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
- 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
- Average U.S. household liquid savings stood at $8,000 in 2023, Bankrate survey of 1,000 adults
- Median retirement savings for all families was $87,000 in 2022, Fed SCF
- As of 2023, average savings account balance was $11,200 per U.S. saver, per Northwestern Mutual Planning
- FDIC 2021 data shows median non-retirement savings at $5,400 for insured households
- Average high-yield savings account balance was $25,000 in 2024 Q1, LendingTree analysis
- U.S. median household savings balance was $8,000 in 2023 Census-derived estimates
- 2022 average certificate of deposit balance per account holder was $14,500, NCUA data
- Average savings account balance: $9,132 in 2023 GOBankingRates survey
- Median U.S. household wealth including savings: $192,700 in 2022, Fed SCF
- Median CD balance: $10,000 for U.S. savers in 2023, Bankrate
- Average money market account balance: $18,000 in 2023, FDIC
- Median savings for families: $8,000 transaction accounts 2022 SCF
- Average HYSA balance for savers: $22,500 Q1 2024, LendingTree
- Median savings account per banked household: $4,500 FDIC 2023
- Average U.S. savings per capita: $4,200 annually 2022 BEA
- Median household savings goal: $10,000 emergency, Bankrate 2023 poll
- Average savings for renters: $3,200 vs homeowners $15,000, SCF 2022
- Median savings for single-person households: $4,000 FDIC 2022
- Average savings app user balance: $12,000 Acorns 2023
- Median multi-family household savings: $6,800 SCF 2022
- Average savings for college grads: $15,000 under 5 years post-grad, Sallie Mae 2023
Average/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
- 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
- Average 401(k) contribution rate: 7.4% of salary in 2023, Vanguard How America Saves
- Total U.S. retirement savings assets: $38.6 trillion as of Q4 2023, ICI Fact Book
- 45% of households aged 55-64 have no retirement savings, SCF 2022
- Average Social Security replacement rate for retirees: 40% of pre-retirement income, SSA 2023
- Fidelity average 401(k) balance for ages 60+: $232,700 in Q2 2024
- 33% of workers have less than $50,000 saved for retirement, Transamerica 2023
- U.S. 401(k) assets grew 15% to $7.5 trillion in 2023, ICI data
- Average Roth IRA balance: $35,600 in 2023 Fidelity data
- 401(k) median balance: $35,286 Vanguard 2023
- IRA assets total: $12.5 trillion Q4 2023, ICI
- Average 403(b) balance: $45,000 in 2023 TIAA data
- Pension assets U.S.: $6.4 trillion Q4 2023, ICI Fact Book
- Average defined contribution balance: $129,400 Fidelity 2023
- 52% of Gen Z have retirement accounts, Schwab 2023
- Total DC plan assets: $10.1 trillion Q4 2023 ICI
- Average age of retirement account holder: 44 years, Vanguard 2023
- 401(k) loans outstanding: $100B in 2023, DOL data
- Women’s average retirement savings: 30% less than men’s, $157k vs $226k, Fidelity 2023
- HSA average balance: $3,500 in 2023 Fidelity
- Black Americans median retirement savings: $23,000 vs white $79,000 SCF 2022
Retirement 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
- 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
- In 2023, the average monthly personal saving rate fluctuated between 3.5% and 5.0%, with a yearly average of 4.2%, from BEA
- During the COVID-19 peak in April 2020, the U.S. saving rate spiked to 33.7%, the highest on record, BEA data
- Q1 2024 U.S. personal saving rate was 3.6%, reflecting consumer spending growth, per BEA
- From 2019 to 2023, the average annual saving rate dropped from 7.5% to 4.0%, BEA historical data
- In December 2023, saving rate was 3.8%, BEA monthly release
- U.S. households saved 4.5% of after-tax income in 2021, rebounding post-2020, per BEA NIPA tables
- Saving rate for Q2 2023 was 4.2%, influenced by wage growth, BEA
- In 2022 SCF, median retirement savings for families: $87,000
- Personal saving rate dipped to 3.1% in January 2024, lowest in 2024 so far, BEA
- Q3 2023 saving rate: 4.0%, BEA amid economic recovery
- Saving rate Q4 2022: 4.1%, BEA year-end
- U.S. personal saving rate averaged 3.8% in 2023 full year, BEA annual
- March 2024 saving rate: 3.2%, BEA monthly
- November 2023 saving rate: 4.8%, BEA holiday spending dip recovery
- Q1 2023 saving rate: 4.8%, BEA early year
- October 2023 saving rate: 3.9%, BEA
- September 2023 saving rate: 3.7%, BEA pre-holidays
- August 2023 saving rate: 3.5%, BEA summer low
- July 2023 saving rate: 4.2%, BEA
- June 2023 saving rate: 3.6%, BEA
- May 2023 saving rate: 4.1%, BEA
Savings 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
- 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
- Under 35 year-olds median savings: $3,240 in 2023 Vanguard study
- Ages 35-44 average savings balance: $76,300 per household, 2022 SCF
- Retirees 65+ median IRA/401k balance: $200,000 in 2023 Fidelity data
- 45-54 age group median non-retirement savings: $19,000, FDIC 2022
- Young adults 18-24 median savings: $1,200 in 2023 Bankrate poll
- 25-34 median retirement savings: $37,000, Empower 2024 report
- Seniors 75+ average liquid savings: $112,000, SCF 2022 age breakdown
- Ages 18-29 median retirement savings: $18,880, Fidelity 2023
- 30-39 age group average 401(k): $76,300, Empower 2024
- Ages 40-49 median savings: $41,500, SCF 2022
- 50-59 age median retirement: $168,600, Fidelity Q2 2024
- Ages 65-74 average savings: $410,000 retirement, Empower 2024
- Under 30 median total savings: $5,400, Bankrate 2024 age poll
- 35-44 median emergency fund: $8,000, Northwestern Mutual 2023
- Ages 55-64 median savings: $185,000 SCF 2022
- 60+ median IRA: $250,000 Fidelity Q2 2024
- 25-34 average total savings: $20,500, GOBankingRates 2023
- Ages 45-54 average retirement: $245,000, Fidelity 2023
- 18-24 median savings: $500, Census youth finance 2023
- 40-49 median 401(k): $93,400 Vanguard 2023
- Ages 30-39 median total assets: $49,000 SCF 2022
Savings 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
- 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
- Households earning $100k+ average retirement savings: $300,000 in 2023, Northwestern Mutual
- Low-income (<$25k) median liquid savings: $900, 2022 SCF income quintiles
- Upper-middle income ($150k+) median total savings: $120,000, Census 2023 wealth data
- $25k-$50k income bracket average savings account: $2,100, Bankrate 2024
- High earners $200k+ median 401k: $500,000, Vanguard 2023
- Lower-middle income median emergency fund: $1,000, LendingTree 2023
- Top quintile average savings rate: 12.5% of income, BEA adjusted data 2022
- Households $75k-$100k income median savings: $10,000, Bankrate 2023
- Bottom 40% income no retirement savings: 56%, SCF 2022
- $150k-$200k income average emergency savings: $25,000, LendingTree
- High-income top 20% average savings: $300,000+, SCF 2022
- Middle 60% income median liquid assets: $15,000, SCF 2022
- $50k-$75k income households average savings: $6,200, FDIC 2022
- Low-income < $30k median retirement: $0, Vanguard 2023
- Upper income $250k+ average 401k: $1.2M, Empower 2024
- Income $100k-$150k median savings: $20,500, LendingTree 2023
- Middle-income savings rate: 5.2%, BLS consumer expenditure 2022
- Low-middle income $40k-$60k median emergency: $2,500, Bankrate
- Top earners savings participation: 95%, SCF 2022
- Income quintile 3 median savings: $12,000, FDIC 2023
- $200k+ income average liquid savings: $150,000, Northwestern 2023
Savings 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
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