This Is How Much Money The Average American Has In Their Savings Account

Right now, Americans save at one of the lowest rates in decades. According to the Bureau of Economic Analysis, the U.S. personal saving rate is at 4.4% of disposable income as of July 2025. That low rate shows the financial challenges many families faced in recent years, with factors like housing costs making building up reserves difficult.

The Federal Reserve's Survey of Consumer Finances shows that, in 2022, the median transaction account balance for Americans was $8,000. This includes checking, savings, money market accounts, call accounts, and prepaid debit cards, and was up from $6,140 in 2019. But the average balance was much higher at $62,410. A few high-balance accounts drag that average way above what most people actually have, highlighting just how unequal wealth distribution really is.

Even with that increase in median savings, financial security remains out of reach for many. A Federal Reserve survey found only 63% of Americans could cover a $400 emergency expense using cash or savings accounts. So, while savings balances went up, a big chunk of people still don't have enough in their emergency funds for basic stability.

Income is the main driver for how much Americans put away in savings. The U.S. Census Bureau shows median household income hit $80,610 in 2023, a 4% increase from 2022. But half of U.S. households earned less than that, and those income gaps translate straight into big differences in how much people save. Naturally, job stability is one major factor informing these differences, and the Consumer Finance Protection Bureau (CFPB) found that, in 2022, 37% of households couldn't budget for monthly expenses for longer than roughly 30 days after losing their primary income stream. Even after building cash buffers during the pandemic years, their savings, loans, sellable assets, and assistance from loved ones isn't enough. On top of that, the CFPB noted that 33.7% of consumers said their income varied somewhat or significantly from month to month in 2022 — an increase from 24.1% in 2019. 

Age, education, and savings create more complications in balance patterns. The Federal Reserve's October 2023 Survey of Consumer Finances shows households headed by college graduates saw the biggest income jump in 2022: they went from $204,600 in 2019 to $242,200 in 2022. That's an 18% increase, and a considerably higher figure compared to the overall average of $141,900. Meanwhile, families with less education saw only tiny growth or outright declines. Rising inflation also effects the saving habits of various incomes groups differently. The Bureau of Labor Statistics reported annual inflation reached 3.4% in 2023. Lower-income families get squeezed into focusing on immediate expenses over long-term savings. It creates a cycle where people who need emergency funds the most find them the hardest to build.

Savings change as people age, showing financial milestones, career ups and downs, and retirement prep. The Federal Reserve's 2022 Survey of Consumer Finances found Americans under 35 held a median of $5,400 in transaction accounts. That median rises through middle age, peaking at $13,400 for ages 65 to 74. Average balances show even bigger gaps between age groups, showing how wealth concentration shapes savings patterns. In 2022, younger Americans under 35 averaged $20,540 in transaction accounts, but those nearing retirement between ages 55 and 64 averaged $72,520. The highest average balances went to people aged 65 to 74, at $100,250. That suggests this group hit peak savings right as they entered retirement.

These age patterns match what you'd expect from life cycles, but they also show ongoing money troubles. In 2023, the Internal Revenue Service reported that workers aged 50 and older could contribute an extra $7,500 annually to 401(k) accounts through catch-up contributions in 2023. That allowed total contributions of up to $30,000 for those eligible. But even with those changes, the Federal Reserve's Economic Well-Being of U.S. Households report from 2024 found only 50% of non-retirees aged 60 and older think what they've saved for retirement is on track with what they should have. In comparison, just 23% of those aged 18 to 29 feel that way. In short, the gap between current savings and retirement readiness is huge. Many Americans face big obstacles increasing financial security for later years, no matter their age.