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Older Americans tend to have more cash in the bank than younger Americans.
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Data from the Federal Reserve shows the average American family has $41,600 in transaction accounts.
Factors like age or education level may impact the amount the typical American actually has saved.
The average American savings balance may also depend on household size and homeownership status.
According to data from the Federal Reserve’s 2019 Survey of Consumer Finances, the average American family has $41,600 in savings, across savings accounts, checking accounts, money market accounts, call deposit accounts, and prepaid cards.
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.
Average American savings balance by age
Older Americans tend to have more cash in the bank than younger Americans. The average person between the ages of 55 to 64 has $57,670 more than the average person under age 35. However, average savings account balances start to decline after age 70.
Here’s how the average savings balances break down by age group, according to Federal Reserve data:
Age groupAverage balanceUnder 35$11,25035 to 44$27,91045 to 54$48,20055 to 64$57,67065 to 74$60,41075 or older $54,320
Average American savings balance by household size
Kids and marriages tend to dramatically change a family’s household savings balance.
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.
Type of household Average savings balanceSingle, no children (under the age of 55)$13,120Single, no children (over the age of 55)$27,520Single with one or more child$15,930Couple, no children$68,170Couple with one or more child$48,480
Average American savings balance by race
A large racial wealth gap still exists in America, from income to household wealth.
According to data from the Federal Reserve, that gap flows into savings balances as well.
Race of respondentAverage savings balanceWhite$51,510Black $13,270Hispanic$11,860Other$43,890
Average American savings balance by education level
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 2019 Survey of Consumer Finances:
Highest education level completedAverage savings balanceNo high school diploma$9,190High school diploma$20,100Some college$23,550College degree$78,890
Average American savings balance by homeownership
People who own homes tend to save more, on average, than people who own homes have more cash in the bank than those who rent, according to Federal Reserve data.
Housing typeAverage savings balanceOwns$56,590Rents$13,110
The bottom line
The average American savings balance can vary greatly depending on your circumstances. Numerous factors, such as age, household size, race, education level, and homeownership status can impact how much you’ve saved.
Also, keep in mind that the data we’ve included from the Federal Reserve’s 2019 Survey of Consumer Finances doesn’t not factor in retirement accounts, and represents an average savings balance of high-income and low-income American families.