How much money do you have in your savings account right now?
Americans do tend to save money, according to the American savings statistics we researched and will be including in this article, but not as many of them save for retirement as they do other things.
People don’t always make saving money a priority when they have immediate needs and bills that must be handled.
However, saving money should be viewed more like your health.
In other words, your financial health should be a priority as much as your physical health.
Overall, saving money is an American foundational habit, but it varies according to demographics throughout the country.
We have the scoop on how Americans save, who they are, where they are, why they save, and how much they save on average.
Let’s take a dip into the statistics of Americans and their savings habits and behaviors.
- 1 Key Statistics
- 2 Top American Savings Statistics in 2023
- 2.1 1. 89% of Americans regularly save money.
- 2.2 2. Personal Savings among Americans in April 2023 came to $802.1 billion (USD).
- 2.3 3. At the end of 2022 42% of Americans had less than $1,000 in savings.
- 2.4 4. 95% of Millennials regularly put money into savings.
- 2.5 5. At least one in 10 Americans have no savings at all.
- 2.6 6. The median amount of savings needed is $5,000 for emergency funds.
- 2.7 7. 50% of women aged 55 to 66 have nothing saved for retirement.
- 2.8 8. The average amount of savings per American is $985 per month.
- 2.9 9. One in 10 married couples in the United States have over $100,000 in their savings.
- 2.10 10. Hawaii made the top ten of the worst states for saving money.
- 2.11 11. The District of Columbia is the region where people are saving the most money.
- 2.12 12. Americans residing in the District of Columbia had a disposable income per capita of $77,937 in 2022.
- 2.13 13. 60% of adults in America don’t have a dedicated retirement account.
- 2.14 14. Americans younger than 35 have an average of only $3,240 in savings.
- 2.15 15. 18% of Americans with savings of between $1,000 and $4,999 expect their finances to improve.
- 2.16 16. The average 401K retirement savings for Americans between 65 and 70 is $185,858 (USD).
- 2.17 17. The total amount in personal savings among American adults is $3.9 trillion.
- 2.18 18. In the United States there is a $4.3 trillion (USD) retirement savings deficit.
- 2.19 19. By 2050, 22% of America’s population will be at 65 or older.
- 2.20 20. In terms of race/ethnicity, White households have a median retirement savings of $79,500.
- 3 FAQs
- 4 Conclusion
- 89% of Americans regularly save money.
- Personal Savings among Americans in April 2023 came to $802.1 billion (USD).
- At the end of 2022, 42% of Americans had less than $1,000 in savings.
- 95% of Millennials regularly put money into savings.
- At least one in 10 Americans have no savings at all.
- The median amount of savings needed is $5,000 for emergency funds.
- 50% of women aged 55 to 66 have nothing saved for retirement.
- The average amount of savings per American is $985 per month.
- One in 10 married couples in the United States have over $100,000 in their savings.
- Hawaii made the top ten of the worst states for saving money.
Top American Savings Statistics in 2023
1. 89% of Americans regularly save money.
A 2023 NerdWallet survey conducted by The Harris Poll taken from among 2,035 American adults shows that 89% of all Americans regularly set aside funds.
Some of them set aside money in a conventional savings account, while others may stash away money in a shoebox.
Regardless of where they are putting it, they are saving money.
2. Personal Savings among Americans in April 2023 came to $802.1 billion (USD).
Personal savings in the United States accounted for $802.1 billion as of April 2023 statistics.
Further data shows that the personal savings rate (the percentage of disposable personal income in savings) came to 4.1%.
Additionally, not including retirement savings, Americans have an average of $65,100 in their personal savings.
3. At the end of 2022 42% of Americans had less than $1,000 in savings.
Since 42% of Americans have less than $1,000 (USD) in their savings, they don’t have enough put back to pay for a medical emergency if/when one arises.
For perspective, the average medical emergency in America costs between $1,000 and $2,000.
Likewise, 28% of Americans surveyed think they don’t have enough put aside to live on for three months.
4. 95% of Millennials regularly put money into savings.
In terms of age demographics, 95% of Millennials are regularly putting funds into their savings.
This age demographic includes those aged 27 to 42.
Also, according to the NerdWallet study, 93% of those between 18 and 26 (Gen-Z) regularly put back money.
The younger generations are regularly putting money aside.
For perspective, 89% of Gen-Z (43-58 years of age), and 86% of Baby Boomers (those aged 59 to 77) regularly set money aside.
5. At least one in 10 Americans have no savings at all.
More data from the YouGov survey reveals that at least one in 10 Americans haven’t put back any funds for savings.
This may be because their existing expenses outweigh their ability to put aside money.
Further survey results show that 13% of Americans have less than $100 (USD) in savings.
A shocking 4% said they don’t know and 17% preferred not to answer how much they have in savings.
6. The median amount of savings needed is $5,000 for emergency funds.
Forbes reported the revelation from The Transamerica Institute that the median amount of emergency savings needed in America is $5,000 (2021).
Sadly, the report also showed that 34% of Americans don’t have that in savings.
Having a few thousand set aside for emergencies can be helpful, but when faced with multiple, simultaneous emergencies, that’s going to be a problem
7. 50% of women aged 55 to 66 have nothing saved for retirement.
The gender gap in terms of savings is real.
It may not seem significant to some, but women have more challenges earning their retirement funds.
For perspective, 47% of men from the same age group have no retirement savings.
While that gap may not seem large, it still exists.
This has resulted in 80% of women living in poverty in their retirement years.
8. The average amount of savings per American is $985 per month.
The NerdWallet 2023 survey revealed that of the Americans who save money aside, $985 is the average amount for a month.
The median figure is $250. These savings figures include savings accounts, cash at home, vehicle savings, and CDs (certificates of deposit).
Millennials have the highest average monthly savings of $1,205 and Baby Boomers the lowest at $781 per month.
9. One in 10 married couples in the United States have over $100,000 in their savings.
The YouGov results show that one in 10 Americans who are married have over $100,000 in their savings account(s).
In terms of percentage, that’s only 10% of married Americans.
The survey also showed that 19% of married American respondents said they preferred not to share that information.
Furthermore, 16% of married Americans said they had between $1,000 and $4,999 in savings and 14% said they had between $10,000 and $49,999.
10. Hawaii made the top ten of the worst states for saving money.
In terms of the worst and the best states for saving money, Hawaii made the top spot among the worst states for saving back funds.
In contrast, North Dakota has the top spot among the best states for saving money.
Moreover, states in the Midwest region of the United States are the easiest states for saving money while the Northeast states are the most challenging.
This is all likely to the cost of living in these states compared to the pay rates.
11. The District of Columbia is the region where people are saving the most money.
In terms of the states where Americans are saving the most money, the District of Columbia (Washington, D.C.) is at the top of the list.
Arkansas is at the top of the list for states where people are saving the least amount of money.
This data doesn’t specifically correlate with states where it’s easiest or hardest to save money.
12. Americans residing in the District of Columbia had a disposable income per capita of $77,937 in 2022.
In the District of Columbia, the disposable income per capita came to $77,937 and their savings came to $2,806 per capita.
This region is where people reportedly save the most money in the United States.
This is also the highest per capita savings among Americans, according to statistics.
13. 60% of adults in America don’t have a dedicated retirement account.
NerdWallet’s 2023 survey revealed that 60% of Americans 18 and older don’t have a dedicated retirement account.
They may have savings, but not savings that are retirement specific.
Retirement-specific accounts include IRAs (investment retirement account) or a 401K savings account.
Oddly, the younger the American adult, the less apt they are to have a dedicated retirement account.
14. Americans younger than 35 have an average of only $3,240 in savings.
In terms of age, people younger than 35 in America have a median balance in their savings accounts of $3,240.
The median balance of savings accounts over age demographics rises.
For instance, among those aged 35 to 44, the median balance in savings is $4,710 and among those aged 45 to 54 have $5,620 (median balance).
By age 75+, the average median balance in savings is $9,300.
15. 18% of Americans with savings of between $1,000 and $4,999 expect their finances to improve.
Some interesting data coming from the YouGov survey revealed that 18% of Americans with savings accounts with between $1,000 and $4,999 expect their finances to improve.
This percentage is the highest among those with savings who think their financial well-being will get better.
Another 15% of those with less than 100% expect their financial situation will worsen.
16. The average 401K retirement savings for Americans between 65 and 70 is $185,858 (USD).
According to Forbes, information from Empower as of 2022, the average 401K account balance of all American 401K account holders is $118,781.
Among people between 65 and 70 years old, that figure is $185,858.
That said, the median is significantly lower than the average.
Among people 65 and 70, the median retirement savings balance is $43,152.
That’s a substantial difference of the average in this age group.
17. The total amount in personal savings among American adults is $3.9 trillion.
We already know that 89% of Americans have personal savings.
However, as of 2022, these savers have a total of $3.9 trillion (USD) saved overall.
Also, data shows that Millennials are saving 73% of their income.
18. In the United States there is a $4.3 trillion (USD) retirement savings deficit.
All these statistics tell us that the average savings of American adults is insufficient for most of the population to retire.
In fact, American workers between 25 and 64 years old are at a deficit of $43.3 trillion (USD) for a comfortable, sustainable retirement.
19. By 2050, 22% of America’s population will be at 65 or older.
Statista’s chart reveals that the share of the 65+ population in 2050 will be 22%.
Also, in 2020, 16.9% of the population in America was 64 years old or older.
Only 8% of the nation’s population was 65 or older in 1950.
The Baby Boomers are also coming upon retirement age with some already there.
Full retirement age in America is 70, but many retire between the ages of 62 and 65.
For the record, they get less for retirement when they don’t retire at full retirement age.
20. In terms of race/ethnicity, White households have a median retirement savings of $79,500.
Caucasian Americans are among those with the highest amount of retirement savings.
Let’s compare this with other races/ethnicities.
Black/African American households have a median of $29,200 in their retirement savings accounts.
Hispanic households have a median of $23,000 and Asian households have a median of $67,025 in overall savings.
How much money should you have in savings?
According to financial experts, it’s recommended to have at least savings for emergencies and between three and six months for living expenses saved.
These savings are essential in case you lose your job, or you have an emergency.
Why don’t more Americans save more money?
There are several reasons that people don’t save more money.
Here are a few reasons why:
1. The lack of financial knowledge and education: There are people in the United States who don’t know how to save money or don’t have enough disciple to do so.
2. Income restrictions: Not every American makes enough money to have disposable income to save. They make enough to pay their bills with nothing left for savings.
3. High debt: The fact is that there are many Americans struggling with high debt, which results in the inability to have money to save left.
4. Cost of living: The cost of living is reaching new heights these days, which prevents people who would normally be saving from saving money.
How can you save money?
We can all use some tips for saving money, so we have found some for you.
1. Make a reasonable budget and track your spending habits: This is how you know where your money is going, which will help you assess your spending habits and restrict where necessary.
2. Set reasonable financial goals: To stay motivated for saving money, set reasonable goals.
3. Restrict unnecessary expenses: Look at your budget and you’re spending. Decide where you can cut back and start using that for savings.
4. Automate your savings: Today, banks allow you to automate your savings. You can set it up so that a specific amount is transferred each week or month to your savings from your checking.
5. Find a side hustle: If you have problems making enough money to pay your bills, much less savings, try a side hustle. A side job or hustle can bring in enough to help you save money.
We have combined a collaboration of multiple sources to confirm how Americans engage in savings.
It’s worth mentioning that there may be some differences in some data we share since it comes from different surveys, research, or studies.
Overall, we see that Americans are habitual money savers in terms of putting money aside for various purposes such as emergency funds, retirement, gifting, buying a home or a car, children’s college funds, etc.
That said, our sources are all from the most recent data we could find.
We hope you feel more enlightened about putting back money for different reasons from these American savings statistics.