While the average American household held $41,600 in savings in 2023, that number hides a stark reality where 58% of households had less than $1,000 set aside for an emergency.
Key Takeaways
- In 2023, the average American household had $41,600 in savings, according to Federal Reserve data
- US household savings rate dropped to 4.6% in Q4 2023 from 5.1% in Q3, per Bureau of Economic Analysis
- 58% of US households had less than $1,000 in emergency savings in 2023, Federal Reserve Survey of Consumer Finances
- In Q1 2024, US personal saving rate was 3.9%, lowest since 2022, BEA
- Average personal savings account balance was $9,132 in 2023, GoBankingRates survey of 1,000 Americans
- 78% of Americans live paycheck to paycheck, impacting personal savings, 2023 LendingClub report
- Japan's household saving rate was 5.7% in 2022, down from 6.8% in 2021, OECD data
- China's gross national saving rate reached 45.6% of GDP in 2022, World Bank
- Germany national saving rate 28.2% of GDP in 2023, Eurostat
- Average 401(k) balance for Americans aged 65+ was $232,710 at end of 2023, Vanguard
- 54% of Americans have less than $10,000 saved for retirement in 2023, Northwestern Mutual Planning & Progress Study
- Median retirement savings for ages 55-64 is $71,168 in 2023, Fidelity Q1 data
- US savings deposits interest rates averaged 0.45% in 2023, up from 0.13%, FDIC
- High-yield savings accounts offered up to 5.5% APY in mid-2024, Bankrate tracker
- Total US savings deposits $11.5 trillion as of Q1 2024, FDIC QBP
American savings remain low overall, with significant disparities and many struggling to build emergency funds.
Household Savings Statistics
- In 2023, the average American household had $41,600 in savings, according to Federal Reserve data
- US household savings rate dropped to 4.6% in Q4 2023 from 5.1% in Q3, per Bureau of Economic Analysis
- 58% of US households had less than $1,000 in emergency savings in 2023, Federal Reserve Survey of Consumer Finances
- Median transaction account balance for US households was $8,000 in 2022, up 23% from 2019, Federal Reserve SCF
- 37% of US households could not cover a $400 emergency expense with cash or savings in 2023, Fed Report
- Average household savings in liquid assets for bottom 50% income was $2,100 in 2022, SCF data
- US households held $19.5 trillion in savings deposits in Q1 2024, up 1.2% YoY, FDIC data
- 49% of households headed by 18-29 year olds had no savings in 2023, Fed SCF
- Homeownership contributes 40% to household net worth savings gap between races, 2022 SCF
- Average retirement savings for households aged 55-64 was $185,000 in 2022, Vanguard data
- 27% of US households have three months or less of expenses in savings, 2023 Bankrate survey
- Household savings in money market funds reached $6.2 trillion in 2023, ICI report
- Savings rate for households with children under 18 averaged 4.2% in 2023, BLS data
- 62% of households reported increasing savings in 2023 due to inflation fears, Northwestern Mutual survey
- Median savings for single-person households was $5,300 in 2022, SCF
- Households in the top 10% income held 70% of total savings in 2022, Fed data
- Savings balances grew 8% YoY for households earning $100k+ in 2023, FDIC
- 41% of households have no dedicated emergency savings account, 2023 survey
- Average household CD holdings were $12,400 in 2023, Bankrate
- Savings disparity: Black households median savings $4,900 vs White $41,500 in 2022, SCF
- 55% of households dipped into savings for inflation in 2023, MagnifyMoney survey
- Household savings in high-yield accounts averaged 4.5% APY in 2023, FDIC
- Multi-person households median savings $10,200 in 2022, SCF data
- 33% of households have 6+ months emergency fund, 2023 CNBC survey
- Savings from stimulus checks totaled $1.8 trillion in household accounts in 2021, Fed
- Households aged 65+ held average $300,000 in savings incl. retirement, 2022 SCF
- 45% of households prioritize savings over debt payoff in 2023, NerdWallet
- Average savings goal for households was $15,000 in 2023 survey
- Household savings rate peaked at 32% in April 2020, BEA historical data
Household Savings Statistics Interpretation
The portrait painted by these savings statistics is one of a nation living on a financial tightrope, where the soaring average is dragged skyward by a wealthy few while the median household nervously eyes the dwindling ground below.
National Savings Rates
- Japan's household saving rate was 5.7% in 2022, down from 6.8% in 2021, OECD data
- China's gross national saving rate reached 45.6% of GDP in 2022, World Bank
- Germany national saving rate 28.2% of GDP in 2023, Eurostat
- US gross saving rate 17.8% of GDP in 2023, BEA
- India saving rate 30.1% of GDP in FY2023, RBI
- UK household saving ratio 10.5% in Q4 2023, ONS
- South Korea saving rate 36.4% of GDP in 2022, highest in OECD, OECD stats
- France national saving rate fell to 22.1% in 2023 from 23.8%, INSEE
- Brazil gross saving 18.5% GDP 2022, IBGE
- Australia household saving rate 4.2% in Dec 2023, ABS
- Russia national saving rate 27.9% GDP amid sanctions 2022, Rosstat
- Canada saving rate 6.8% in 2023, Statistics Canada
- Italy gross saving 19.3% GDP 2023, ISTAT
- Saudi Arabia saving rate 39.2% GDP 2022 oil-driven, SAMA
- Mexico national saving 22.4% GDP 2023, INEGI
- Netherlands saving rate 31.5% GDP 2023, CBS
- Turkey saving rate dropped to 13.2% GDP 2022 inflation hit, TURKSTAT
- Singapore household saving 38.7% GDP 2023, highest globally, MAS
- Spain national saving 20.8% GDP 2023, INE
- Switzerland saving rate 35.1% GDP 2022, FSO
- Indonesia saving rate 29.8% GDP 2023, BPS
- Sweden household saving ratio 12.3% Q4 2023, SCB
- Global average gross saving rate 25.9% of GDP in 2022, World Bank
National Savings Rates Interpretation
These figures paint a stark portrait of global prudence, where China hoards like a dragon on gold while others, like the US and UK, seem to treat their savings accounts with the casual enthusiasm of a guest at an open bar.
Personal Savings Statistics
- In Q1 2024, US personal saving rate was 3.9%, lowest since 2022, BEA
- Average personal savings account balance was $9,132 in 2023, GoBankingRates survey of 1,000 Americans
- 78% of Americans live paycheck to paycheck, impacting personal savings, 2023 LendingClub report
- Personal savers aged 30-49 average $11,000 in savings, 2023 Bankrate
- 14.7% personal saving rate in 2020 annual average, BEA
- Only 44% of Americans can cover $1,000 emergency from savings, 2023 Bankrate poll
- Personal savings in 401(k)s averaged $71,168 for participants in 2023, Vanguard HIW
- 29% of individuals have $0 in savings, 2023 CNBC poll of 2,300 adults
- Average personal emergency fund is $3,000 for those with savings, 2023 Empower survey
- Personal savers under 35 have median $3,240 in savings, 2022 SCF
- 57% of Gen Z have less than $1,000 saved personally, 2023 Fortune survey
- Personal savings rate for high-income ($250k+) was 15.2% in 2023, BLS CE data
- Women average 25% less personal savings than men ($8,200 vs $10,500), 2023 survey
- 68% of Americans started saving later than ideal, average age 30, Northwestern Mutual 2023
- Personal savings contributions to IRAs averaged $6,900 in 2022, IRS SOI
- Millennials personal savings rate 5.8% vs Boomers 7.2% in 2023, Deloitte
- 42% of individuals auto-save 10%+ of income, 2023 Fidelity study
- Average personal savings for ages 45-54: $13,500 median, 2023 Northwestern Mutual
- Personal savers with college degree average $18,000 vs $4,500 HS grad, 2022 SCF
- 51% of self-employed have irregular savings patterns, 2023 QuickBooks survey
- Personal savings dipped 12% in 2023 due to high-interest debt, LendingTree
- Hispanic Americans median personal savings $2,800 in 2022, SCF
- 36% of personal savers use apps like Acorns, average $500 saved via rounding, 2023 survey
- Personal savings rate forecast 4.1% for 2024, IMF
- Average personal Roth IRA balance $35,000 for under 40s in 2023, Fidelity
- 23% of gig workers have no personal savings buffer, 2023 Upwork study
- Personal savers in urban areas average 15% higher savings than rural, BLS 2023
Personal Savings Statistics Interpretation
Despite some valiant efforts through auto-saving apps and 401(k)s, the collective American savings account tells a story of fragile optimism, where the average person's rainy-day fund is more of a light drizzle cushion, and living paycheck to paycheck is the norm rather than the exception.
Retirement Savings Statistics
- Average 401(k) balance for Americans aged 65+ was $232,710 at end of 2023, Vanguard
- 54% of Americans have less than $10,000 saved for retirement in 2023, Northwestern Mutual Planning & Progress Study
- Median retirement savings for ages 55-64 is $71,168 in 2023, Fidelity Q1 data
- Only 35% of non-retired adults think their retirement savings are on track, 2023 Schroders survey
- IRA average balance $129,000 for ages 60-69 in 2023, Fidelity
- 49% of Gen X have less than $100k in retirement savings, 2023 Natixis survey
- Average Social Security benefit replaces 40% of pre-retirement income, SSA 2023
- 56 million Americans aged 56-75 have zero retirement savings, 2023 GOBankingRates
- Target retirement savings by age 50: $500k, per T. Rowe Price 2023
- Women’s median retirement savings $59,000 vs men $87,000 ages 45-54, 2023 Vanguard
- 401(k) contribution limit $23,000 in 2024, up from $22,500, IRS
- Average Roth IRA balance $38,100 for ages 30-39, Fidelity 2023
- 42% of workers have saved less than $50k for retirement, 2023 Transamerica survey
- Pension assets total $38 trillion globally in 2023, OECD
- Median 401(k) balance $28,300 for ages 25-34 in 2023, Vanguard HIW
- 67% of retirees draw from savings annually, average 4.2% withdrawal, Morningstar 2023
- Black Americans median retirement savings $23,000 vs White $121,000 ages 55-64, SCF 2022
- HSA average balance $3,600 for individuals in 2023, Devenir
- 75% of retirement savers use target-date funds, averaging 8.2% returns 2023, Morningstar
- Recommended retirement nest egg $1.46 million per Fidelity 2023 calculator
- 31% of Americans have no retirement savings at all, 2023 Gallup poll
- Average pension payout $1,800/month for private sector 2023, PBGC
- Gen Z starting retirement savings at age 22 average, up from 28, 2023 TIAA
Retirement Savings Statistics Interpretation
While the optimist might point to the average 401(k) balance for seniors topping $200,000, the stark reality is that for most Americans, the grand retirement plan is a precarious cocktail of hope, Social Security, and a startlingly thin financial cushion.
Savings Accounts and Rates
- US savings deposits interest rates averaged 0.45% in 2023, up from 0.13%, FDIC
- High-yield savings accounts offered up to 5.5% APY in mid-2024, Bankrate tracker
- Total US savings deposits $11.5 trillion as of Q1 2024, FDIC QBP
- Average savings account APY 0.41% nationally in March 2024, FDIC
- Money market deposit accounts averaged 0.55% in 2023, up 400bps, Fed data
- 82% of savings accounts earn less than 1% interest in 2024, MyBankTracker
- CDs 12-month average yield 4.2% in Q1 2024, Bankrate
- Online savings accounts APY 4.25% vs brick-and-mortar 0.07% 2024, NerdWallet
- Treasury savings bonds I Bonds composite rate 4.28% May-Nov 2024, TreasuryDirect
- US savings rate on transaction accounts 0.02% average 2023, FDIC
- Jumbo CDs over $100k yield 4.5% average Q1 2024, DepositAccounts
- Inflation-adjusted real savings rate negative -0.5% in 2023 US, BLS CPI/Fed
- 6-month CD rates peaked at 5.3% in Sept 2023, Fed H.15
- Savings accounts with no fees grew 15% in popularity 2023, Consumer Reports
- EE savings bonds double in 20 years guaranteed, Treasury 2024
- Average credit union savings APY 0.28% vs banks 0.23% 2024, NCUA
- HYSA minimum balance requirements average $0 for top 10 rates 2024, Investopedia
- Savings deposit growth slowed to 2.1% YoY Q4 2023, Fed H.6
- 5-year CD average yield 1.8% in 2023 despite hikes, FDIC
- Brokered CDs yield 4.8% for 1-year in 2024, average
Savings Accounts and Rates Interpretation
The numbers reveal a great financial disconnect: while Americans park a massive $11.5 trillion in savings, the national average APY remains a sleepy 0.41%—meaning most savers are essentially paying the bank to hold their money when inflation is factored in, despite the very real option of accounts earning over 5%.
Savings Trends and Behaviors
- 28% of savers switched to higher yield accounts in 2023, MagnifyMoney
- 64% of Americans set savings goals but only 40% meet them, 2023 Capital One survey
- Savings app usage up 35% YoY to 45 million users in 2023, App Annie
- 71% of savers prioritize emergency funds post-pandemic, 2023 Ally survey
- Average savings challenge participation saved users $1,200 in 2023, Reddit/YNAB data
- 52% increased savings rate due to recession fears 2023, Bank of America survey
- Digital wallets hold 22% of savings transfers in 2023, up from 12%, PYMNTS
- 39% of savers use round-ups, averaging $400/year saved, Acorns 2023
- Savings behavior: 47% cut discretionary spending to save more 2023, Deloitte
- Millennial savings rate rose to 6.5% in 2023 from 4.8%, PwC
- 66% of savers automate transfers, Fidelity 2023 study
- Post-COVID excess savings depleted $2.1 trillion by end 2023, Fed NY
- 55% report behavioral change to save 10%+ income since inflation, 2023 Ramsey
- ESG savings products grew 20% in adoption 2023, Morningstar
- 61% of savers track via apps, average 12% higher balances, 2023 Mintel
- Savings gamification boosts deposits 18%, Q2 2023 Chime study
- 44% delay major purchases to boost savings 2023, Consumer Federation
- High-income savers trend to alternatives 25% allocation 2023, BlackRock
- 73% of young savers influenced by social media, 2023 eMarketer
- Savings withdrawal rates dropped 15% in 2023 caution trend, Vanguard
Savings Trends and Behaviors Interpretation
Americans are frantically reshuffling their financial lives with apps, anxiety, and automated transfers, determined to save smarter even as inflation and empty pandemic coffers mock their efforts from the sidelines.
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