Advertisement

Japanese personal savings in decline

TOKYO, Sept. 20 (UPI) -- Japanese people seem to be less keen on, or capable of, saving their income, as household savings showed a decline for the fourth year in a row.

According to a survey by the Central Council for Financial Services Information, an affiliate of Japan's central bank, the average household had financial assets of $93,000 this year, confirming the shrinking assets.

Advertisement

More ominous yet, over 20 percent of households had no savings at all, the worst rate since the early 1960s, the Asahi Shimbun reported Monday.

The council attributed the change from what was once a nation of savers to recession-related factors, including wage cuts and company restructuring.

Nearly half the respondents admitted saving less than last year, while a quarter reported withdrawing some of their savings to supplement lowered incomes. Debt is also on the rise, with the average household debt at $45,000.

Latest Headlines

Advertisement

Trending Stories

Advertisement

Follow Us

Advertisement