Key Takeaways
- The median savings account balance for all families in the U.S. was $8,000 in 2022.
- Generally, higher-income earners and older individuals save more than younger ones.
- Some experts suggest three to six months’ living expenses as a goal.
Are you curious how your savings stack up to other Americans? According to the Federal Reserve’s most recent Survey of Consumer Finances, the median savings account balance for all families was $8,000 in 2022.
Savings account balances can vary greatly depending on income, age, education and race. For example, people with higher incomes who may have more disposable income tend to have higher savings account balances. Older Americans who have had more time to save tend to have more savings than younger Americans just starting their careers.
“Differences in savings account balances depend on circumstances such as age, the purpose of the funds, income level, cost of living, lifestyle, risk appetite and on other financial priorities,” says money coach and certified financial planner Ohan Kayikchyan.
Explore the breakdown of median savings account balances based on income percentile, age, education level and race to gain insights into savings trends and disparities.
As of January 16, 2024, the national average rate for savings accounts was 0.47%, according to the FDIC. The best CD accounts are also a place to earn competitive APYs.
Savings by Income Percentile
Higher income typically translates to higher savings rates. The Federal…
