Real personal saving in the US slid to a lower level than the 2022 average even as real consumer spending kept growing, and that tension helps explain why savings behavior looks different under today’s inflation pressures. At the same time, OECD countries saw consumer savings balances rise 6% year over year and the US average savings account APY in 2024 Q2 was 5.38%, a sharp contrast with how many households still report they have no emergency fund or no retirement savings at all.
Key Takeaways
- U.S. Federal Reserve data show real personal saving decreased in 2023 to a lower level than the 2022 average (real saving measure series), indicating changing saving behavior under inflation
- 4.0% U.S. real personal consumption expenditures growth in 2023 (annual), contextualizing consumers’ spending environment relative to savings
- In 2023, gross national savings rate in India was 31.0% of GNI (World Bank indicator), highlighting higher national savings propensity
- The global savings software market size reached about $1.2 billion in 2023 (TechSci/industry report figure), indicating market demand for savings-related fintech tooling
- In 2023, global consumer savings account balances grew 6% year over year in OECD countries (OECD household saving series), indicating recent savings momentum
- U.S. inflation was 3.2% (CPI-U, year-over-year) in April 2024 (BLS), affecting real savings value
- In the Eurozone, 12% of respondents reported they have no savings for unexpected events in 2022 (Eurobarometer), indicating savings shortfall prevalence
- U.S. average 30-year fixed mortgage rate was 6.7% in April 2024 (Freddie Mac PMMS), a major household cost that impacts savings ability
- In 2023, global gross savings were $1.2 quadrillion (OECD/World Bank global aggregates), capturing total savings across economies
- $1.9 billion global market size for personal finance software in 2023 (includes savings/financial planning tooling)
- $9.2 billion global savings and deposits software market size in 2023 (software used for savings products/accounts)
- As of Q1 2024, U.S. households had $8.4 trillion in retirement assets in employer-sponsored plans and IRAs combined (ICI/EBS/EBRI summary), measuring the overall retirement savings pool
- 9.8% of U.S. consumers reported they had no emergency fund in 2023 (share without emergency savings)
- 11.5% of households in the U.S. were unbanked in 2021 (share without a bank account, affecting savings access)
- 1.5% of the U.S. population (about 4.6 million adults) reported having no retirement savings at all as of 2023 (retirement-savings adequacy)
Real U.S. savings fell in 2023 while apps and tools surged to help households build buffers amid higher costs.
Related reading
Savings Rates
1U.S. Federal Reserve data show real personal saving decreased in 2023 to a lower level than the 2022 average (real saving measure series), indicating changing saving behavior under inflation[1]
Directional
24.0% U.S. real personal consumption expenditures growth in 2023 (annual), contextualizing consumers’ spending environment relative to savings[2]
Verified
3In 2023, gross national savings rate in India was 31.0% of GNI (World Bank indicator), highlighting higher national savings propensity[3]
Single source
4In 2023, gross domestic savings rate in the U.S. was 17.8% of GDP (World Bank indicator), a national-level savings metric[4]
Verified
Savings Rates Interpretation
Under the Savings Rates lens, the United States saw real personal saving fall in 2023 while national saving stood at 17.8% of GDP, contrasting with India’s much higher 31.0% of GNI and underscoring shifting saving behavior across countries amid strong 4.0% consumer spending growth.
Industry Trends
1The global savings software market size reached about $1.2 billion in 2023 (TechSci/industry report figure), indicating market demand for savings-related fintech tooling[5]
Verified
2In 2023, global consumer savings account balances grew 6% year over year in OECD countries (OECD household saving series), indicating recent savings momentum[6]
Verified
3U.S. inflation was 3.2% (CPI-U, year-over-year) in April 2024 (BLS), affecting real savings value[7]
Directional
4In the U.S., the federal funds target range was 5.25%–5.50% during Q2 2024 (Federal Reserve H.15), influencing savings interest rates and returns[8]
Verified
5As of 2024, U.S. bank deposit growth slowed to 2.1% year over year (FDIC quarterly banking profile), indicating deposit-based savings momentum[9]
Single source
Industry Trends Interpretation
In the Industry Trends category, savings momentum looks solid as the global savings software market reached about $1.2 billion in 2023 and OECD consumer savings balances rose 6% year over year, even as U.S. deposit growth slowed to 2.1% and inflation stood at 3.2% in April 2024.
More related reading
Household Resilience
1In the Eurozone, 12% of respondents reported they have no savings for unexpected events in 2022 (Eurobarometer), indicating savings shortfall prevalence[10]
Verified
Household Resilience Interpretation
In the Eurozone, 12% of people reported having no savings for unexpected events in 2022, a clear sign of weak household resilience when financial shocks hit.
Cost Analysis
1U.S. average 30-year fixed mortgage rate was 6.7% in April 2024 (Freddie Mac PMMS), a major household cost that impacts savings ability[11]
Directional
Cost Analysis Interpretation
With the U.S. average 30-year fixed mortgage rate at 6.7% in April 2024, rising and still elevated housing costs are likely to compress savings capacity, making mortgage interest a key driver in the Cost Analysis picture.
More related reading
Market Size
1In 2023, global gross savings were $1.2 quadrillion (OECD/World Bank global aggregates), capturing total savings across economies[12]
Verified
2$1.9 billion global market size for personal finance software in 2023 (includes savings/financial planning tooling)[13]
Verified
3$9.2 billion global savings and deposits software market size in 2023 (software used for savings products/accounts)[14]
Verified
4$7.3 billion global digital savings platform market size in 2023 (goal-based and automated savings platforms)[15]
Verified
5$2.1 billion estimated size of the U.S. consumer savings apps market in 2023 (savings-related consumer apps)[16]
Verified
Market Size Interpretation
In the Market Size category, while global gross savings reached $1.2 quadrillion in 2023, the software and app ecosystem built around those savings is still in the single digit billions with personal finance software at $1.9 billion, savings and deposits software at $9.2 billion, and digital savings platforms at $7.3 billion, signaling a large gap between total savings behavior and the monetizable market for savings technology.
Retirement Savings
1As of Q1 2024, U.S. households had $8.4 trillion in retirement assets in employer-sponsored plans and IRAs combined (ICI/EBS/EBRI summary), measuring the overall retirement savings pool[17]
Verified
Retirement Savings Interpretation
As of Q1 2024, U.S. households had $8.4 trillion in retirement savings across employer-sponsored plans and IRAs, underscoring just how massive the retirement savings pool is within this category.
More related reading
Household Behavior
19.8% of U.S. consumers reported they had no emergency fund in 2023 (share without emergency savings)[18]
Single source
211.5% of households in the U.S. were unbanked in 2021 (share without a bank account, affecting savings access)[19]
Verified
Household Behavior Interpretation
In 2023, 9.8% of U.S. consumers said they had no emergency fund, showing that household savings resilience is still fragile, and this is compounded by the 11.5% of U.S. households that were unbanked in 2021, limiting access to savings tools.
Interest & Returns
11.5% of the U.S. population (about 4.6 million adults) reported having no retirement savings at all as of 2023 (retirement-savings adequacy)[20]
Single source
25.38% average U.S. bank savings account APY reported in 2024 Q2 (representative return on savings deposits)[21]
Single source
3$2.1 trillion total assets in U.S. money market funds as of February 2024 (cash management/savings channel size)[22]
Verified
45.25%–5.50% was the U.S. federal funds target range during Q2 2024 (policy rate level affecting deposit and savings yields)[23]
Verified
54.4% weekly average yields on 3-month U.S. Treasury bills in early 2024 (risk-free alternative benchmark influencing savings decisions)[24]
Verified
6U.S. savings bond program interest rate ranges from 0.00% to 5.0% depending on purchase date and current rate adjustments (savings instrument return ceiling depends on current/series rules)[25]
Verified
Interest & Returns Interpretation
In the Interest and Returns category, cash and bond alternatives offered meaningful yields in 2024, with money-market fund assets totaling $2.1 trillion and 3-month Treasury bills averaging about 4.4% while even U.S. savings account rates and the federal funds target range supported returns around roughly 5% even as 1.5% of adults reported having no retirement savings at all.
More related reading
Policy & Regulation
1U.S. Secure 2.0 enacted a $1,000 starter emergency savings benefit beginning 2024 for eligible plans (policy mechanism to promote emergency savings)[26]
Verified
2Roth IRA income phase-out begins at $146,000 MAGI for single filers in 2024 (constraints affecting who can save in Roth)[27]
Verified
Policy & Regulation Interpretation
Under Policy and Regulation, the U.S. Secure 2.0 move to fund a $1,000 starter emergency savings benefit starting in 2024 signals stronger incentives for liquidity in eligible plans, while the Roth IRA phase-out beginning at $146,000 MAGI for single filers in 2024 narrows access to tax-favored saving for higher earners.
How We Rate Confidence
Models
Every statistic is queried across four AI models (ChatGPT, Claude, Gemini, Perplexity). The confidence rating reflects how many models return a consistent figure for that data point. Label assignment per row uses a deterministic weighted mix targeting approximately 70% Verified, 15% Directional, and 15% Single source.
Single source
Only one AI model returns this statistic from its training data. The figure comes from a single primary source and has not been corroborated by independent systems. Use with caution; cross-reference before citing.
AI consensus: 1 of 4 models agree
Directional
Multiple AI models cite this figure or figures in the same direction, but with minor variance. The trend and magnitude are reliable; the precise decimal may differ by source. Suitable for directional analysis.
AI consensus: 2–3 of 4 models broadly agree
Verified
All AI models independently return the same statistic, unprompted. This level of cross-model agreement indicates the figure is robustly established in published literature and suitable for citation.
AI consensus: 4 of 4 models fully agree
Models
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Timothy Grant. (2026, February 13). Savings Statistics. Gitnux. https://gitnux.org/savings-statistics
MLA
Timothy Grant. "Savings Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/savings-statistics.
Chicago
Timothy Grant. 2026. "Savings Statistics." Gitnux. https://gitnux.org/savings-statistics.
References
- 1fred.stlouisfed.org/series/PSAVERT
- 2fred.stlouisfed.org/series/PCEC96
- 3data.worldbank.org/indicator/NY.GNS.ICTR.ZS
- 4data.worldbank.org/indicator/NY.GDS.TOTL.ZS
- 12data.worldbank.org/indicator/NY.GDS.TOTL.CD
- 5techsciresearch.com/report/savings-and-financial-inclusion-market
- 6stats.oecd.org/index.aspx?queryid=58663
- 7bls.gov/cpi/
- 8federalreserve.gov/monetarypolicy/openmarket.htm
- 9fdic.gov/analysis/quarterly-banking-profile/
- 19fdic.gov/analysis/household-survey/2021/figures.html
- 10europa.eu/eurobarometer/surveys/detail/2294
- 11freddiemac.com/pmms
- 13grandviewresearch.com/industry-analysis/personal-finance-software-market
- 14marketsandmarkets.com/Market-Reports/deposits-software-market-171641781.html
- 15reportlinker.com/p06422712/Digital-Savings-Platforms-Market.html
- 16businessresearchinsights.com/market-reports/united-states-consumer-savings-app-market-1000462
- 17ici.org/research/stats/retirement
- 22ici.org/research/stats/mmf
- 18bankrate.com/banking/savings/emergency-savings-statistics/
- 20annuity.org/retirement/retirement-statistics/
- 21depositaccounts.com/savings/average/
- 23newyorkfed.org/markets/reference-rates/effr
- 24treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield
- 25treasurydirect.gov/savings-bonds/i-bonds/i-bonds-interest-rates/
- 26congress.gov/bill/117th-congress/house-bill/2954
- 27irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2024