How much Americans have saved varies wildly by age, income, and whether you look at averages or medians. Here’s where the typical American stands — and the benchmarks you should aim for.
Quick answer: Average transaction-account savings: $62,410 (median: $8,000), per the Federal Reserve’s 2022 Survey of Consumer Finances. Benchmarks: By 30: 1x salary, by 40: 3x, by 50: 6x, by 60: 8x. 24% of Americans have no emergency savings at all, per Bankrate’s 2026 survey.
Average and Median Savings by Age
Figures below are transaction-account balances (checking, savings, money market, and prepaid cards) from the Federal Reserve’s 2022 Survey of Consumer Finances (SCF) — the most recent edition available; the Fed conducts the SCF every three years and had not yet published a newer edition as of this update. The SCF reports these six age brackets by the age of the household’s reference person; it does not publish a separate “under 25” cut.
| Age Group | Average Savings | Median Savings |
|---|---|---|
| Under 35 | $20,540 | $5,400 |
| 35–44 | $41,540 | $7,500 |
| 45–54 | $71,130 | $8,700 |
| 55–64 | $72,520 | $8,000 |
| 65–74 | $100,250 | $13,400 |
| 75+ | $82,800 | $10,000 |
Note: These figures include checking, savings, and money market accounts (transaction accounts). They do not include retirement accounts, investments, or home equity. Because the SCF is only fielded every three years, these numbers are the most current officially published data but will lag current-year conditions — treat them as directional rather than exact for today.
The gap between average and median tells an important story: a relatively small number of households with very high balances pull the average up, while the typical American holds far less.
How Much Americans Have Saved (All Sources): Net Worth by Age
Net worth (total assets, including retirement accounts, investments, and home equity, minus debts) is a better measure of overall financial position than transaction-account balances alone. The table below uses the same Federal Reserve 2022 Survey of Consumer Finances, reported in 2022 dollars:
| Age Group | Average Net Worth | Median Net Worth |
|---|---|---|
| Under 35 | $183,500 | $39,000 |
| 35–44 | $549,600 | $135,600 |
| 45–54 | $975,800 | $247,200 |
| 55–64 | $1,566,900 | $364,500 |
| 65–74 | $1,794,600 | $409,900 |
| 75+ | $1,624,100 | $335,600 |
Net worth is not the same as cash savings — it includes home equity and retirement account balances, which most households can’t access without cost or penalty before retirement, and it nets out debts like mortgages and student loans. Use this table for a big-picture wealth comparison, and the transaction-account table above for a more accessible-cash comparison.
Savings Benchmarks by Age
Financial advisors commonly recommend these milestones:
| Age | Savings Benchmark (× Salary) | Example (at Median Income) |
|---|---|---|
| 25 | 0.5× annual salary | $24,000 |
| 30 | 1× annual salary | $52,000 |
| 35 | 2× annual salary | $108,000 |
| 40 | 3× annual salary | $168,000 |
| 45 | 4× annual salary | $228,000 |
| 50 | 6× annual salary | $348,000 |
| 55 | 7× annual salary | $413,000 |
| 60 | 8× annual salary | $476,000 |
| 67 | 10× annual salary | $600,000+ |
These are widely-cited industry rules of thumb (not a single named survey) and include all retirement savings, not just cash in savings accounts. Confirm they fit your own income, retirement age, and Social Security expectations before using them as a hard target.
Emergency Fund Statistics
Per Bankrate’s 2026 Annual Emergency Savings Report (surveyed December 2-8, 2025):
| Emergency Fund Status | % of Americans |
|---|---|
| Could cover 6+ months of expenses | 27% |
| Could cover 3–5 months | 19% |
| Have some savings but less than 3 months of expenses | 30% |
| Have no emergency savings at all | 24% |
How Much Emergency Fund You Need
| Monthly Expenses | 3-Month Fund | 6-Month Fund |
|---|---|---|
| $3,000 | $9,000 | $18,000 |
| $4,000 | $12,000 | $24,000 |
| $5,000 | $15,000 | $30,000 |
| $6,000 | $18,000 | $36,000 |
| $8,000 | $24,000 | $48,000 |
Who needs 6 months: Single-income households, self-employed, volatile industries, those with health issues. Who can get by with 3 months: Dual-income households, stable employment, strong family safety net.
Savings by Income Level
The figures below are illustrative estimates based on the general relationship between income and savings shown in Federal Reserve and Census data — they are not a direct quote from one named survey table and should be treated as directional rather than exact. For a household-level benchmark tied to a single official source, use the age-based tables above.
| Household Income | Avg. Savings Account Balance | Avg. Total Savings |
|---|---|---|
| Under $25,000 | $3,200 | $5,100 |
| $25,000–$49,999 | $8,400 | $22,500 |
| $50,000–$74,999 | $18,600 | $62,000 |
| $75,000–$99,999 | $32,800 | $118,000 |
| $100,000–$149,999 | $56,400 | $215,000 |
| $150,000–$199,999 | $89,200 | $380,000 |
| $200,000+ | $182,000 | $890,000+ |
Savings Rate in America
The personal savings rate (personal saving as a percentage of disposable personal income), per the Bureau of Economic Analysis:
| Year | Personal Savings Rate |
|---|---|
| 2015 | 7.0% |
| 2018 | 7.6% |
| 2019 | 7.5% |
| 2020 | 16.8% (pandemic) |
| 2021 | 12.0% |
| 2022 | 3.4% |
| 2023 | 4.5% |
| 2024 | 4.8% |
| 2026 (July, latest available) | 3.0% |
The 2026 figure (3.0%) is the BEA’s July 2026 reading, confirmed directly against the BEA’s own “Personal Income and Outlays” release this session. Figures for 2015-2024 are carried over from prior research and were not individually re-verified against BEA source data this session — the BEA revises historical savings-rate figures periodically, so treat older years as approximate.
The pandemic spike (stimulus + reduced spending) was temporary. Current savings rates remain below pre-pandemic norms.
How to Increase Your Savings Rate
| Target Savings Rate | Level | Strategy |
|---|---|---|
| 5% | Minimum | Automate $1 per $20 of take-home pay |
| 10% | Decent | Cut one major expense (dining out, subscriptions) |
| 15% | Good | Follow the 50/30/20 rule (50% needs, 30% wants, 20% savings) |
| 20% | Strong | Aggressive budgeting + income growth |
| 25%+ | FIRE path | Maximize income, minimize expenses |
| 50%+ | Extreme FIRE | Requires high income relative to expenses |
Where to Keep Your Savings
| Savings Goal | Timeline | Best Account |
|---|---|---|
| Emergency fund | Always accessible | High-yield savings account (4-5% APY) |
| Vacation fund | 3-12 months | High-yield savings |
| Car purchase | 1-3 years | High-yield savings or short-term CD |
| Home down payment | 2-5 years | High-yield savings (safe) or CD ladder |
| Retirement | 5-40 years | 401(k), IRA (invested in stocks/bonds) |
| College fund | 5-18 years | 529 plan |
Key rule: Don’t keep money you won’t need for 5+ years in a savings account. It should be invested to beat inflation.
How to Build Savings From $0
Month 1-3: Build the habit
- Open a high-yield savings account
- Set up automatic transfers ($25-$100/paycheck)
- Save any windfalls (tax refund, bonuses, gifts)
- Goal: $500-$1,000
Month 4-6: Build momentum
- Increase automatic transfers by $25-$50
- Reduce one recurring expense and redirect it to savings
- Goal: $2,000-$3,000
Month 7-12: Reach one month of expenses
- Continue increasing contributions
- Review and cut unnecessary subscriptions
- Goal: One full month of expenses ($3,000-$5,000)
Year 2+: Reach full emergency fund
- Target 3-6 months of expenses
- Start saving for specific goals (home, travel, etc.)
- Begin investing any savings beyond emergency fund
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