According to the Federal Reserve’s Survey of Consumer Finances (2019), the median savings account balance for all families was $5,300. This means half of families have more than this amount and half have less. The average was considerably higher at $41,600, but this is skewed by a small number of individuals with much larger savings.
Recent trends: A 2023 survey by The Motley Fool Ascent found a median savings account balance of $1,200, significantly lower than the Fed’s data. This suggests a decline in average savings, possibly due to economic factors.
The following data, compiled from the survey, is broken down into median and mean amounts. The median refers to the middle data point among survey participants. The mean is the average.
Looking at the data below, you’ll notice a significant difference between the median and average amounts in many cases. This indicates that there are likely outliers with higher balances that swing the average much higher than the typical American’s savings. We’ve included both numbers to provide a more complete picture of savings habits in the U.S.
Note: The FED’s Survey of Consumer Finances gives a snapshot of the financial health and habits of many American families, but it is not a complete picture of the U.S. population. The income data reported includes only families earning up to $100,000. This leaves out roughly one-third of U.S. families.
Average savings by age
As you might expect, survey data shows that Americans’ bank account balances increased for the most part with age, with the survey’s oldest “reference person” participants, those 75 years and older, having the highest median savings balance.
Age
Median Amount
Average Amount
Less than 35
$3,240
$11,250
35 to 44
$4,710
$27,910
45 to 54
$6,400
$48,200
55 to64
$5,620
$55,320
65 to74
$8,000
$57,670
75 or older
$9,300
$60,410
Participants ages 45 to 74 had the largest difference between median balance and the average balance. This is likely due to high-income earning households represented within the participation group in each age bracket.
The youngest participation group, those under age 35, had both the lowest median and average balance amounts. As this group includes college students, young adults who haven’t entered the workforce, and individuals earning entry-level income, this isn’t necessarily surprising. If future reports separate this group into smaller age brackets, we would get a more accurate representation of the situation of younger Americans.
Average savings by education level
Having a college degree has long been touted as a route to better opportunities, which can sometimes mean having more money to save. Based on the percentage of Americans living paycheck to paycheck noted earlier, this is not always the case. In fact, Federal Reserve data does show a substantial gap between the median and average savings balances of college graduates compared with individuals who do not have a bachelor’s degree.
Education
Median amount
Average amount
No high school diploma
$1,020
$9,190
High school diploma
$2,500
$20,100
Some college
$3,900
$23,550
College degree
$15,400
$78,890
Even within the group of survey participants with a college degree, there is a chasm between the median and average balance amount. Again, the data is likely skewed by high-earning survey-participant families in the college degree group. Individuals without a high school diploma had the lowest median and average balances among those surveyed.
Average savings by income
Survey data shows that income significantly affects how much Americans save. Households with the highest incomes reported in the survey had the highest median and average savings balances by far compared with households with an income under $90,000. As noted above, the highest income group is missing.
Income
Median amount
Average amount
Less than $20,000
$810
$8,400
$20,000 to $39,900
$2,050
$11,260
$40,000 to $59,900
$4,320
$16,390
$60,000 to $79,900
$10,000
$28,680
$80,000 to $89,900
$20,000
$51,840
$90,000 to $100,000
$70,000
$229,030
That the gap between the highest-earning group and the second-highest group is so significant in both columns, despite only a $10,000 income range difference, suggests there may be a tipping point that produces a more conducive environment for saving besides additional income.
Average savings by race and ethnicity
The Fed’s survey data shows a significant gap between the average account balances of the hite and “other” groups versus the Black and Hispanic households. There is likely more than one contributing factor to this gap, making it more challenging to build savings.
Race/Ethnicity
Median amount
Average amount
White
$8,200
$51,510
Black
$1,510
$13,270
Hispanic
$1,950
$11,860
Other
$5,000
$43,890
A dive into 2019 Census data reveals some of the economic factors that play a role in how much a household can realistically save. U.S. Census data shows that the median household income of African-American and Hispanic households increased by a larger percentage from the previous reporting period than white, non-Hispanic households. However, the median household income for white, non-Hispanic households was still significantly higher, at $76,057, than African-American households, at 46,073, and Hispanic households, at $56,113.
The Fed’s 2019 Survey of Consumer Finances also reveals a disparity in wealth between races.
Race/
Ethnicity
Median net worth amount
Average net worth amount
White
$189,100
$980,550
Black
$24,100
$142,330
Hispanic
$36,050
$165,540
Other
$74,500
$656,600
In Federal Reserve reports, the other group refers to participants who identify themselves as Asian, American-Indian, Alaska Native, Native Hawaiian, Pacific Islander, and other races. It also includes respondents reporting more than one racial identification.
Historical trends in the average American savings account balance
Savings has been a longstanding priority for Americans, with small, incremental growth in total savings deposits from 1975 to 2007. With the financial crisis of 2008, overall U.S. savings deposits began to significantly increase annually through 2019, according to Federal Reserve Economic Data (FRED).
Year
Total U.S. savings deposits ( in billions)
2008
4,001.7
2009
4,504.7
2010
5,091.5
2011
5,703.1
2012
6,361.7
2013
6,909.7
2014
7,374.6
2015
7,909.6
2016
8,496.0
2017
8,967.1
2018
9,178.3
2019
9,449.9
The median and average bank account balance in the U.S.
The average bank account balance for U.S. households has steadily increased, as documented by the release of the Survey of Consumer Finances report every three years. The notable exception is the 2019 report, which saw a slight decrease in the average balance while maintaining the increased median balance trend.
