Studies have shown that saving rates in continental Asia seem to be much higher than the rest of the world. According to World Bank data, there exists a sharp contrast in saving ratios between Western countries like the US and Asian countries/economies like China. We see 18.56% in gross savings (percentage of GDP) saved for the United States, 13.32% for the United Kingdom, 22.76% for France, and 21.76% for Australia. On the other hand, for Asian countries, we see 31.1% in gross savings for India, 33.8% for the Philippines, 35.65% for Korea, 44.5% for China, and 64.3% for Macau.
It is evident that the savings rates are now much higher since there has been tremendous advancement in FinTech and Neobanking solution providers that …