New data from the Organisation for Economic Co-operation and Development (OECD), visualized by Visual Capitalist, reveals a stark global disparity in household saving rates. Sweden stands out with the highest net household saving rate at 16%, while countries like New Zealand and South Africa recorded negative rates, indicating that their citizens, on average, are spending more than their disposable income.
Sweden Leads Global Savings
Among the 29 countries analyzed, Sweden leads with a robust 16% net household saving rate. Following closely are Hungary at 14.3% and Czechia at 13.7%. Other European nations also demonstrate strong saving habits, including France (12.8%), Austria (11.7%), and Germany (11.2%). The Netherlands, Spain, and Ireland also reported significant rates at 9.5%, 9.2%, and 9%, respectively.
Major Economies Show Lower Rates
Several major developed economies exhibit considerably lower saving rates compared to the top performers. Canada recorded a net household saving rate of 5%, with the United States just behind at 4.9%. The United Kingdom registered 4.7%. South Korea's rate was 4.8%, while Portugal and Finland reported 4.5% and 4.3% respectively. Italy and Norway both stood at 4.2%.
Towards the lower end of positive savings, Japan's households saved only 0.9%, and Latvia recorded a 0% net household saving rate, implying no net savings under the measurement used.
Negative Savings in New Zealand and South Africa
The data highlights three countries where household saving rates dipped below zero. South Africa reported a net household saving rate of -1%, while New Zealand recorded the lowest rate in the comparison at -1.3%. A negative household saving rate signifies that, in aggregate, households are spending more than their net disposable income. This trend can result from drawing down existing savings or relying on borrowing to finance consumption.
Factors contributing to these diverse saving behaviors include variations in national income levels, consumption patterns, the structure of pension systems, and broader economic conditions. The report also noted that recent cuts to public pensions in some European countries are encouraging private saving, alongside the lingering effects of post-2022 inflation and ongoing economic volatility.
It is important to note that the data years for the comparison vary by country. For example, Canada's figures are from 2025, while Japan, New Zealand, South Korea, Switzerland, and the US use 2023 data. Norway's figure is from 2022, and the remaining countries utilize 2024 data.