Chinese families are saving nine times more of their income than their counterparts in Britain, a new study has revealed.
A typical UK household saved about 5% of take-home pay, according to the Family Savings report, which compared financial habits in the UK, Germany and China.
However the savings ratio in China has soared to 47% of disposable income from 27% in 2001. Households in Germany tend to save around 10% of their income.
UK savings fell 11%, or about £600, and German nest eggs dipped 5%, but the savings of households in China increased by 7% over the year to average £19,334.
The report, by Lloyds TSB and the Future Foundation think-tank, investigated how families in the European economies differed from those in a rising power.
It said the widening gap between the two European countries and China largely reflected the economic squeeze in Europe and the lack of a social safety net in China.
Copyright Press Association 2012
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