The personal saving rate fell to 3.7% in late 2023, even as total savings deposits topped $13.5 trillion. Median savings reveal a stark gap, ranging from $11,200 for those aged 25-34 to $41,500 for ages 45-54.
Key Takeaways
- Median savings by age 25-34: $11,200 in 2022 SCF.
- Ages 45-54 median savings: $41,500 in 2022.
- Black households median transaction accounts: $4,700 2022.
- In Q4 2023, the U.S. personal saving rate was 3.7% of disposable personal income, down from 4.0% in the previous quarter.
- The average annual savings rate for U.S. households in 2022 was 5.2%, according to Federal Reserve data.
- During 2020, the peak U.S. personal saving rate reached 33.7% amid COVID-19 lockdowns.
- U.S. gross private domestic saving was 18.2% of GDP in 2023.
- Net private saving rate: 4.5% of GDP in 2022.
- Gross saving as percent of GDP averaged 19.8% 2010-2023.
- As of Q1 2024, total U.S. savings deposits reached $13.5 trillion.
- M2 money stock savings component grew 4.2% year-over-year in 2023.
- Average savings account balance for U.S. households was $41,600 in 2022.
- Total U.S. 401(k) plan assets reached $7.4 trillion in 2023.
- Average 401(k) balance for Americans aged 55-64: $232,700 in 2023.
- IRA assets totaled $12.1 trillion end-2023.
Median household savings remain far lower for younger, low income, and minority families, while high earners build large buffers.
Related reading
01 · Category
Demographic Savings Patterns25 stats
01
Median savings by age 25-34: $11,200in 2022 SCF.
02
Ages 45-54 median savings: $41,500in 2022.
03
Black households median transaction accounts: $4,7002022.
04
Hispanic households median savings: $6,2002022 SCF.
05
White non-Hispanic median: $16,800in savings 2022.
06
High-income ($100k+) median savings $112,000 2022.
07
Low-income (<$25k) median savings $1,100 2022.
08
Women hold median $3,100in transaction accounts vs men $5,400 2022.
09
Urban median savings $9,500vs rural $7,200 2022.
10
Married median savings $15,400single $3,800 2022 SCF.
11
Northeast median income after-tax savings $12,1002022.
12
South median savings $7,9002022 census.
13
College grad median liquid savings $22,5002022.
14
High school only median $2,100savings 2022.
15
Families with head 65+: median $50,200savings 2022.
16
Immigrants median savings $5,600vs natives $11,300 2022.
17
Self-employed median savings $18,0002022 SCF.
18
Government workers median $14,500savings 2022.
19
Millennial women savings average $8,9002023.
20
Baby boomer men average $210,000savings 2023.
21
Asian American households median savings $24,1002022.
22
40% of low-income Black families have zero savings 2023.
23
Upper-income whites median $45,600savings 2022.
24
Rural low-income median savings $2,3002022.
25
Urban high-income median $35,8002022.
Interpretation
Demographic Savings Patterns Interpretation
The American savings landscape is a stark and often predictable map, where your financial elevation is less a measure of personal frugality and more a product of your demographic coordinates—race, income, education, and age appear to be the primary drivers of wealth accumulation, not just your choice of bank.
02 · Category
Household Savings Rates29 stats
01
In Q4 2023, the U.S. personal saving rate was 3.7% of disposable personal income, down from 4.0% in the previous quarter.
02
The average annual savings rate for U.S. households in 2022 was 5.2%, according to Federal Reserve data.
03
During 2020, the peak U.S. personal saving rate reached 33.7% amid COVID-19 lockdowns.
04
In 2023, the median household savings rate in the U.S. stood at 4.1%, per Survey of Consumer Finances.
05
U.S. household saving as a percentage of GDP averaged 7.8% from 1960 to 2022.
06
In 2021, the personal saving rate for Americans aged 35-44 was 6.3%.
07
The U.S. personal saving rate dipped to 2.9% in March 2023.
08
From 2019 to 2022, average household savings rate fluctuated between 3.5% and 25.4%.
09
In Q2 2022, U.S. personal saving rate was 5.6%.
10
The 2023 annual average personal saving rate was 4.1%.
11
Households in the top income quintile had a 12.4% savings rate in 2022.
12
U.S. saving rate for bottom 50% income households was 1.2% in 2022.
13
In 2019 pre-pandemic, personal saving rate was 7.5%.
14
Q1 2024 personal saving rate rose to 4.6%.
15
Average savings rate 2000-2023 was 6.8%.
16
In 2023, urban households saved at 4.5% rate vs 3.2% rural.
17
Personal saving rate in November 2023 was 3.8%.
18
During 2008 recession, savings rate peaked at 8.4%.
19
2022 savings rate for married couples was 5.8%.
20
Single-person households had 3.1% savings rate in 2022.
21
Savings rate in Midwest region averaged 4.9% in 2023.
22
Northeast U.S. households saved at 5.2% rate in 2022.
23
South region savings rate was 3.9% in 2023.
24
West U.S. savings rate stood at 4.3% in 2022.
25
Homeowner households saved 6.1% in 2022 vs renters 2.4%.
26
College-educated households had 7.2% savings rate in 2023.
27
Non-college households saved 2.8% in 2023.
28
Households with children under 18 saved 3.5% in 2022.
29
Empty-nest households saved 6.7% in 2022.
Interpretation
Household Savings Rates Interpretation
Despite the occasional spectacular flare-up during crises, the American savings story is fundamentally a sobering tale of chronic under-saving, stark inequality, and a persistent gap between the frugal ideal and the stressful reality of making ends meet.
03 · Category
National and Macro Savings21 stats
01
U.S. gross private domestic saving was 18.2% of GDP in 2023.
02
Net private saving rate: 4.5% of GDP in 2022.
03
Gross saving as percent of GDP averaged 19.8% 2010-2023.
04
Government saving contributed -2.1% to national saving in 2023.
05
Corporate saving rate: 6.8% of GDP in 2023.
06
Household sector net saving: $1.2 trillion in 2022.
07
National saving rate including depreciation: 17.9% GDP 2023.
08
U.S. current account deficit implied saving shortfall 3.7% GDP 2023.
09
Private saving totaled $5.4 trillion in 2023.
10
Gross domestic saving investment gap: -3.2% GDP 2022.
11
Saving by state: California private saving $450B in 2022.
12
New York gross saving $250B 2022.
13
Texas household saving contribution $300B 2022.
14
Florida saving rate 5.1% of state GDP 2023.
15
Post-2008 average national saving rate 17.5% GDP.
16
2020 pandemic boosted national gross saving to 25.6% GDP.
17
Federal budget deficit reduced national saving by $1.7T in 2023.
18
Household final consumption saving gap: $800B 2023.
19
Business saving from retained earnings: $2.9T 2023.
20
Total capital account saving inflows: $900B 2023.
21
Saving adequacy index: 78% for U.S. in 2023 World Bank.
Interpretation
National and Macro Savings Interpretation
It seems the nation's saving engine is humming along decently in the private sector, but the government is essentially standing by with a giant, leaky bucket labeled "deficit," ensuring we're saving for tomorrow by borrowing from it.
More related reading
04 · Category
Personal Savings Deposits23 stats
01
As of Q1 2024, total U.S. savings deposits reached $13.5 trillion.
02
M2 money stock savings component grew 4.2% year-over-year in 2023.
03
Average savings account balance for U.S. households was $41,600in 2022.
04
Transaction accounts held $20.1 trillion in savings-like deposits end-2023.
05
High-yield savings accounts averaged 4.5% APY in late 2023.
06
Total time and savings deposits at commercial banks: $11.2 trillion in 2023.
07
Median checking and savings balance per household: $8,000in 2022 SCF.
08
Savings deposits at credit unions totaled $1.4 trillion in 2023.
09
Retail money market deposit accounts: $2.8 trillion Q4 2023.
10
Small time deposits under $100k: $1.1 trillion end-2023.
11
Large time deposits over $100k grew to $2.9 trillion in 2023.
12
Household liquid savings assets averaged $62,410in 2022.
13
68% of U.S. families had savings accounts in 2022.
14
Average savings deposit balance for bottom 20% income: $1,200 in 2022.
15
Top 10% held 89% of total savings deposits in 2022.
16
Online savings accounts grew 15% in deposits during 2023.
17
FDIC-insured savings deposits: $12.8 trillion Q3 2023.
18
Average APY on savings accounts was 0.41% in 2022.
19
Non-interest bearing deposits shifted to savings: +$500B in 2023.
20
Millennial average savings balance: $10,200in 2023 survey.
21
Gen Z savings average: $3,800per person in 2023.
22
Baby Boomers average savings: $189,000in 2022 SCF.
23
Emergency fund savings covered 3.5 months expenses average 2023.
Interpretation
Personal Savings Deposits Interpretation
Americans are collectively sitting on a mountain of savings, but its peaks are held by a privileged few while many others are scrambling on the slopes with only a pebble in their pocket.
05 · Category
Retirement Savings22 stats
01
Total U.S. 401(k) plan assets reached $7.4 trillion in 2023.
02
Average 401(k) balance for Americans aged 55-64: $232,700in 2023.
03
IRA assets totaled $12.1 trillion end-2023.
04
60% of U.S. workers had access to employer-sponsored retirement plans in 2022.
05
Median retirement savings for ages 35-44: $45,000in 2023.
06
Contribution rate to 401(k)s averaged 8.5% of salary in 2023.
07
Total defined contribution plan assets: $10.1 trillion Q4 2023.
08
Women’s average 401(k) balance: $87,500vs men’s $112,000 in 2023.
09
53 million Americans participated in 401(k) plans in 2023.
10
Average IRA balance: $129,000for ages 60+ in 2022.
11
Roth IRA assets: $1.2 trillion in 2023.
12
Traditional IRA assets: $10.5 trillion end-2023.
13
401(k) loan balances outstanding: $95 billion in 2023.
14
Hardship withdrawals from 401(k)s: $7 billion in 2022.
15
Median retirement account balance all ages: $87,400in 2023 Vanguard.
16
Employer match averaged 4.7% of salary in 2023.
17
Participation rate in DC plans: 82% eligible in 2023.
18
Total pension assets: $3.9 trillion in defined benefit plans 2023.
19
Annuity reserves: $2.7 trillion end-2023.
20
Average Social Security replacement rate projected 40% for 2023 retirees.
21
Only 49% of Americans have $50k+ in retirement savings per 2023 Gallup.
22
Gen X median retirement savings: $40,000in 2023.
Interpretation
Retirement Savings Interpretation
Despite a staggering $10 trillion sloshing around in defined contribution plans, the American retirement fantasy seems to be a tale of two savers: the well-prepared few watching their IRAs bloom, and the anxious many wondering if their $87,400 median balance can fund a future that Social Security will only partially wallpaper over.
Reference
Cite This Report
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APA
Gabrielle Fontaine. (2026, February 13). American Savings Statistics. Gitnux. https://gitnux.org/american-savings-statistics
MLA
Gabrielle Fontaine. "American Savings Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/american-savings-statistics.
Chicago
Gabrielle Fontaine. 2026. "American Savings Statistics." Gitnux. https://gitnux.org/american-savings-statistics.
Sources & references
20 datasets cited across this report · attribution is report-level