US Savings Rates Drop While Other Nations See Post-Pandemic Gains

The US has seen declines in savings rates post-pandemic unlike other developed nations like Western Europe and Canada where savings have increased.

Over half of Americans wouldn't be able to cover a sudden $1,000 expense from emergency savings, instead opting to borrow or reduce spending.

Wells Fargo and Citibank offer competitive savings account options, but online banks tend to provide the most attractive interest rates.

Cambodia, Indonesia, Denmark, Uzbekistan, and Saudi Arabia round out the bottom 5 countries on the list of those with the highest savings rates globally.

China has one of the world's highest savings rates at 46% of GDP, constituting 28% of total global savings in 2023, comparable to the combined US and EU share.