How Much Does An Average European Save Each Year? And Who Leads Them All?

Savings. What are we without it? Those who lead a luxurious and affluent lifestyle might not be exactly in-sync with the idea of savings but then, it’s something that is taught in most households and something most can’t do without, regardless of countries or vocation or age group. But what about the average amount of savings where it comes to one of the most dynamic and versatile continents on the face of the earth- Europe?

Just what is the savings scene like across different countries in the truly enigmatic continent? A thing, though, must be said in no uncertain terms that those who may not have been familiar with the idea and spirit of savings would have learnt its importance during these tense COVID-riddled times.

Don’t you think?

On another line of thought, with much of the world simply shut down due to the COVID pandemic, a situation was created wherein the opportunity to spend money became all too rare a phenomenon. A recent report, as a matter of fact, went on to confirm the fact that the average European saved way more in 2020 than in comparison to previous years.

But this also leads us to a question whose time has come.

Among the different European countries, who ends up saving the most? Is it France, Spain, Belgium, Italy, Germany or any other nation?

And truth be told, you might be in for a mega surprise by knowing the answer. For it turns out that in 2020, the Germans put aside a mighty 390 billion euros. Just imagine for a second the fact that the very year where there was a loss of countless individuals, where the uncertainty of human life was perhaps at its highest ebb, a country saved no fewer than a sum of 390 billion euros.

But then, that’s not all about the biggest savers in all of EU!

As a matter of fact, the Germans have emerged as the continents savings champions for the eighth year in a row.

That says a lot about the mindset of a populace- one recognised as much for its talent and exuberance as penchant for hard work.

Furthermore, according to the website I Am Expat, the following information came to light that’s as interesting as it is enlightening:

According to ING Germany and Barkow consulting calculations, people in Germany saved 388,5 billion euros in bank accounts, stocks, and shares. Their 2020 savings were around 45 percent more than in 2019.

This makes them the champion savers of Europe, ahead of the French, who put aside 260,7 billion euros in 2020, the Italians (122,7 billion euros) and the Spanish (78,2 billion euros). 

Overall, people in the Eurozone own more wealth than ever before, the study found. For the first time ever last year, savers in the 19 countries studied put more than one trillion euros into financial investments.

Also Read: As A Result Of COVID, The Job Losses In Switzerland’s Hospitality And Restaurant Scene Were Horrendous!

All of the above told, there’s also a reason as to how the average European was able to save so much. For starters, there was a tight restriction on travel. Moreover with shopping arcades and malls and even cinemas closed, where was the opportunity to spend on expensive food, branded clothes or matinee?

Therefore, if it must be said, then worthwhile to note that among the only positives, if at all, of the devastating pandemic was that people saved their hard earned money, especially the belligerent Germans.

Also Read: Why Does Germany Feel That Immigrants Are A ‘Gift’ To The Country!