How Much Does The Average American Have In Their Savings Account?

This guy looks like he has more than $1,000 in his savings account, but the statistics suggest otherwise. Image source: iStock/Thinkstock.It will probably come as no surprise to you that the average American has less in their savings account than financial planners recommend. According to a new survey by GoBankingRates.com, more than half of Americans have savings account balances below $1,000.That doesn't go far when you consider that even a moderately serious car repair could set you back more than twice that amount -- I would know; I paid for one last week.

BING NEWS:
  • Q1 2024 First American Financial Corp Earnings Call
    Terry Ma; Research Analyst; Barclays Bank PLC, Research Division ...
    04/25/2024 - 6:10 pm | View Link
  • Hawaiian Electric weighing sale of American Savings Bank
    Hawaiian Electric (NYSE:HE) -2.3% in Thursday's trading following a Bloomberg report that it is exploring options for its American Savings Bank FSB, including a full or partial sale. While it is not ...
    04/25/2024 - 5:12 am | View Link
  • Here’s the retirement savings that put you with the richest 10% of Americans — it’s a much smaller number than you may think
    Most people in the workforce have to think about what they’ll live on once they leave it for good. There are different ways to estimate what you’ll need in retirement and prepare accordingly, but if ...
    04/24/2024 - 11:42 pm | View Link
  • The Average Baby Boomer May Be Behind on Retirement Savings. Do This if You're in the Same Boat.
    Data from Northwestern Mutual finds that the average baby boomer today has $120,300 saved for retirement. And part of the reason for that not-so-impressive balance may be that a lot of today's ...
    04/23/2024 - 11:36 pm | View Link
  • The Average American Has This Much Saved for Retirement in 2024. Will it Be Enough for You?
    Recent data from Northwestern Mutual found that Americans, on average, think it'll take a $1.46 nest egg to retire comfortably. But there's a huge disconnect between what Americans have saved and what ...
    04/21/2024 - 11:36 pm | View Link
  • More
BING SEARCH:
  • Average Savings by Age: How Do You Compare?
    While the average savings account balance for Americans ages 18-34 is $8,330.50, the median savings account balance for members of this group who have a savings account is $1,000. We are...
    04/22/2024 - 2:12 am | View Website
  • Average Savings By Age – Forbes Advisor
    The median balance for transaction accounts, which may provide a more accurate picture of the average American, was $8,000. Here’s a closer look at the average savings by age, according to Fed...
    04/22/2024 - 12:10 am | View Website
  • Savings Statistics And Trends In 2024 – Forbes Advisor
    Excluding retirement assets, the average American has $65,100 in personal savings, according to a 2023 Financial Planning & Progress study from Northwestern Mutual. From 1971 to 2023, interest...
    04/21/2024 - 5:22 pm | View Website
  • Average Savings by Age
    65–74: The average transaction account balance for respondents 65 to 74 years of age was $60,410 in 2019, which is the highest amount out of all six groups. In addition to keeping pace with the ...
    04/21/2024 - 4:39 pm | View Website
  • Average American Savings Balance by Age, Household Size, Education
    Data from the Federal Reserve shows the average American family has $62,410 in transaction accounts. Factors like age or education level may impact the amount the typical American actually has...
    04/21/2024 - 2:37 pm | View Website
  • More
Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More Business News