How much does the average American have in savings? (2024)

Nearly half of Americans consider themselves financially secure (49%), but many others do not feel the same level of comfort. One in 10 consumers do not have any savings (12%) while a slightly higher percentage of consumers say they have less than $100 in their savings account (14%). A further 13% of Americans say they have between $1,000 and $4,999 in savings. Altogether, that means that half of all Americans have less than $5,000 to fall back on.

YouGov data suggests women are more likely than men to have less money in their savings accounts. A tenth of American men (11%) have less than $100 in savings, while this increases substantially (16%) among women. There is a significant gender gap among those with $100,000 or more in savings. Almost one in ten men have $100,000 or more in savings, but the figure falls by four percentage points for women (9% men vs. 5% women).

It’s perhaps no surprise that being in a marriage increases the chances of a person having savings and Americans who are wed are most likely to say they have savings across the higher bands. On the other hand, those in a domestic or civil partnership are at the other end of the scale. They are more likely to have no savings (17%) or less than $100 (21%) and less likely to have savings that fall in the higher bands (for example, they are the least likely of all groups to say that they have $50,000-99,999 saved up).

We also look into some intriguing insights into attitudes toward their financial futures in relation to their current savings. 16% of American adults who have no savings expect their financial situation to worsen, while 11% believe things will remain the same, while less than a tenth hold an optimistic outlook in the upcoming year (7%).

The data takes a slightly more positive turn when we look at those with $1,000 to $4,999 in savings. Here, nearly a fifth expect their financial situation to improve (19%), outpacing those who predict their situation will worsen (12%) or remain the same (13%). This suggests that having a modest savings buffer may influence consumer confidence positively.

Among those with savings exceeding $100,000, just under a tenth of them expect their financial situation to get better (9%). This is marginally more than those who anticipate a downturn or no change (5% and 7%). Despite their substantial savings, this group’s outlook is not dramatically different from those at the other end of the savings spectrum. In this separate piece we take a deeper dive into the attitudes and demographics of consumers with more than $100,000 in savings.

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Methodology

YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for the US is nationally representative of the online population and weighted by age, gender, education, region, and race. Learn more about Profiles.

How much does the average American have in savings? (2024)

FAQs

How much does the average American have in savings? ›

The average American has $65,100 in savings — excluding retirement assets — according to Northwestern Mutual's 2023 Planning & Progress Study. That's a 5% increase over the $62,000 reported in 2022.

How much does the average person in the US have in savings? ›

How much do Americans have in savings at every age?
AverageMedian
Under 35$11,200$3,240
35-44$27,900$4,710
45-54$48,200$5,620
55-64$57,800$6,400
Nov 5, 2022

What percentage of Americans have $10,000 in savings? ›

Most Americans have $5,000 or less in savings
Savings account balancePercentage of respondents
$500 to $1,0008%
$1,001 to $5,00022%
$5,001 to $10,0008%
$10,000 to $20,0007%
3 more rows
Oct 18, 2023

Is $20,000 a good amount of savings? ›

Is $20,000 a Good Amount of Savings? Having $20,000 in a savings account is a good starting point if you want to create a sizable emergency fund. When the occasional rainy day comes along, you'll be financially prepared for it. Of course, $20,000 may only go so far if you find yourself in an extreme situation.

How much should a 30 year old have saved? ›

If you're looking for a ballpark figure, Taylor Kovar, certified financial planner and CEO of Kovar Wealth Management says, “By age 30, a good rule of thumb is to aim to have saved the equivalent of your annual salary.

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 many Americans have $200,000 in savings? ›

9% of Americans have between $100,000 and $200,000 saved, and 4% have between $200,000 and $350,000 saved.

Can I retire at 55 with 300k? ›

Can I retire at 55 with £300k? On average for a comfortable retirement, an individual will spend £43,100 a year, whilst the average couple in retirement spends £59,000 a year. This means if you retire at 55 with £300k, an individual will run out of funds in approximately 7 years, and a couple in 5 years.

What is considered wealthy in the US? ›

In the United States, the concept of being rich is often a subject of discussion, curiosity and, sometimes, aspiration. Charles Schwab's 2023 Modern Wealth Survey provides insights into this topic, revealing that the average American equates being wealthy with a net worth of approximately $2.2 million.

How many Americans have $20,000 saved? ›

Other answers revealed that 15 percent had between $1,000 to $5,000, 10 percent with savings of $5,000 to $10,000, 13 percent boasted $10,000 to $20,000 of cash in their bank accounts while 20 percent had more than $20,000.

How much should I realistically have in savings? ›

Rule of thumb? Aim to have three to six months' worth of expenses set aside. To figure out how much you should have saved for emergencies, simply multiply the amount of money you spend each month on expenses by either three or six months to get your target goal amount.

Is 50k in savings good? ›

If you're nearing retirement with just $50,000 in savings, the reality is that you're frankly not in the best shape. The average 60-something has a retirement savings balance of $112,500, according to Northwestern Mutual. Even that, frankly, isn't a ton of money.

What is too much to have in savings? ›

FDIC and NCUA insurance limits

This insurance protects your money if the financial institution you bank with goes out of business or otherwise can't afford to let you withdraw your money. So, regardless of any other factors, you generally shouldn't keep more than $250,000 in any insured deposit account.

How much does the average person have in their bank? ›

American households, on average, have $41,600 in savings, according to data last collected by the Federal Reserve in 2019. The median balance for American households is $5,300, according to the same data. The reality is that the above stats may not accurately reflect the financial situation of many Americans.

Is 40k in savings a lot? ›

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.

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.

Does the average American have $1000 in savings? ›

Key Takeaways. More than one in four Americans (28%) have savings below $1,000. This is the case for 32% of Gen Zers, followed by Millennials at 31%, Gen X at 27% and Baby Boomers at 20%.

Is 25k in savings good? ›

The median saver has closer to $5,000 in the bank. So if you have $25,000 saved, you're on the good side of the middle by a comfortable margin. That's a lot of cash to leverage — but also a lot to protect. Here's how to utilize, preserve and grow the impressive financial cushion you've built.

What is the top 1% of Americans savings? ›

Here is a breakdown of the estimated top 1% retirement savings by age group:
  • 18-24 years: $150,000.
  • 25-29 years: $365,000.
  • 30-34 years: $365,000.
  • 35-39 years: $730,000.
  • 40-44 years: $1,234,600.
  • 45-49 years: $1,397,000.
  • 50-54 years: $2,311,000.
  • 55-59 years: $3,105,000.
Apr 30, 2024

How much does an average American have in a checking account? ›

Average checking account balance by income level
Income percentageAccount balance
60-79.9%$7,924
80-89.9%$13,434
90-100%$43,631
National average$8,814
3 more rows
Apr 26, 2024

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