Chinese save far more than British and Germans

Sunday 05 February 2012 01:00
Comments

British families save a far smaller proportion of their income than than those in Germany or China, a report from Lloyds reveals.

Britain's household savings ratio, (the proportion of disposable income put into savings) has fallen over the past few decades. During the recession that ratio shot back up to around 7 per cent in the UK and has stayed there since.

But that figure is still lower than Germany, where on average 10 per cent of disposable income goes into savings. In China, the savings ratio has soared from 27 per cent to 47 per cent in the decade to 2011. This high level of savings is said to reflect the lack of a social security safety net in China.

China's high domestic savings ratio is also matched by a widespread prevalence of saving: only 3 per cent of Chinese adults has no form of savings, investments or pensions wealth at all. This compares with 11 per cent of UK citizens.

"While these findings should, perhaps, not be surprising, they are still remarkable," said Greg Coughlan, the head of savings at Lloyds TSB. "Despite significantly higher incomes, the British and Germans are being roundly beaten in the savings stakes by urban Chinese households."

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in