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 savings?
The median American household currently holds just $11,700 in savings, according to a new analysis of Federal Reserve and Federal Deposit Insurance Corp. data by personal-finance site Magnify Money. Median balances (the midpoint value) are lower than the average savings rates.
How much does the average 30 year old have in savings?
Aim to have at least three to six months’ worth of expenses set aside. 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.
How much does the average Millennial have in savings?
And the typical millennial has less than $5,000 in their savings account. A survey by Insider and Morning Consult found that while 70% of millennials have a savings account, 58% have a balance under $5,000.