New data from the OECD shows savings for the average Briton are in minus figures. Reviewing data from 30 countries and cross referencing average income with average household savings, the data shows which countries were best (and worst) off.
Over a twelve month period the average UK household loses £57.62, which equates to one penny every single hour. It doesn’t sound like much, but as Tesco reminds us ‘every little helps’.
It appears the British salary just cannot keep up with the lifestyle, as inflation creeps up yet again to 0.6%. Skyrocketing house prices are in conflict with faltering salaries, proving that people just cannot afford to live in the UK for much longer.
We’re better off in Mexico
The average household salary for Mexico sits at £11,436.15, that equates to just over ⅓ of the average household salary for United Kingdom residents (£31,833.85). Despite this, workers in Mexico save on average £612.86 every year, due to lower costs of living.
The top saver award goes to Switzerland, with a massive average annual household saving of £8,545.45 or £0.98 every hour. The cost of living in Switzerland came out top in all countries reviewed, yet a high average income of £58,389 rendered this irrelevant.
Other countries excelling at saving include Sweden saving £6,340.49 annually, Norway saving £4,638.23 and Australia saving £4,627.91.
Other countries that join the United Kingdom in negatives include Finland, Japan, Poland, Ireland, Portugal, Latvia and Greece. Greece came in with the lowest average saving of -£4,355.45 annually, which equates to a loss of 50p every single hour.See full data table below.
|Country||Average Annual Income||Average Household Savings||Annual Savings||Monthly Savings||Daily Savings||Hourly Savings|
Average annual income data OECD 2015
Average household savings data OECD most recent available data.