A new report shows Americans are spending more (much more) of their income on health goods and medical services than those in other countries.
Americans age 60 and older spend roughly 33% of their income on healthcare expenses, according to data from the research firms Euromonitor and Credit Suisse (PDF). That number may not shock you.
But what might is how much those 60 and older in the U.K., Japan and Germany spend on healthcare — just 3%, 6% and 8% respectively.
The numbers get a little closer as the ages of those analyzed drops, but Americans are still way out front in health spending: Americans in the 20 to 29 age group spend 11% of their income on healthcare, compared to those in Germany and Japan who spent 2%, and those in the U.K. who spent 1% of their income on medical expenses.
- Across the board, housing was the biggest expense among all the groups analyzed, except Americans age 60+ (their biggest expense was healthcare).
- Among all four groups in the 60+ age bracket, Americans were the ones spending the least amount of their income (13%) on leisure while U.K. residents spent the most (22%).
- The group spending the most on leisure was Japanese age 20 to 29 (27%).
- The group spending the most on education was Americans age 20 to 29 (4%), while Japanese in the same age bracket spent the least (less than 1%).
Info: For a more detailed breakdown, download the research report “Longer Lives, Changing Life Cycles: Exploring Consumer and Worker Implications,” by Credit Suisse (PDF).