Many wonder how large the typical American bank balance really is. It’s not a casual question, given how personal money matters can get.
Some people might brag about a jam-packed savings account, while others are probably dreading the next time rent or mortgage comes around.
There’s a wide chasm in outcomes, shaped by income, race, education, and a laundry list of other influences. Let’s poke around the data to see what emerges.
Key Highlights
- Big Gap in Savings – The average American has $62,410, but the median is only $8,000, showing wealth is concentrated among a few.
- Income, Age & Education Matter – Higher earners, older individuals, and college graduates typically have larger savings than younger, lower-income, and less-educated groups.
- Financial Inequality Persists – Racial disparities, homeownership status, and systemic factors heavily impact who has financial security and who struggles to save.
A Quick Peek at the Numbers
Federal Reserve surveys have a knack for reminding people that life is rarely fair.
According to the 2022 Survey of Consumer Finances, the average American family possesses about $62,410 in transaction accounts.
That figure includes more than just a standard checking or savings account. It factors in:
- Checking accounts
- Savings accounts
- Money market accounts
- Call deposit accounts
- Prepaid cards
Seems impressive, right? Not so fast. The median balance, which is arguably more telling, lands at $8,000, as per Chase. In simpler terms, half of American families keep less than that amount.
A handful of well-off households push the average higher than what most people experience day to day. If the idea was to draw a neat, comforting picture of financial abundance, it might be time to hunt for a better paintbrush.
Average vs. Median
Ranked: Top 20 Countries by Average vs. Median Wealth 💰️
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Anyone who has stood in line for something only to realize that a VIP lane exists knows how a few high-fliers can change the entire picture. The same principle holds true with bank account balances.
That big number in national headlines can feel like an unattainable goal for many. It’s like hearing about the personal chef your neighbor hired while you ponder how to pay for next week’s groceries.
In practical terms, the difference between average and median balances points to a deep divide. A relatively small group controls a hefty share of financial resources, while many battle to maintain even a modest safety net.
Sure, hearing “the average is $62,410” might inspire a half-hearted attempt to celebrate. Then again, the reality for that median household tells a much different story: $8,000 doesn’t stretch all that far if an unexpected bill lands in the mailbox.
Historical Twists and Turns
Money has never been immune to economic roller coasters. According to the Federal Reserve, back in 1989, the average bank balance for American families sat around $28,850, and the median hovered at $4,100.
By 2019, those numbers had climbed to around $41,600 for the average, with a median of $5,300. Then, by 2022, everything shifted again, thanks to new economic ebbs and flows.
A few major forces helped shape these fluctuations:
- Recession Periods – Economic downturns often drain savings, as households dip into funds for essentials.
- Moments of Growth – Times of prosperity usually encourage people to stash away extra cash.
- Shifts in Saving Habits – Generational attitudes have changed. Some prefer immediate spending over saving for the long haul, while others cling to every dollar like it’s the last one on Earth.
Age Factor
Young adults often have limited resources, thanks to student loan debt, entry-level salaries, and a knack for discovering pricey hobbies. Sources from Experian state that people under 35 stash around $20,540 on average, with a median of $5,400.
That might sound respectable if you’re fresh out of college, but it can also feel precarious given student loans, credit card bills, and that endless parade of subscription services.
Balances generally swell as people grow older. By the time someone crosses into the 65-to-74 age bracket, the average is about $100,250. No surprise there—several decades of working and saving can do wonders for a bank account.
Then again, seniors face their own set of anxieties, like medical bills, assisted-living costs, and the existential question of how many times they can really watch daytime talk shows before it drives them insane.
Income Levels
As we all know, earning more often leads to bigger bank balances. According to WalletHub, The top income bracket (90th to 100th percentile) reported an average checking account balance of around $75,997, while those at the bottom (0% to 20%) managed about $3,314.
One group debates how many weekend getaways to book, and another wonders if that sale on canned soup counts as a “special occasion.” It’s worth highlighting that income inequality isn’t exactly a new storyline.
Households at the bottom often struggle to put away extra cash. Emergency expenses (car repairs, medical surprises, the occasional home mishap) can chip away at whatever little cushion exists.
Meanwhile, the top rung benefits from stable jobs, investments, and every other safety net money can buy. If envy were profitable, the lower-income group might suddenly find itself rolling in riches.
Racial Disparities
Mentioning race can feel like stepping on a landmine. Still, the numbers tell a story that’s hard to ignore. Here are the numbers, according to U.S. News:
- White, non-Hispanic Americans: Median transaction account balance of $12,000
- Black, non-Hispanic Americans: Median balance of $2,110
- Hispanic Americans: Median balance of $3,000
Those gaps haven’t magically closed over the years. Several factors play a part, including systemic issues, historical disadvantages, and differing levels of access to banking services or financial education.
Some might expect a quick fix, but life’s rarely that kind. While there’s no simple solution lurking around the corner, the data puts a spotlight on persistent inequalities.
Education Factor
Higher education might not guarantee a dream mansion, but statistics suggest it’s usually good for your wallet.
Business Insider reports that families led by a college graduate boast average savings of around $116,010. Meanwhile, those without a high school diploma hover around $9,130.
It’s not exactly shocking that specialized skills and credentials can lead to higher-paying roles, which then feed into healthier financial habits. Critics might argue that college also brings loans the size of small nations. That’s valid.
Yet, on balance, a diploma still seems to correlate with fatter accounts, at least according to the surveys. The occasional billionaire dropout exception is just that—an exception. Most people who skip higher learning won’t land a tech empire in their garage.
They’re far more likely to clock in at a day job that tests patience and rarely yields a plush retirement plan.
Owning vs. Renting & the Homeownership Factor
Property owners often point out how real estate is a cornerstone of wealth creation. Homeowners, on average, hold about $85,430 in savings, overshadowing the $16,930 for renters.
That might be because homeownership often signals financial stability—maybe after crossing that initial hurdle of a down payment and loan approval, the monthly mortgage fosters a mindset geared toward building equity. Renters face a different world.
They have fewer routes for creating wealth through property appreciation, and rent prices can devour a hefty portion of monthly income.
Of course, those who rent avoid big maintenance headaches, which might occasionally offer a glimmer of revenge satisfaction: “Oh, the water heater exploded? Let’s have the landlord fix it.”
The Emergency Fund Dilemma
Financial gurus love telling everyone to save three to six months’ worth of living expenses. That tip might rank right up there with “eat vegetables” and “exercise regularly” in the grand pantheon of advice people nod at and then conveniently forget.
A 2025 Marist Poll survey discovered that only 10% of Americans in banked households are completely satisfied with their savings, while 26% are somewhat satisfied, and 12% are very satisfied.
For many, building that mythical emergency fund feels like climbing a mountain in flip-flops. Rising costs of housing, healthcare, and pretty much everything else can make it tough to stash money away for a future crisis.
On the bright side, at least the cable news networks will never run out of cautionary tales. One might say it keeps them employed.
Parting Thoughts
Bank account balances in America vary wildly. Some have more cash than they can spend, others have less than a decent car repair might cost, and most sit somewhere in between.
It’s clear the playing field isn’t even, and nobody’s handing out cheat codes anytime soon. A bit of gloom might set in when peering at those wealth gaps, but knowledge is half the battle.
Seeing how various groups fare offers at least a hint at why money matters can be so fraught. Some might label it a puzzle that society needs to keep working on, hopefully with more than half-hearted attempts.
After all, money may not buy happiness, but a halfway decent savings account can soften life’s inevitable punches. And who wouldn’t enjoy that little boost?
References
- federalreserve.gov – Survey of Consumer Finances (SCF)
- chase.com – A look at the average American’s savings
- experian.com – Average Savings by Age: How Americans Compare
- wallethub.com – Average Account Balance
- usnews.com – The Average Savings Account Balance
- businessinsider.com – What’s the Average Savings Account Balance? Insights & Trends
- money.com – Typical Homeowners Are Now Nearly 40 Times Wealthier Than Renters
- maristpoll.marist.edu – The State of Savings, January 2025
