The average total household savings of a household of 2 or more people in Japan reached 18,800,000 Yen in 2021, up 5.0% from 2020. This is the 3rd year in a row to see a year-on-year increase and the highest level since 2002. Households have seen savings increase in the pandemic due to fewer outings and expenditures.
According to the Ministry of Internal Affairs and Communications, spending on dining out and package tours decreased in 2021. Consumer spending as a whole has dropped during the pandemic, and it is the normal spending on entertainment that appears to have been directed towards savings.
The breakdown of the average household savings is as follows:
- Term deposit: 6,150,000 Yen (+1.5% from 2020)
- Ordinary savings: 5,840,000 Yen (+5.0%)
- Life insurance etc: 3,570,000 Yen
- Stocks and bonds: 2,950,000 Yen (+22.9%)
Meanwhile, the average debt decreased by 0.9% to 5,670,000 Yen.
The age group with the largest net savings is the 60-69 year age group with an average of 23,230,000 Yen. The 70+ age group had an average net savings of 22,320,000 Yen. Households under 50 years of age had debts exceeding savings.
Source: Ministry of Internal Affairs and Communications, May 10, 2022.
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