Individuals

Median Savings account balance by age and income

• Median balance of savings accounts in 2016 by age:

• People in the lower income brackets are less likely to have a savings account. People generating less than $25,000 may only have $500 in savings. People generating more than $160,000 have a median of $50,000 in savings.
• Median balance of savings accounts in 2016 by percentile of income:

Households

Savings Account Balances

• Households of older individuals tend to have balances in savings accounts that are higher.
• The average savings account balance in 2016 by age

• Male-headed households averaged $34,942 in 2016 while female-headed households averaged $16,986.

Savings Account Balance by Household type and age

• Singles without children in 2016, aged 35 and under, had an average of $3,000 in a savings account, 35-44 had an average of around $4,000, 45-54 had an average of just below $6,000, 55-64 had an average of just below $7,000, 65-74 had an average of just above $7,000, and 75 and older an average of $10,000.
• Singles with children in 2016, aged 35 and under, had an average of just above $1,000 in a savings account, 35-44 had an average of around $2,500, 45-54 an average of just above $4,000, 55-64 an average of $7,000, 65-74 an average of $6,500, and 75 and older an average of $7,000.
• Couples with children in 2016, aged 35 and under, had an average of around $3,800 in a savings account, 35-44 had an average of around $10,200, 45-54 had an average around $15,800, 55-64 had an average around $17,800, 65-74 had an average around $13,000, and 75 and older had an average around $9,000.
• Singles without children in 2016, aged 35 and under, had an average of just above $4,600 in a savings account, 35-44 had an average of around $5,200, 45-54 had an average of around $11,500, 55-64 had an average of around $15,800, 65-74 had an average of above $15,000, and 75 and older had an average of $16,000.

Average and median savings by income for all households and households with savings

•  Average balance of savings accounts (banking and retirement) in March 2019 by percentile of income for all households:

•  Average balance of savings accounts (banking and retirement) in March 2019 by percentile of income for households with savings:

•  Median balance of savings accounts (banking and retirement) in March 2019 by percentile of income for all households:

•  Median balance of savings accounts (banking and retirement) in March 2019 by percentile of income for households with savings:

Other relevant Information

Savings Account Goals in 2019

• GoBankingRates surveyed 1,000 Americans to determine their banking habits. In a survey 48% of respondents have savings goal for emergencies in a savings account.
•  52% of Americans have a savings account.
• The second popular savings' goal was between saving for retirement and saving more money in a regular savings account.
•  50% of those between 18 to 24, 37% of those between 25 to 34 year old, 40% of those between 35 to 44, 30% of those between 45 to 54, 26% of those between 55 to 64, and 27% of those 65 and over want to save more money in a regular savings account.
•  32% of men and 34% of women want to save more money in a regular savings account.
• Americans would open savings account with good rates and low fees. These features are more popular with younger adults. Older adults (55 and older) said more often that they do not want to open a new savings bank account.

Your Research team applied the following Strategy:

AVERAGE CHECKING ACCOUNT BALANCES BY AGE GROUP

• In 2018, 88% of baby boomers have free checking accounts, while only 69% of millennials own free checking accounts.
• Below are the average checking account balances for each age group in 2016 (the latest available) according to the Federal Reserve Survey of Consumer Finances:

AVERAGE CHECKING ACCOUNT BALANCES BY INCOME LEVEL

• People in lower income levels are less likely to maintain a substantial checking account balance.
• Below are the average checking account balances for each (annual) income level in 2016 according to the Federal Reserve Survey of Consumer Finances:

ADDITIONAL INSIGHTS FOR CHECKING ACCOUNT BALANCE

• According to the Federal Reserve Survey of Consumer Finances, the average checking account balance was about $10,545 in 2016.
• In 2016, the average checking account balance maintained by male-headed and female-headed households were $12,451 and $5,284 respectively.
• According to the Federal Deposit Insurance Corp 2017 survey, 98.2% of the banked households in the US had a checking account.
• As of 2018, there are an estimated 359 million consumer checking accounts in the country, with banks accounting for 74.6% of the market share and credit unions accounting for 16.3%.
• On average, consumers maintained $3,673 in their checking account in any financial institutions in 2018.
• A survey conducted in 2019 revealed that the average checking account balance for consumers was $2,900.
• The average monthly maintenance fee for a checking account is around $13.58.