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And the typical family in this income group has only around $2,000 in non-retirement savings.Both Republican and Democratic politicians are keen to boost saving among poorer Americans.
Mr Obama would boost saving by enrolling all workers in a retirement plan.
Germany could provide some of the needed boost: saving less and spending more; absorbing more imports from neighbors.
Mr Osborne is believed to be considering some measures to boost saving in his Budget in March.
This should boost saving and investment as banks begin to offer fully fledged mobile-based banking services.
But chancellor George Osborne's proposals to boost saving lifted investment group Hargreaves Lansdown 32p to £12.06 and St James's Place 48p to 978p.
Similar(45)
And to finance this investment companies have steadily boosted saving over time.
So faster growth boosts saving relative to investment and creates a current-account surplus (or a smaller deficit).
That will help households and corporations, which dramatically boosted saving and slashed spending after the crisis, to recover their appetite for borrowing.
The former, by reducing the public net spending which would thwart the goal of "boosting" saving, and the latter, by widespread shedding of workers and the resulting collapse in consumption (and rising deficits via the automatic stabilizers as welfare payments and crime rose).
The boost to saving from higher incomes has been further strengthened by a rise in income inequality: a large part of China's growing income has been going to the relatively small share of the population living in coastal areas.
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