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Retail Savings Account Deposit Distribution
Older Americans have more money in their savings accounts, but this can vary depending on if the households are composed of couples and singles with or without children. Also, people in the higher income brackets have more money in their savings accounts.
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
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:
5. 80th to 89.9th percentile — $536,220
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:
Most of the data presented in this brief regarding savings account was extrapolated from the Survey of Consumer Finances from the U.S. Federal Reserve which is updated every three years and has data most recently from 2016. Therefore, most of the sources are dated to be 2016. For recent data, we examined news websites like CNBC and banking industry analysis websites such as Bankrate, SmartAsset, ValuePenguine, and GoBankingrates. One of the website called Magnify Monkey, has March 2019 statistics which adjusted the 2016 values and fund flows, further indicating that the most recent data available is from 2016.