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Average Taiwanese Savings

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Average Taiwanese Savings

Postby nonredneck » 21 May 2016, 09:39

How much does the average Taiwanese save? Could be an average

By average, I am referring to the store clerks, office workers, engineers, repairmen, mechanics, the common people.
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Re: Average Taiwanese Savings

Postby kaikai34 » 21 May 2016, 21:53

Married? Kids? Living at home? Spending habits? Too many variables.
I would imagine that an average single guy living and eating at home saves 10~15k a month. Just a guess.
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Re: Average Taiwanese Savings

Postby nonredneck » 23 May 2016, 14:03

Wages seem to be low here for the average person. Saving 10-15K is impressive for someone earning 20 to 37K a month when you consider how expensive everything is here. I guess that person must not buy much or go out a lot.
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Re: Average Taiwanese Savings

Postby kaikai34 » 23 May 2016, 19:30

Wages are indeed low, but many people live at home with their parents (who lived with their parents and so on down the line) so there is no mortgage. Only household costs are utilities, food and taxes. Assuming an average Joe takes home 30k, kicks up 10k for his folks (which may or may not happen depending on how well off the parents are). Spends 10k and saves 10k. My BIL makes an above average $60k. Kicks up 10k, spends maybe 10k. Saves 40+.

*edit: The BIL is single and as 宅 as 宅 can be. Weekends and nights are on the computer gaming.
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Re: Average Taiwanese Savings

Postby kevinhuang » 29 May 2016, 15:29

around 30% per worker according to the gov statistics, but nearly 2 M househould are negative saving
which means there is a huge income gap between rich and poor.
that's why atomsphere in this society now is furious to KMT.
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Re: Average Taiwanese Savings

Postby headhonchoII » 29 May 2016, 16:34

Thanks Kevin for contributing some stats. Just as an aside the saving rate in the UK is ....4%.
Taiwan also has an exceptional number of millionaires.

Just imaging how much money the laobans put each month from their semi legal factories and their 25k/mth workers who they don't pay overtime too.
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Re: Average Taiwanese Savings

Postby nonredneck » 29 May 2016, 21:25

kevinhuang wrote:around 30% per worker according to the gov statistics, but nearly 2 M househould are negative saving
which means there is a huge income gap between rich and poor.
that's why atomsphere in this society now is furious to KMT.


So roughly 6000 to 10000 ntd per month in savings? Percentage wise, 30% is good, but in actual amount, that's not good (200 to 350 USD)
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Re: Average Taiwanese Savings

Postby BrentGolf » 10 Jun 2016, 15:19

nonredneck wrote:
kevinhuang wrote:around 30% per worker according to the gov statistics, but nearly 2 M househould are negative saving
which means there is a huge income gap between rich and poor.
that's why atomsphere in this society now is furious to KMT.


So roughly 6000 to 10000 ntd per month in savings? Percentage wise, 30% is good, but in actual amount, that's not good (200 to 350 USD)



Yeah but it's all relative right? A top 1% salary in the US is about 450,000 USD a year, where as a top 1% salary worldwide is about 35,000 USD a year. So exchanging Taiwan savings back into US dollars, of course it's going to sound low. But Taiwan has an average monthly income roughly 3.5 times lower than the US does.

Saving 30% a month is amazing, even though 9600 NT a month doesn't sound like much. It's a lot better than most other countries...

The problem comes in when Taiwanese people want to spend like they have an American salary. Purses, clothes, cars, lobster dinners, and pretty much any non essential item will cost as much or more here than it does in the US. So when a young girl in the US buys an LV bag for 2000$, given her salary is likely 3500 a month it doesn't completely break the bank. Not advisable, but not the end of the world. When a young girl in Taiwan buys the same LV bag for 2000$, but her monthly salary is 1000$, now we have a major problem.....


headhonchoII wrote:Taiwan also has an exceptional number of millionaires.


Yes now, in the current generation. But give these spoiled rich kids one or two more generations of spending the shit out of their parents money without adding or building to it and watch how fast that ends...
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