Household savings at five-decade low: A look at key numbers

Households' net financial savings decreased to the lowest level in five decades, amounting to 5.3% of GDP in FY23, down from 7.3% in the previous fiscal year, as reported by the national accounts statistics released on Monday. Economists had identified the increase in household borrowings as the cause for the decline when the initial data was published in September 2023.
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