Finance

Study reveals best European countries where singles can save the most

Published

1 month ago

February 12, 2025

Switzerland is the best European country for singles looking to save money. It has the highest Saving Potential Index (SPI) of 846.51, allowing singles to save €33,982.07 annually. The country also has the highest average annual net earnings at €85,582.07, even with its top-ranking cost of living index (101.1) among the top 10.
Luxembourg comes in second place, with an SPI of 785.81. Among the top three, it has the highest average net earnings at €49,034.61 and the lowest cost of living score (62.4).
The Netherlands ranks third for singles (717.11), with a better balance between earnings and expenses. This leads to potential annual savings for singles of €12,861.35, despite lower average net earnings than Luxembourg.
Nordic countries show strong performance, with Iceland (5th) and Norway (7th) in the top 10. Norway stands out with the second-highest potential annual savings of €15,701.85, thanks to a favorable balance between earnings (€45,797.85) and average living expenses (€30,096).

Personal finance experts at loan comparison website Credwise used data from Eurostat, Numbeo, and Expatistan to analyze the best European countries for singles looking to save. They developed a Saving Potential Index (SPI) by comparing each country’s average annual net earnings against its cost of living index. They then calculated the Potential Annual Savings by subtracting the average cost of living expenses from the average net earnings in each country.

Latest Eurostat data showed the EU had the highest number of single adult households without children at 73.4 million in 2023, followed by couples without children (48.4 million), other types of households without children, and couples with children at 30.6 million and 30.3 million respectively. Single adult households without children also experienced the fastest growth rate of 21 percent between 2013 and 2022.

Top 10 European Countries for Singles Saving Money

Rank	Country	Average Annual Net Earnings (Euros)	Average Annual Living Expenses (Euros)	Potential Annual Savings (Euros)	Cost of Living Index	Saving Potential Index
1	Switzerland	85,582.07	51,600.00	33,982.07	101.1	846.51
2	Luxembourg	49,034.61	39,528.00	9,506.61	62.4	785.81
3	Netherlands	45,249.35	32,388.00	12,861.35	63.1	717.11
4	Ireland	43,151.30	37,380.00	5,771.30	64.4	670.05
5	Iceland	53,885.04	47,076.00	6,809.04	83	649.22
6	Germany	38,086.35	27,468.00	10,618.35	62.2	612.32
7	Norway	45,797.85	30,096.00	15,701.85	76	602.6
8	Austria	38,457.15	25,200.00	13,257.15	65.1	590.74
9	Belgium	35,604.37	25,152.00	10,452.37	61.1	582.72
10	Denmark	41,930.66	39,840.00	2,090.66	72.3	579.95

Credwise Finance Editor William Bergmark said:

“Our study reveals countries where singles can potentially overcome ‘singles tax’ – the higher costs often associated with living alone. While Switzerland’s top ranking might be expected due to high salaries, it’s noteworthy that countries like the Netherlands and Germany rank highly despite more modest earnings. This shows that a balance between income and living costs is crucial for savings potential.

“Often associated with high living expenses, Nordic countries show strong savings potential. Norway, for instance, offers the second-highest potential annual savings at €15,701.85, challenging perceptions about expensive countries being detrimental to saving.

“For singles considering relocation, this data underscores the importance of looking beyond just high salaries or low living costs. Instead, the optimal savings environment often emerges from a careful balance of these factors. We encourage individuals to use this study’s findings in assessing financial opportunities that will help them maximize their saving potential and achieve their goals.”

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