Are You Saving Enough? See How You Compare to the Average American's Savings
Image source: Getty Images Wondering how your savings stack up? The Federal Reserve's data on savings accounts reveals that the average American household has around $62,410 in various transaction accounts, including checking, savings, and prepaid cards.Alert: highest cash back card we've seen now has 0% intro APR into 2026 This credit card is not just good – it's so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes. But this number is just an average, meaning it can be skewed by households with especially high or low balances. The real picture varies widely based on factors like age, household size, education level, and even homeownership. Here's how the numbers break down -- and how you can take steps to boost your own savings.Ready to grow your savings with ease? Click here to explore our list of the best high-yield savings accounts with APYs of 4.00% and higher.How savings vary by ageAge can significantly impact savings balances. Generally, savings increase as people age, peaking for those between 65 and 74 with an average balance of $100,250.This tends to reflect both more years of earning and saving and often fewer expenses tied to big life milestones, such as buying a first home or raising children. However, after age 70, the average savings balance declines, likely as people tap into their savings for retirement.Here's a quick look at average balances by age:Under 35: $20,54035 to 44: $41,54045 to 54: $71,13055 to 64: $72,52065 to 74: $100,25075 or older: $82,800Household size and savingsHousehold size is another factor that can influence savings. Single-parent households under age 55 tend to have the lowest average savings at $16,800, while couples without children typically have the highest balances, averaging $103,140.This pattern reflects the varied financial pressures that different types of households face. For example, single parents often balance savings with the higher costs of raising children, while couples without children may have more disposable income to set aside.Here's how savings averages vary based on household type:Single, no children (under 55): $19,320Single, no children (over 55): $37,220Single with children: $16,800Couple, no children: $103,140Couple with children: $73,890Education's influence on savingsThe Federal Reserve data also strongly links education level and savings balance. Individuals with a college degree average $116,010 in savings, compared to $9,130 for those without a high school diploma. Higher education levels often lead to higher-paying jobs, which can make it easier to save.Here's the breakdown by education level:No high school diploma: $9,130High school diploma: $23,380Some college: $33,410College degree: $116,010The homeownership divideOwning a home is often associated with higher savings. Homeowners have an average savings balance of $85,430, while renters average $16,930. Homeownership can often indicate greater financial stability, and the discipline of saving for a down payment often helps foster savings habits that continue beyond the purchase.Tips to grow your savings balanceIf these average figures leave you feeling as if your savings could use a boost, don't worry -- small steps can help you build a stronger savings cushion over time. Here are some effective strategies to help you get there.Automate your savingsSetting up automatic transfers from your checking account to a dedicated savings account each month is a simple but powerful way to save consistently. Automating these transfers means you're less likely to spend the money before you've had a chance to save it.Choose high-yield accountsConsider moving your savings to a high-yield savings account, which offers a better return on your balance. Even a small bump in interest rates can add up significantly over time, particularly if you're adding to the balance regularly.Set clear, achievable goalsWhether it's a three-month emergency fund or saving for a down payment, setting specific savings goals can make a huge difference. Tracking your progress can also motivate you and make the process more rewarding.Review your budget and prioritize savingsReview your monthly budget and find areas where you can trim expenses, even just a little. Whether it's skipping a few restaurant meals or cutting back on streaming services, redirecting those savings into your account can gradually add up.Need help budgeting? Click here for our picks for the best budgeting apps.Take advantage of employer benefitsIf your employer offers any savings incentives, like matching contributions to a retirement account, be sure to take advantage. Employer matches are essentially free money and can help build long-term savings without impacting your take-home pay.While the average American savings balance might provide a benchmark, focusing on your uniqu
Image source: Getty Images
Wondering how your savings stack up? The Federal Reserve's data on savings accounts reveals that the average American household has around $62,410 in various transaction accounts, including checking, savings, and prepaid cards.
Alert: highest cash back card we've seen now has 0% intro APR into 2026
This credit card is not just good – it's so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes.
But this number is just an average, meaning it can be skewed by households with especially high or low balances. The real picture varies widely based on factors like age, household size, education level, and even homeownership. Here's how the numbers break down -- and how you can take steps to boost your own savings.
Ready to grow your savings with ease? Click here to explore our list of the best high-yield savings accounts with APYs of 4.00% and higher.
How savings vary by age
Age can significantly impact savings balances. Generally, savings increase as people age, peaking for those between 65 and 74 with an average balance of $100,250.
This tends to reflect both more years of earning and saving and often fewer expenses tied to big life milestones, such as buying a first home or raising children. However, after age 70, the average savings balance declines, likely as people tap into their savings for retirement.
Here's a quick look at average balances by age:
- Under 35: $20,540
- 35 to 44: $41,540
- 45 to 54: $71,130
- 55 to 64: $72,520
- 65 to 74: $100,250
- 75 or older: $82,800
Household size and savings
Household size is another factor that can influence savings. Single-parent households under age 55 tend to have the lowest average savings at $16,800, while couples without children typically have the highest balances, averaging $103,140.
This pattern reflects the varied financial pressures that different types of households face. For example, single parents often balance savings with the higher costs of raising children, while couples without children may have more disposable income to set aside.
Here's how savings averages vary based on household type:
- Single, no children (under 55): $19,320
- Single, no children (over 55): $37,220
- Single with children: $16,800
- Couple, no children: $103,140
- Couple with children: $73,890
Education's influence on savings
The Federal Reserve data also strongly links education level and savings balance. Individuals with a college degree average $116,010 in savings, compared to $9,130 for those without a high school diploma. Higher education levels often lead to higher-paying jobs, which can make it easier to save.
Here's the breakdown by education level:
- No high school diploma: $9,130
- High school diploma: $23,380
- Some college: $33,410
- College degree: $116,010
The homeownership divide
Owning a home is often associated with higher savings. Homeowners have an average savings balance of $85,430, while renters average $16,930. Homeownership can often indicate greater financial stability, and the discipline of saving for a down payment often helps foster savings habits that continue beyond the purchase.
Tips to grow your savings balance
If these average figures leave you feeling as if your savings could use a boost, don't worry -- small steps can help you build a stronger savings cushion over time. Here are some effective strategies to help you get there.
Automate your savings
Setting up automatic transfers from your checking account to a dedicated savings account each month is a simple but powerful way to save consistently. Automating these transfers means you're less likely to spend the money before you've had a chance to save it.
Choose high-yield accounts
Consider moving your savings to a high-yield savings account, which offers a better return on your balance. Even a small bump in interest rates can add up significantly over time, particularly if you're adding to the balance regularly.
Set clear, achievable goals
Whether it's a three-month emergency fund or saving for a down payment, setting specific savings goals can make a huge difference. Tracking your progress can also motivate you and make the process more rewarding.
Review your budget and prioritize savings
Review your monthly budget and find areas where you can trim expenses, even just a little. Whether it's skipping a few restaurant meals or cutting back on streaming services, redirecting those savings into your account can gradually add up.
Need help budgeting? Click here for our picks for the best budgeting apps.
Take advantage of employer benefits
If your employer offers any savings incentives, like matching contributions to a retirement account, be sure to take advantage. Employer matches are essentially free money and can help build long-term savings without impacting your take-home pay.
While the average American savings balance might provide a benchmark, focusing on your unique financial situation is essential. Every household's needs and capacities are different, and your goal should be to create a savings plan that feels achievable and sustainable for you.
By setting up consistent saving habits and tracking progress, you can work toward greater financial stability and a cushion that keeps you covered -- no matter what life throws your way.
Alert: highest cash back card we've seen now has 0% intro APR into 2026
This credit card is not just good – it's so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
