Here's how much money the average millennial has in savings (2024)

When it comes to saving money, Americans could be doing better. According to a 2017 GoBankingRates survey, 57 percent of Americans have less than $1,000 in their savings accounts, and 39 percent have no savings at all.

Younger people are no exception.

Of "young millennials" — which GOBankingRates defines as those between 18 and 24 years old — 67 percent have less than $1,000 in their savings accounts and 46 percent have $0.

While an alarming amount of young people have little to no savings, "on the other end of the spectrum, some millennials seem to be taking steps to increase their savings account balances," the site reports. "From 2016 to 2017, the percentage of younger millennials who have $10,000 or more in a savings account has jumped five percentage points."

Here's the percentage of the survey respondents aged 18 to 24 who have:

$0 saved: 46 percent
Less than $1,000 saved: 21 percent
$1,000 to $4,999 saved: 15 percent
$5,000 to $9,999 saved: 5 percent
$10,000 or more saved: 13 percent

As for "older millennials" — defined as those between 25 and 34 — the trends are similar: 61 percent have less than $1,000 in their savings accounts and 41 percent have nothing at all:

Here's the percentage of the survey respondents aged 25 to 34 who have:

$0 saved: 41 percent
Less than $1,000 saved: 20 percent
$1,000 to $4,999 saved: 13 percent
$5,000 to $9,999 saved: 6 percent
$10,000 or more saved: 20 percent

How much should you have tucked away?

While the amount you need in savings is highly personal, and specific dollar amounts can be arbitrary, Intuit's Kimmie Greene offers a simple formula to help you figure out if you're setting aside enough money.

In your 20s: Aim to save 25 percent of your overall gross pay, Greene tells CNBC Make It. That includes any retirement account contributions, matching funds from your company, cash savings or money you have invested elsewhere, like in index funds or with robo-advisers.

By age 30: Have the equivalent of your annual salary saved. So, if you earn $50,000 a year, aim to have $50,000 in savings when you hit 30.

By age 35: Have twice your annual salary saved.

By age 40: Have three times your annual salary saved.

By age 45: Have four times your annual salary saved.

By age 50: Have five times your annual salary saved.

By age 55: Have six times your annual salary saved.

By age 60: Have seven times your annual salary saved.

By age 65: Have eight times your annual salary saved.

Greene's timeline is similar to the one recommended by retirement-plan provider Fidelity Investments, which says a good rule of thumb is to have the equivalent of your salary saved by age 30 and to have 10 times your final salary in savings if you want to retire by age 67.

"While this can sound super daunting today, if you're putting that money to work starting in your 20s, it's not as difficult as it sounds," says Greene.

Like this story? Like CNBC Make It on Facebook

Don't miss: 5 things to do right now if you want to double your savings

Here's how much money the average millennial has in savings (1)

VIDEO0:5600:56

Retirement in America is changing rapidly

Here's how much money the average millennial has in savings (2024)

FAQs

Here's how much money the average millennial has in savings? ›

Millennials (ages 28 to 43): $9,299. Gen X (ages 44 to 59): $5,132. Baby boomers (ages 60 to 78): $4,060.

How much do millennials have in savings on average? ›

Our survey found that the majority of Gen Zers (54%) and Millennials (52%) have less than $5,000 saved, compared to 42% of Gen X respondents and 29% of Baby Boomers. Unsurprisingly, the oldest generation—Baby Boomers—have amassed the most impressive savings balances.

How many people have $100k in savings? ›

Most American households have at least $1,000 in checking or savings accounts. But only about 12% have more than $100,000 in checking and savings.

How much do most 25 year olds have in savings? ›

Savings by Age
AgeAverage Account BalanceMedian Account Balance
Under 35$11,250$3,240
35 to 44$27,910$4,710
45 to 54$48,200$6,400
55 to 64$57,670$5,620
2 more rows
Sep 19, 2023

At what age should you have 100k saved? ›

“By the time you hit 33 years old, you should have $100,000 saved somewhere,” he said, urging viewers that they can accomplish this goal. “Save 20 percent of your paycheck and let the market grow at 5% to 7% per year,” O'Leary said in the video.

What is the average net worth of a millennial? ›

The average net worth of millennials has surged from $62,758 to $127,793 since the start of the pandemic. Much of this growth is from real estate; as of 2022, more than half of millennials had become homeowners. The average millennial makes between $52,156 and $62,244 per year.

How many millennials have no savings? ›

A National Institute on Retirement Security study revealed that two-thirds (66.2%) of working millennials have no retirement savings.

Is 100K saved at 30 good? ›

“By the time you're 40, you should have three times your annual salary saved. Based on the median income for Americans in this age bracket, $100K between 25-30 years old is pretty good; but you would need to increase your savings to reach your age 40 benchmark.”

Is having 100K in savings rich? ›

Having over $100k in savings is generally considered a good financial position in the United States.

How many Americans have $300,000 in savings? ›

– Nearly 13 percent said they have $50,000 to $99,999. – More than 12 percent said they have $100,000 to $199,999. – Nearly 10 percent have $200,000 to $299,999. – About 16 percent have $300,000 or more in retirement savings.

How many Americans live paycheck to paycheck? ›

A majority, 65%, say they live paycheck to paycheck, according to CNBC and SurveyMonkey's recent Your Money International Financial Security Survey, which polled 498 U.S. adults. That's a slight increase from last year's results, which found that 58% of Americans considered themselves to be living paycheck to paycheck.

Where should I be financially at 35? ›

One common benchmark is to have two times your annual salary in net worth by age 35. So, for example, say that you earn the U.S. median income of $74,500. This means that you will want to have $740,500 saved up by age 67. To reach this goal, at age 35 you may want to have about $149,000 in savings.

Is 40k in savings good? ›

While $40,000 is a good start on the road to building a nest egg, you probably want to retire with a lot more money than that. But it may be more than possible if you commit to saving and investing in a brokerage account consistently for the remainder of your career.

How much will a millennial need to retire? ›

They expect retirement to cost $1 million or more. Yet, they have saved only a small fraction of that sum. One recent report, from Northwestern Mutual, found that millennials believe they will need $1.65 million to retire comfortably.

How much does the average millennial have saved? ›

“Based on the guidelines outlined above, this means a sound retirement savings range for the average millennial falls between roughly $50,000 and $200,000,” he said. “With younger millennials on the low end and older millennials on the high end.”

Can I retire at 60 with 300k? ›

£300k in a pension isn't a huge amount to retire on at the fairly young age of 60, but it's possible for certain lifestyles depending on how your pension fund performs while you're retired and how much you need to live on.

What does the average 30 year old have in savings? ›

Average Savings by Age 30

According to the latest Survey of Consumer Finances, the average savings in transaction accounts for this group was $11,250, and the median was $3,240, in 2019. If you have more than this in your savings account at 30, you have more than many of your peers.

What generation has the most savings? ›

Statistically broken down into generations, Gen Z (ages 18-25) saves an average of 14% while millennials (26-42), Gen Xers (43-55) and baby boomers (56-75) save an average of 12%, per CNBC. This difference is likely a result of three causes.

How much of the wealth do millennials hold? ›

U.S. wealth distribution 1990-2023, by generation

In comparison, millennials own around 9.2 percent of total wealth in the U.S. In terms of population distribution, there is almost an equal share of millennials and baby boomers in the United States.

What does the average person have in savings? ›

According to data available from the Federal Reserve's Board Survey of Consumer Finances, the median savings balance — not including retirement funds — of Americans under 35 is just $3,240, while that jumps to $6,400 for those ages 55-64.

References

Top Articles
Latest Posts
Recommended Articles
Article information

Author: Delena Feil

Last Updated:

Views: 5795

Rating: 4.4 / 5 (45 voted)

Reviews: 92% of readers found this page helpful

Author information

Name: Delena Feil

Birthday: 1998-08-29

Address: 747 Lubowitz Run, Sidmouth, HI 90646-5543

Phone: +99513241752844

Job: Design Supervisor

Hobby: Digital arts, Lacemaking, Air sports, Running, Scouting, Shooting, Puzzles

Introduction: My name is Delena Feil, I am a clean, splendid, calm, fancy, jolly, bright, faithful person who loves writing and wants to share my knowledge and understanding with you.