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Personal Finance. Liz Knueven. The typical American's savings balance looks very different by age, according to data gathered by Personal Capital.
Personal Capital gathered information from over , linked money market accounts, CDs , and savings accounts , grouping them by year age brackets to find the median savings balances by age.
The data shows that many Americans are low on liquid, cash savings, which could be a big problem in emergency situations. Read more personal finance coverage » Having liquid cash on hand is essential, but it seems that many Americans aren't keeping much in their savings accounts.
Popular Articles. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards. Note that this number is an average, not a median, which means it can be skewed by households with especially high or low balances.
This number does not include investment balances, like money held in a retirement account or other brokerage account, or any equity held in real property, like a house. When you look a little closer at the data, there are several factors that influence how much an American household actually has saved. Older Americans tend to have more cash in the bank than younger Americans. However, average savings account balances start to decline after age Here's how the average savings balances break down by age group, according to Federal Reserve data:.
On average, single-parent households tend to have the lowest average savings balances, while couples without children tend to have the highest average savings balances.
A large racial wealth gap still exists in America, from income to household wealth. As Business Insider's Marguerite Ward reports , "The median white family had more than 10 times the wealth of the median Black family in According to data from the Federal Reserve , that gap flows into savings balances as well.
As a family's education level increases, so does the average savings balance. People who earned a high school diploma have an average savings balance double that of those who haven't. Similarly, people with a college degree have an average savings balance about five times greater than that of someone who only completed high school. Here's how education affects savings balance, according to the Survey of Consumer Finances :.
People who own homes tend to have a higher net worth than those who rent, and that's in part because of the home's value. But, it appears that homeowners save more, too — on average, people who own homes have more cash in the bank than those who rent, according to Federal Reserve data. Disclosure: This post may highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy.
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The best stock trading apps. Best robo advisors. That's significantly more than any other household type for that age group. Older families tend to have considerably more put away as well. For many families, this amount of savings falls short, some experts warn. Well, it depends. In the recession, when people lost their jobs, three months of expenses set aside wasn't enough.
Suze Orman argues that, to feel secure, you should have enough money saved to cover at least eight months' worth of expenses : "Not six months, not three months. I'd like to see you have eight months to one year.
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