Taiwan's Average Household Savings Down to NT$194,000 in 2013

Taiwan's average household savings totaled NT$194,000 (US$6,466.7) in 2013, with household savings rate declining by 0.59 of a percentage point from a year earlier to 20.62%, according to the Directorate General of Budget, Accounting & Statistics (DGBAS).

The island's average household savings peaked at NT$233,000 (US$7,766.7) in 1999 but has steadily fallen to less than NT$200,000 (US$6,666.7) in the last five years with the savings rate dropping to 24.4% in 2003 from 1993's 30.7% and further down to last year's 20.6%.

Divided into five annual earning categories, households with the highest-income witnessed average household savings of NT$638,000 (US$21,266.7) in 2013, higher than that in 1993, in contrast to households in the other four categories in the same period, with the lowest-income category even showing the seventh consecutive annual deficit of NT$22,000 (US$733.33) on average in 2013. In short, the income-gap and wealth-gap both continue to widen in Taiwan.

Taiwan became a graying society in 1993 with over 7% of its  population older than 65. Instead of looking forward to easing into retirement, most of the elderly worry about lacking enough  money, except retired civil servants and public school teachers who generally have relatively bountiful pensions. (JL)