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- 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 saved.
- The average American savings balance may also depend on household size and homeownership status.
According to data from the Federal Reserve's 2022 Survey of Consumer Finances, the average American family has $62,410 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 savings balance by age
Older Americans tend to have more cash in the bank than younger Americans. The average person between the ages of 45 to 54 has $50,590 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:
Average savings balance by household size
Kids and marriages tend to dramatically change a family's household savings balance.
On average, single-parent households under the age of 55 tend to have the lowest average savings balances, while couples without children tend to have the highest average savings balances.
Average 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.
Average 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 2022 Survey of Consumer Finances:
Average 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.
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up to 4.60%
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Overview of average American savings balances
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 2022 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.
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