21+ American Savings Statistics to Know in June 2020

We gathered the latest American savings statistics for you.

  • How much are we saving?
  • What are we saving for?
  • Why are some of us are not saving at all?

There are many ways to save money in 2020.

Let’s get a quick look, shall we?

American Savings Statistics (Editor’s Pick):

  • Americans have more than $1.2 trillion in personal savings.
  • 69% of adult Americans have less than $1,000 in a savings account.
  • The average household savings in America are at $16,420.
  • 54.29% of those aged 45-54 have no savings.
  • 22% of Americans have less than $5,000 saved for retirement.
  • The US has a retirement savings deficit of $4.3 trillion.

Actually, savings can make all the difference between life and death.

What should we do?

Start saving money.

Enjoy learning about our savings-related habits and mistakes:

American Savings: Fascinating Facts

But before we sort out the details, let’s look at the big picture.

1. Americans have more than $1.29 trillion in personal savings.

(Source: Statista)

With 2019 data showing that Americans managed to save $1.29 trillion during the year, we can see that the nations’ savings are increasing. For comparison, we saved a total of $1.247 in 2018, $1.025 trillion in 2017, and $926 billion in 2016.

By the way, don’t miss our awesome list of ways to save money.

2. 56% of American parents were saving for college education in 2018.

(Source: Statista)

The majority of those who have children under the age of 18 have started putting money aside for their child’s college education. From 2009 until now, there’s a noticeable decrease in this number – back then 62% of parents were saving for their children’s higher education.

3. 36.2% of American families have savings for liquidity purposes.

(Source: Statista)

According to a 2016 survey, liquidity is the reason why 36.2% of American families have savings. American statistics on savings show that other reasons why families across the US save include:

  • Retirement: 30.3% of families,
  • Planned purchases: 12.1% of families,
  • Education: 7.2% of families,
  • For the family: 6.9% of families,
  • Buying a house: 4.1% of families,
  • Investing: 1.8% of families,
  • No particular reasons: 0.6% of families.

The rest of those involved in the survey, or 0.8% of US families, had no savings to report.

4. The Personal Saving Rate in the US was at 7.9% in November 2019.

(Source: FRED)

The percentage of disposable personal income that Americans save each month has slowly declined. The average in 2018 was 8.8%. Since then, the average American savings started dropping bit by bit each month. For those wondering, the all-time high was in 1974 – the average American saved over 14% of their disposable income back then.

However, the most recent trend has seen a spike with the latest rate being 12.7% in March 2020.

5. 23% of Americans can’t afford to spend $100 in an emergency situation.

(Source: Showbiz CheatSheet)

In case of an emergency, close to half of American adults won’t be able to pull out $500. What’s even more worrying is that almost a quarter of Americans wouldn’t be able to spend $100 in case of an unforeseen event.

How Much Does the Average American Have in Their Bank Account?

Let’s see what have Americans set aside for rainy days.

6. Just 30% of Americans have a financial plan that includes savings.

(Source: Debt.com)

Close to a third of the US population has no long-term financial plans that involve savings (retirement, emergencies, etc.). Savings might become a priority, as Americans’ revenue increases. Those who make at least $75,000 in a year, are much more likely to have savings, according to American savings statistics.

7. 69% of adult Americans have less than $1,000 in a savings account.

(Source: Go BankingRates)

More than two-thirds of Americans have less than $1,000 saved up. Worryingly, the majority of those with less than $1,000 in savings have no savings at all. Around 45% of adult Americans were unable to save any money in 2019.

But who saves more – men or women?

8. Women are less likely to have under $1,000 in savings.

(Source: Go BankingRates)

The average amount in savings for females in the US is smaller than for males, even though women are more likely to save smaller amounts. Overall, 38.29% of men have no savings and 50.56% of women have also failed to save money. The discrepancy is even bigger with amounts over $50,000 – 7.3% of adult males in the US  and 5.12% of females managed to save this much.

9. The average household savings in America are at $16,420.

(Source: finder)

When all American households and their savings accounts are taken into consideration, the situation doesn’t look too bad. An average of $16,420 was saved in 2019. However, this number is the national average. That means it includes those who have just a few bucks saved, as well as those who have hundreds of thousands in their savings accounts.

10. The median savings for American households are at $4,830.

(Source: finder)

For a more realistic view of American savings, we should look into the median savings instead of the averages. We’re talking about 4 times the difference. Median retirement savings for those in their 20s are at $16,000, for those in their 30s at $45,000, and four those in their 40s at $117,000. You can find more info on median savings by age here.

11. Baltimore is the best city for saving money.

(Source: CreditDonkey)

When median earnings and median expenditures are taken into account, Baltimore, surprisingly enough, is the city that stands out. Baltimore has a median income of $73,816 and median expenses of $49,566. This means the difference, theoretically, should go to savings.

12. 31% of Americans say they can’t save any money because they live paycheck to paycheck.

(Source: Yahoo Finance)

Living paycheck to paycheck is the most common response to the question of why don’t you have savings? Other reasons include:

  • Low salary (23%)
  • High living cost (18%)
  • Too much debt (14%)
  • No savings account (7%)
  • Forgetting to put money into a savings account (7%)

Average Savings by Age

Savings differ considerably between age groups.

13. 41.13% of those aged 18-24 have no savings.

(Source: Go BankingRates)

A large percentage of young adults in the US are unable to save any money. To put things into perspective, we dug a little deeper. We found out that:

  • 26.24% of those aged 18-24 have less than $1,000 saved.
  • 14.18% have $1,000-$4.999 saved.
  • 6.38% have $5,000-$9,999 saved.
  • 5.67% have $10,000-$19,999 saved.
  • 2.13% have $20,000-$49,999 saved.
  • 4.26% have $50,000 or more saved.

14. 50% of those aged 25-34 have no savings.

(Source: Go BankingRates)

The average savings by age 25 is a number that should be equal to a fifth of your yearly spendings, experts suggest. However, the situation is a bit different in reality:

  • 21.15% of those aged 25-34 have less than $1,000 saved.
  • 14.42% have $1,000-$4,999 saved.
  • 3.85% have $5,000-$9,999 saved.
  • 5.77% have $10,000-$19,999 saved.
  • 1.92% have $20,000-$49,999 saved.
  • 2.88% have $50,000 or more saved.

15. 40.91% of those aged 35-44 have no savings.

(Source: Go BankingRates)

The average savings of Americans aged 35-44 look like this:

  • 29.09% of those aged 35-44 have less than $1,000 saved.
  • 12.73% have $1,000-$4,999 saved.
  • 3.64% have $5,000-$9,999 saved.
  • 5.45% have $10,000-$19,999 saved.
  • 1.82% have $20,000-$49,999 saved.
  • 6.36% have $50,000 or more saved.

16. 54.29% of those aged 45-54 have no savings.

(Source: Go BankingRates)

How much do Americans have in savings as they get closer to retirement? Well, stats show that:

  • 20.39% of those aged 45-54 have less than $1,000 saved.
  • 9.87% have $1,000-$4,999 saved.
  • 5.92% have $5,000-$9,999 saved.
  • 2.63% have $10,000-$19,999 saved.
  • 2.63% have $20,000-$49,999 saved.
  • 5.26% have $50,000 or more saved.

17. 40.24% of those aged 55-64 have no savings.

(Source: Go BankingRates)

Up to this point, the percentage of those with no savings may have been slightly worrying, but this piece of data is truly alarming. The average savings account balance for Americans just years away from retiring looks like this:

  • 26.22% of those aged 55-64 have less than $1,000 saved.
  • 13.42% have $1,000-$4,999 saved.
  • 3.05% have $5,000-$9,999 saved.
  • 7.32% have $10,000-$19,999 saved.
  • 3.66% have $20,000-$49,999 saved.
  • 6.10% have $50,000 or more saved.

American Retirement Savings Statistics

What about retirement? Well, data about retirement savings is pretty fascinating.

18. 22% of Americans have less than $5,000 in retirement savings.

(Source: Northwestern Mutual)

$1 million is a commonly taken mark for retirement savings. However, the majority of Americans who are close to retiring are not even close to this number. In fact, more than a fifth of all Americans have less than $5,000. For those closer to retirement, the figures are even bleaker –  17% of them have less than $5,000 in retirement savings. Just 20% have under $5,000 in personal savings, American savings statistics show.

19. 46% of Americans expect to keep working after the age of 65.

(Source: Northwestern Mutual)

78% of those who say they’ll keep working after they’ve reached the retirement age think that they won’t have enough saved by then. The drawbacks of Social Security and Healthcare cost are also commonly cited as the reasons to keep working after 65.

20. The US has a retirement savings deficit of $4.3 trillion.

(Source: smartasset)

The average savings of Americans are not even close to sustaining the majority of the population through retirement. Working Americans, aged 25-64 have contributed $4.3 trillion less than they should in order for them to retire comfortably.

21. The median balance of retirement accounts in the US is $60,000.

(Source: The Federal Reserve)

While the average balance of all existing retirement savings accounts in the US is close to $230,000, the median balance is at just $60,000. Still, even the average bank account balance isn’t enough to last through retirement – only medical expenses are estimated at around $200,000 for a couple at this age.

22. 75% of Latino and African-American households have less than $10,000 saved for retirement.

(Source: CreditDonkey)

Demographic disparities are noticeable with retirement savings: around 66% of all minority households in the US have no retirement savings, as evident by American savings account statistics.

23. 22% of the US population will be 65 or older by 2050.

(Source: Statista)

We are currently in sort of a retirement crisis, with so many people unable to retire. Right now less than 17% of the population is 65 or older. The crisis will expand further during the next few decades if our saving habits don’t change. The percentage of those who should retire exceeds a fifth of the population 30 years from now.

In Conclusion

Financial literacy is not something that’s commonly mentioned during early education. This might turn out to be a huge mistake. As the American Savings statistics listed above show, the majority of us are terrible at saving. We tend to disregard retirement savings as something too far away to worry about. We also tend to forget that sudden expenses can ruin our lives in a heartbeat.

It is true that no one plans on getting sick, getting robbed, or losing their job. However, these and similar occurrences are what savings are for. Having a peace of mind is priceless, so consider saving more and at a younger age. The perfect time to start is yesterday. Right now is the second-best.


Milan is an English Language and Literature graduate. He never wanted to spend his workdays with groups of 20 teenagers. Instead of teaching like most of his college friends, he went on to become a content writer. In addition to writing, his passions include mountain biking, hiking, and playing the guitar.

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