Answer: Switzerland

Top 5 in OECD Countries in 2017:

• Switzerland 18.7%
• Sweden 15.9%
• Luxembourg 14.3%
• Germany 9.9%
• Korea 8.9%

Curious about the U.S.? It had a household savings rate of 3.4% in 2017. 

Questions:

• Why do you think that some countries have persistently higher savings rates than other countries? Name at least two reasons. 
• Why do you think the savings rate in the U.S. is so low when compared to these other developed economies? 
• What are ideas you have to boost your own personal savings rate? 

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Global Finance Magazine)

What are the long-term enduring benefits for those countries where household savings keep steadily high irrespectively of the ever-changing levels of wealth, interest rates and other external factors? For one, these nations can be pointed out as an example of virtue to those with holes in their pockets. OECD data shows that private households consistently saved between 8% and 10% of their disposable income over the last two of decades. Saving is also an essential part of the country’s tax planning strategy, welfare provision and social policies. Good citizens and good states don't live beyond their means. 

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How can we build those savings habits with our students? Try this NGPF Activity, CREATE: Your Savings Goals.

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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