Is Your Savings Account Balance Above Average? Here's A Look At The Surprisingly High Amount Of Cash Households Are Stashing Away

Savings account balances are one of those topics that rarely come up in conversation. People might talk about how much they spent on their last vacation or complain about the rising cost of groceries, but ask someone how much they have saved and you'll probably get an awkward silence.

It's no surprise – money is personal and savings can feel like a measure of success (or stress). Even close family members or friends tend to keep that number to themselves. But you’re not alone if you've ever wondered how your balance compares to others.

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The Federal Reserve's 2022 Survey of Consumer Finances revealed that the average American household has $62,410 stashed in transaction accounts, including savings, checking, money market and call deposit accounts. Sounds like a lot, right? But averages are sneaky. They're easily skewed by a few outliers, i.e: the ultra-wealthy. If Jeff Bezos walked into your local coffee shop, the "average" customer's net worth would shoot through the roof, even though most are just there ordering $5.50 lattes.

That's why the median savings balance – the middle number when all balances are lined up – is much more relatable. For 2022, it was $8,000. In other words, half of American households have less than $8,000 saved. That's a far cry from $62K and feels, well, a little more realistic for most people.

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Breaking It Down: Age, Income and Lifestyle

Savings balances vary wildly depending on age, income and whether or not you're splitting expenses with a partner. 

By Age

Unsurprisingly, the older you are, the more savings you'll likely have – thanks to years of work, investments and, for some, a lifetime of frugality. Here's how it shakes out:

• Under 35: Average $20,540 | Median $5,400

• 35-44: Average $41,540 | Median $7,500

• 45-54: Average $71,130 | Median $8,700

• 55-64: Average $72,520 | Median $8,000

• 65-74: Average $100,250 | Median $13,400

• 75+: Average $82,800 | Median $10,000

While averages rise steadily, medians don't jump as much – another reminder that outliers can distort the big picture.

By Income

Income plays an even bigger role. It's easier to save more when you're earning more, but for those in lower brackets, the numbers are sobering:

• $0-$34,599: Median $900

• $35,600-$59,499: Median $2,550

• $59,500-$91,899: Median $7,400

• $91,900-$153,099: Median $15,760

• $153,100-$245,399: Median $33,800

• $245,400+: Median $111,600

These figures highlight why experts often recommend saving a percentage of your income rather than comparing dollar amounts with others.

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By Household Type

Family dynamics matter, too. Couples without children tend to top the savings charts, likely because they're spending less on diapers, tuition and braces. Here's how the averages stack up:

• Single, no kids (under 55): Average $19,320

• Single with kids: Average $16,800

• Couple, no kids: Average $103,140

• Couple with kids: Average $73,890

Where Do You Stand?

So, how do your savings compare? Start by looking at the median figure: $8,000. Are you above or below that line? Then, dig into your age group, income bracket and household setup.

But remember, it's not just about how you compare to others – it's about how your savings align with your goals. Financial advisors typically suggest saving 3-6 months of living expenses for emergencies, but the real target depends on your circumstances.

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What If You're Not There Yet?

If your balance isn't quite where you'd like it to be, don't panic. There are plenty of ways to build up your savings:

1. Set a budget. Knowing where your money goes is the first step.

2. Trim expenses. Cut back on nonessentials (like subscriptions you forgot you had).

3. Shop for better interest rates. As of January 2025, the average savings account offers a mere 0.55% APY, but online banks often offer much higher rates.

The key is to focus on progress, not perfection. Whether starting with $900 or $90,000, every dollar saved is a step closer to financial security. 

So, next time someone asks if your savings are above average, you can smile and say, "Define average." And if you're unsure about your savings goals, consider consulting a financial advisor. They can help you create a plan that fits your unique circumstances and keeps you moving toward your desired future.

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