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 does the average person have in their bank account?
The median bank account balance for U.S. households is $4,500, and the average bank account balance is $40,200. In the 2016 study, 98% of households had balances to report, compared to 93% in the 2013 survey.
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 money should you have in savings?
Most financial experts end up suggesting you need a cash stash equal to six months of expenses: If you need $5,000 to survive every month, save $30,000. Personal finance guru Suze Orman advises an eight-month emergency fund because that’s about how long it takes the average person to find a job.
How much does the average American have in savings?
While the average U.S. savings account contains $16,420, the median savings account balance across American households is $4,830. And when you have a median that’s considerably lower than the average, it means that most people have less than the average.