We're not that great at saving

The US has one of the lowest savings rates among countries in the OECD, a group of developed nations. Americans will save around 4.1 percent of their disposable income in 2014, the OECD projects. Many Scandinavian and Western European nations save far more, with Switzerland coming out on top at 13.1 percent. As for why Americans save so little, that's more complicated. For many Americans, it is simply that they aren't earning enough money to pay basic expenses and save at the same time. In addition, some argue that it's cultural or that it stems from a lack of financial know-how. Other explanations say it's relatively easy to borrow in the US (making saving less necessary for some people) and that the tax code doesn't encourage saving as much as it could.