposable income. If you’re able to boost your annual savings to $5,000 — an extra $39.80 a month — you’d have more than $87,000 in the bank, assuming a 2.0% interest rate compounded monthly over 15 years. Learning to think critically about the money you’re spending can help you say no to discretionary purchases — and put those extra savings straight into your bank account.
- Increase your disposable income. It might be easier said than done, but maybe it’s time to go for that promotion or pick up a side hustle. Try gigs like driving for Lyft or renting your spare bedroom to see what works for you. Also look to reduce your expenses: Changing banks, transferring credit cards or switching insurance providers might sound like a hassle, but if you compare your options, you can potentially save hundreds of dollars every year with just a few minutes of work.
If you’re not in a position to save more (or you just don’t want to right now), don’t beat yourself up. You’re likely saving more than the Greeks. Greece takes the cake for worst savers. In fact, they don’t save at all, achieving a negative savings rate of 11.55% of their disposable income. The same is true for residents of Latvia and New Zealand, who all spend more money than they save. Ouch!
Past household savings by country findings

For all media inquiries, please contact:
Richard Laycock, Senior content manager & insights editor
More guides on Finder
-
Father’s Day spending
How much will we be spending on dad for Father’s Day in 2023?
-
List of bank failures: 2000 to 2023
A breakdown of every bank collapse since 2000.
-
Fed interest rates forecast
Forecasts from some of America’s leading economists and experts on what the Fed will do with rates.
-
US personal savings rate in 2023
Data on the personal saving rate in the US.
-
Disposable income in the US
A breakdown of disposable income stats for the US including historical charts, averages and more.
-
Which US states are hit most often by hurricanes?
We took a stroll down hurricane alley to learn which states are the most at risk for being hit, what time of year is the most active and which violent storms cost the most.
-
Tipping in America
Cows and the Titanic aren’t the only ones who tip. Finder analyzes which Americans are the best tippers, where they live and how old they are.
-
Flooding claim stats
Many homeowners are risking costly damage without flood insurance.
-
Reasons people cancel car insurance
Finances have a big say in determining when drivers ditch their policies, among other surprising reasons.
-
The Warren Buffett Series
The life story of one of the most successful investors in the world.
Ask an Expert