The typical American household has an average of $8,863 in an account at a bank or credit union, according to a recent report from Bankrate that analyzed inflation-adjusted data from the Federal Reserve.
That’s purely in liquid savings, so it doesn’t include retirement funds or other investments.
How much money does the average American have in savings?
The average American household has $175,510 in savings as of June 2018. That may sound like a lot, but an average can’t tell the whole story, since millions of families have nothing put away at all while others manage to be super-savers. Indeed, as it turns out, the median American household has only $11,700.
How much savings does the average person have?
A new study finds the median American household has $4,830 in a savings account. That’s enough to cover minor emergencies and potentially even a few months of living expenses. Overall, between bank accounts and retirement savings, the median American household currently holds about $11,700, according to MagnifyMoney.
How much does the average 30 year old have in savings?
The typical 25- to 34-year-old spends $4,705 each month on both essential and nonessential expenses, according to the 2018 Consumer Expenditure Survey, so the average 30-year-old should have $14,115 to $28,230 tucked away in accessible savings.
How much does the average 25 year old have in savings?
The quick answer to how much you should have saved by age 25 is roughly 0.5X your annual expenses. In other words, if you spend $50,000 a year, you should have at least $15,000 – $25,000 in savings with minimal debt.