From an unprecedented 33.7% savings spike during the pandemic to a recent rate hovering near 4%, the story of American savings is a turbulent one of economic resilience, demographic divides, and urgent planning gaps.
Key Takeaways
- In Q4 2023, the U.S. personal saving rate was 3.7% of disposable personal income, down from 4.0% in Q3, according to the Bureau of Economic Analysis
- The annual personal saving rate for 2022 averaged 3.8%, a decline from 7.2% in 2021 amid rising inflation, per BEA data
- U.S. personal saving as a percentage of disposable personal income reached 4.1% in February 2024, BEA reports
- Median checking account balance for U.S. households was $2,800 in 2022, up from $2,200 in 2019, Federal Reserve SCF
- Average transaction account balance reached $42,000 per family in 2022 SCF data
- 2022 median savings account balance for Americans was $5,300, FDIC survey
- Median savings for Americans under 35 was $11,200 in 2022, Fed SCF by age
- Average retirement savings for ages 55-64 was $185,000 in 2022 SCF data
- Americans aged 65+ had median transaction accounts of $81,900 in 2022, Fed SCF
- Bottom 20% income households median savings: $400 in 2022 SCF
- Top 10% income families average transaction accounts: $250,000+, Fed SCF 2022
- Middle-income ($50k-$100k) median savings: $7,500, FDIC 2022 survey
- Average 401(k) balance for Vanguard participants: $134,128 at end of 2023
- Median IRA balance across all ages: $88,400 in 2023 Fidelity Q2 data
- 58% of Americans have some retirement savings, EBRI 2023 Retirement Confidence Survey
Americans are saving at historically low rates compared to the pandemic peak.
Average/Median Savings Balances
1Median checking account balance for U.S. households was $2,800 in 2022, up from $2,200 in 2019, Federal Reserve SCF
Verified2Average transaction account balance reached $42,000 per family in 2022 SCF data
Verified32022 median savings account balance for Americans was $5,300, FDIC survey
Verified4Average U.S. household liquid savings stood at $8,000 in 2023, Bankrate survey of 1,000 adults
Directional5Median retirement savings for all families was $87,000 in 2022, Fed SCF
Single source6As of 2023, average savings account balance was $11,200 per U.S. saver, per Northwestern Mutual Planning
Verified7FDIC 2021 data shows median non-retirement savings at $5,400 for insured households
Verified8Average high-yield savings account balance was $25,000 in 2024 Q1, LendingTree analysis
Verified9U.S. median household savings balance was $8,000 in 2023 Census-derived estimates
Directional102022 average certificate of deposit balance per account holder was $14,500, NCUA data
Single source11Average savings account balance: $9,132 in 2023 GOBankingRates survey
Verified12Median U.S. household wealth including savings: $192,700 in 2022, Fed SCF
Verified13Median CD balance: $10,000 for U.S. savers in 2023, Bankrate
Verified14Average money market account balance: $18,000 in 2023, FDIC
Directional15Median savings for families: $8,000 transaction accounts 2022 SCF
Single source16Average HYSA balance for savers: $22,500 Q1 2024, LendingTree
Verified17Median savings account per banked household: $4,500 FDIC 2023
Verified18Average U.S. savings per capita: $4,200 annually 2022 BEA
Verified19Median household savings goal: $10,000 emergency, Bankrate 2023 poll
Directional20Average savings for renters: $3,200 vs homeowners $15,000, SCF 2022
Single source21Median savings for single-person households: $4,000 FDIC 2022
Verified22Average savings app user balance: $12,000 Acorns 2023
Verified23Median multi-family household savings: $6,800 SCF 2022
Verified24Average savings for college grads: $15,000 under 5 years post-grad, Sallie Mae 2023
DirectionalAverage/Median Savings Balances Interpretation
While the average American savings story appears healthy on paper, the stark contrast between the modest medians and the lofty averages reveals an economy where financial security is a comfortable reality for a fortunate few, but a fragile hope for the many.
Retirement Savings
1Average 401(k) balance for Vanguard participants: $134,128 at end of 2023
Verified2Median IRA balance across all ages: $88,400 in 2023 Fidelity Q2 data
Verified358% of Americans have some retirement savings, EBRI 2023 Retirement Confidence Survey
Verified4Average 401(k) contribution rate: 7.4% of salary in 2023, Vanguard How America Saves
Directional5Total U.S. retirement savings assets: $38.6 trillion as of Q4 2023, ICI Fact Book
Single source645% of households aged 55-64 have no retirement savings, SCF 2022
Verified7Average Social Security replacement rate for retirees: 40% of pre-retirement income, SSA 2023
Verified8Fidelity average 401(k) balance for ages 60+: $232,700 in Q2 2024
Verified933% of workers have less than $50,000 saved for retirement, Transamerica 2023
Directional10U.S. 401(k) assets grew 15% to $7.5 trillion in 2023, ICI data
Single source11Average Roth IRA balance: $35,600 in 2023 Fidelity data
Verified12401(k) median balance: $35,286 Vanguard 2023
Verified13IRA assets total: $12.5 trillion Q4 2023, ICI
Verified14Average 403(b) balance: $45,000 in 2023 TIAA data
Directional15Pension assets U.S.: $6.4 trillion Q4 2023, ICI Fact Book
Single source16Average defined contribution balance: $129,400 Fidelity 2023
Verified1752% of Gen Z have retirement accounts, Schwab 2023
Verified18Total DC plan assets: $10.1 trillion Q4 2023 ICI
Verified19Average age of retirement account holder: 44 years, Vanguard 2023
Directional20401(k) loans outstanding: $100B in 2023, DOL data
Single source21Women’s average retirement savings: 30% less than men’s, $157k vs $226k, Fidelity 2023
Verified22HSA average balance: $3,500 in 2023 Fidelity
Verified23Black Americans median retirement savings: $23,000 vs white $79,000 SCF 2022
VerifiedRetirement Savings Interpretation
While it's mathematically true that the American retirement landscape boasts impressive averages, these figures mask a sobering reality where the median saver is precariously underfunded, and stark inequalities reveal a system that works brilliantly for some but leaves far too many dangerously behind.
Savings Rates
1In Q4 2023, the U.S. personal saving rate was 3.7% of disposable personal income, down from 4.0% in Q3, according to the Bureau of Economic Analysis
Verified2The annual personal saving rate for 2022 averaged 3.8%, a decline from 7.2% in 2021 amid rising inflation, per BEA data
Verified3U.S. personal saving as a percentage of disposable personal income reached 4.1% in February 2024, BEA reports
Verified4In 2023, the average monthly personal saving rate fluctuated between 3.5% and 5.0%, with a yearly average of 4.2%, from BEA
Directional5During the COVID-19 peak in April 2020, the U.S. saving rate spiked to 33.7%, the highest on record, BEA data
Single source6Q1 2024 U.S. personal saving rate was 3.6%, reflecting consumer spending growth, per BEA
Verified7From 2019 to 2023, the average annual saving rate dropped from 7.5% to 4.0%, BEA historical data
Verified8In December 2023, saving rate was 3.8%, BEA monthly release
Verified9U.S. households saved 4.5% of after-tax income in 2021, rebounding post-2020, per BEA NIPA tables
Directional10Saving rate for Q2 2023 was 4.2%, influenced by wage growth, BEA
Single source11In 2022 SCF, median retirement savings for families: $87,000
Verified12Personal saving rate dipped to 3.1% in January 2024, lowest in 2024 so far, BEA
Verified13Q3 2023 saving rate: 4.0%, BEA amid economic recovery
Verified14Saving rate Q4 2022: 4.1%, BEA year-end
Directional15U.S. personal saving rate averaged 3.8% in 2023 full year, BEA annual
Single source16March 2024 saving rate: 3.2%, BEA monthly
Verified17November 2023 saving rate: 4.8%, BEA holiday spending dip recovery
Verified18Q1 2023 saving rate: 4.8%, BEA early year
Verified19October 2023 saving rate: 3.9%, BEA
Directional20September 2023 saving rate: 3.7%, BEA pre-holidays
Single source21August 2023 saving rate: 3.5%, BEA summer low
Verified22July 2023 saving rate: 4.2%, BEA
Verified23June 2023 saving rate: 3.6%, BEA
Verified24May 2023 saving rate: 4.1%, BEA
DirectionalSavings Rates Interpretation
Americans have collectively decided that saving for a rainy day is a quaint notion from a bygone era, as evidenced by our steady march from a pandemic-induced savings spike back down to a paltry average of about 4%, where we now seem content to nervously hover while inflation picks our pockets.
Savings by Age
1Median savings for Americans under 35 was $11,200 in 2022, Fed SCF by age
Verified2Average retirement savings for ages 55-64 was $185,000 in 2022 SCF data
Verified3Americans aged 65+ had median transaction accounts of $81,900 in 2022, Fed SCF
Verified4Under 35 year-olds median savings: $3,240 in 2023 Vanguard study
Directional5Ages 35-44 average savings balance: $76,300 per household, 2022 SCF
Single source6Retirees 65+ median IRA/401k balance: $200,000 in 2023 Fidelity data
Verified745-54 age group median non-retirement savings: $19,000, FDIC 2022
Verified8Young adults 18-24 median savings: $1,200 in 2023 Bankrate poll
Verified925-34 median retirement savings: $37,000, Empower 2024 report
Directional10Seniors 75+ average liquid savings: $112,000, SCF 2022 age breakdown
Single source11Ages 18-29 median retirement savings: $18,880, Fidelity 2023
Verified1230-39 age group average 401(k): $76,300, Empower 2024
Verified13Ages 40-49 median savings: $41,500, SCF 2022
Verified1450-59 age median retirement: $168,600, Fidelity Q2 2024
Directional15Ages 65-74 average savings: $410,000 retirement, Empower 2024
Single source16Under 30 median total savings: $5,400, Bankrate 2024 age poll
Verified1735-44 median emergency fund: $8,000, Northwestern Mutual 2023
Verified18Ages 55-64 median savings: $185,000 SCF 2022
Verified1960+ median IRA: $250,000 Fidelity Q2 2024
Directional2025-34 average total savings: $20,500, GOBankingRates 2023
Single source21Ages 45-54 average retirement: $245,000, Fidelity 2023
Verified2218-24 median savings: $500, Census youth finance 2023
Verified2340-49 median 401(k): $93,400 Vanguard 2023
Verified24Ages 30-39 median total assets: $49,000 SCF 2022
DirectionalSavings by Age Interpretation
The data paints a sobering, age-banded portrait of American finances where youth is measured in thousands, middle age in tens of thousands, and a secure retirement seems to require a lottery win, suggesting we're all either catching up, falling behind, or vaguely hoping for a generous inheritance.
Savings by Income
1Bottom 20% income households median savings: $400 in 2022 SCF
Verified2Top 10% income families average transaction accounts: $250,000+, Fed SCF 2022
Verified3Middle-income ($50k-$100k) median savings: $7,500, FDIC 2022 survey
Verified4Households earning $100k+ average retirement savings: $300,000 in 2023, Northwestern Mutual
Directional5Low-income (<$25k) median liquid savings: $900, 2022 SCF income quintiles
Single source6Upper-middle income ($150k+) median total savings: $120,000, Census 2023 wealth data
Verified7$25k-$50k income bracket average savings account: $2,100, Bankrate 2024
Verified8High earners $200k+ median 401k: $500,000, Vanguard 2023
Verified9Lower-middle income median emergency fund: $1,000, LendingTree 2023
Directional10Top quintile average savings rate: 12.5% of income, BEA adjusted data 2022
Single source11Households $75k-$100k income median savings: $10,000, Bankrate 2023
Verified12Bottom 40% income no retirement savings: 56%, SCF 2022
Verified13$150k-$200k income average emergency savings: $25,000, LendingTree
Verified14High-income top 20% average savings: $300,000+, SCF 2022
Directional15Middle 60% income median liquid assets: $15,000, SCF 2022
Single source16$50k-$75k income households average savings: $6,200, FDIC 2022
Verified17Low-income < $30k median retirement: $0, Vanguard 2023
Verified18Upper income $250k+ average 401k: $1.2M, Empower 2024
Verified19Income $100k-$150k median savings: $20,500, LendingTree 2023
Directional20Middle-income savings rate: 5.2%, BLS consumer expenditure 2022
Single source21Low-middle income $40k-$60k median emergency: $2,500, Bankrate
Verified22Top earners savings participation: 95%, SCF 2022
Verified23Income quintile 3 median savings: $12,000, FDIC 2023
Verified24$200k+ income average liquid savings: $150,000, Northwestern 2023
DirectionalSavings by Income Interpretation
While the American Dream promises equal opportunity, the financial landscape reveals a stark reality: the bottom quintile scrapes by with a meager $400 in savings, the middle class treads water with modest buffers, and the top earners float comfortably on vast reservoirs of wealth exceeding hundreds of thousands, illustrating not just an income gap but a profound and widening chasm in financial security.
Sources & References
- Reference 1BEAbea.govVisit source
- Reference 2APPSapps.bea.govVisit source
- Reference 3FREDfred.stlouisfed.orgVisit source
- Reference 4FEDERALRESERVEfederalreserve.govVisit source
- Reference 5FDICfdic.govVisit source
- Reference 6BANKRATEbankrate.comVisit source
- Reference 7NORTHWESTERNMUTUALnorthwesternmutual.comVisit source
- Reference 8LENDINGTREElendingtree.comVisit source
- Reference 9CENSUScensus.govVisit source
- Reference 10NCUAncua.govVisit source
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- Reference 12FIDELITYfidelity.comVisit source
- Reference 13EMPOWERempower.comVisit source
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- Reference 16SSAssa.govVisit source
- Reference 17TRANSAMERICACENTERtransamericacenter.orgVisit source
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