Average Savings by Age in America

How Much Does the Average American Have in Savings?

On average, Americans have $8,000 in savings. The Federal Reserve tracks savings balances by age for transaction accounts, which include checking, savings, money market and brokerage cash accounts, as well as prepaid debit cards. While some of these balances aren't held in designated savings accounts, they do represent cash on hand.

Median vs. Average

The Fed tracks both the median and average transaction account balances. As you'll see below, the median and average values are quite different. Here's what each value represents, and why median and average balances vary so widely.

• Average account balances are the total of all balances used in the survey divided by the number of accounts. Because the data used in the SCF includes super-wealthy households, this statistical average may be larger than the reality of most Americans.
• Median account balances show the middle point in the data. In other words, the point at which half the accounts surveyed are larger and half are smaller. According to the Fed, median values may be more representative of typical account balances for each group.

Here's what the Fed survey reports about savings by age:

Savings Under Age 35

Average transaction account balance: $20,540
Median transaction account balance: $5,400

Early adulthood is full of financial challenges—getting through school, launching a career, starting a life and paying down student loan debt, to name a few. The standard advice is to save at least three to six months' worth of expenses in an emergency fund. The reality: $5,400 is the median checking and savings balance and $20,540 is the average for people under age 35.

Savings From Ages 35 to 44

Average transaction account balance: $41,540
Median transaction account balance: $7,500

Your mid-30s to mid-40s are often building years. Your career is underway. You may have purchased a home and started a family. As you take on additional responsibility, good financial habits, excellent credit and strong savings have an added value. Between ages 35 and 44, the average transaction account balance is $41,540 and the median is $7,500.

Savings From Ages 45 to 54

Average transaction account balance: $71,130
Median transaction account balance: $8,700

The years between 45 and 54 can be peak earning years. According to U.S. Bureau of Labor Statistics data, median wages for workers ages 45 to 54 are higher than for other age groups at $1,435 per week (or $74,672 per year). Transaction account balances are at or near the peak for this age group as well at a median of $8,700 and an average of $71,130.

Savings From Ages 55 to 64

Average transaction account balance: $72,520
Median transaction account balance: $8,000

People ages 55 to 64 may be adjusting to an empty nest, launching encore careers, finally getting the job recognition they deserve, starting to map out retirement moves, receiving inheritances and thinking about living on less. They have an average transaction account balance of $72,520 and a median balance of $8,000, not including retirement funds, CDs and investment accounts.

Learn more: How to Open a Savings Account

How Much to Save by Age

The amount you should have saved by any given age is individual. That said, the investment firm Fidelity offers guidelines to help retirement savers better understand how much they might want to have saved for retirement by age 30, 40, 50, 60 and retirement age, 67. Here's how much Fidelity suggests aiming for on each milestone birthday:

• Age 30: One times your salary
• Age 40: Three times your salary
• Age 50: Six times your salary
• Age 60: Eight times your salary
• Age 67: 10 times your salary

Of course, these are only guidelines. Your individual retirement needs will depend on your housing costs, lifestyle, Social Security benefits, medical expenses, lifespan and more. Still, these suggestions can give you a quick read on your progress toward retirement. If you're about to celebrate your 30th birthday and you have a year's salary in your 401(k), cut yourself an extra slice of cake.

Learn more: How Much Will You Save in Retirement?

How to Save More Money

Create a savings strategy if you want to increase your savings consistently over time. Regularly setting aside a portion of your income and making a plan for retirement contributions, emergency savings, special purpose "sinking" funds and tax-advantaged savings for college or health care help keep multiple savings goals on track.

Need an additional boost? Here are a few extra tips.

1. Get a Handle on Spending

Make a budget, track your spending and look for ways to reduce your expenses, both right now and over the long term. For example, consider putting half of your annual bonus into a CD for safekeeping, or cancel an unwanted subscription and send the payment amount to savings every month.

2. Automate Your Savings

Pay yourself first: Setting up your bank accounts to make automatic transfers to savings every month (or every paycheck) makes saving effortless and helps increase the chances that you'll save consistently. And since out of sight is often out of mind, you may never miss the money.

3. Pay Down Debt

Monthly debt payments cut into your spending and your ability to save. As part of your savings program, pay down high-interest credit card debt, which can grow quickly through interest charges alone. Paying off car loans, personal loans or student loans also frees up money you can route directly to savings.

4. Mind Your APYs

The interest rate you earn on your savings can make a huge difference over time. As of April 2026, the difference between the annual percentage yield (APY) of a typical savings account and a top high-yield savings account can be greater than 3.5%. If you have $10,000 in savings, a 3.5% difference in APY equals roughly $358 in additional interest per year. Compounded over five years, a 3.5% higher interest rate could earn you $1,949.

Learn more: Simple Ways to Save Money

5. Evolve as You Go

You might start out needing to learn how to use a budgeting app and develop a savings habit. But, as you go through life, new challenges emerge: saving for major purchases, planning for retirement or making the most of increased income. Be ready to acquire new skills and shift priorities. Along the way, you may find working with a financial advisor to be helpful so you don't have to learn everything the hard way.

Learn more: How to Find a Financial Advisor

Where to Keep Your Savings

Three good savings options to consider are high-yield savings accounts, money market accounts and certificates of deposit (CDs). All three offer higher APYs than regular savings accounts, and each has its own pros and cons.

• High-yield savings accounts: These work just like regular savings, only they pay substantially higher interest. As of this writing, high-yield savings accounts are advertising rates 10 times higher than the average savings account APY of 0.38%, according to FDIC data. High-yield savings accounts are often offered through online banks.
• Money market accounts: Money market accounts also pay higher interest than traditional savings accounts. They typically come with a debit card or checkbook so you can make a limited number of payments, which makes them convenient for accounts you want to use for spending and saving.
• Certificates of deposit: Unlike a savings or money market account, a CD has a defined term. At the end of the term, your CD closes and you roll your money into a new CD or move it elsewhere. If you need to withdraw money before the term is up, you may forfeit a portion of your interest.

You don't necessarily have to choose a single option: You can have more than one savings account. In fact, multiple accounts may be a good idea, especially as your savings—and savings goals—grow.

Learn more: Current Average Savings Interest Rates

Frequently Asked Questions

The Bottom Line

Are Americans saving enough? The Fed's findings aren't conclusive. Although average transaction account balances were relatively high, median balances seemed to fall below the standard recommendation for emergency savings.

A more important question is whether you're saving enough. While it's interesting to consider average savings, only you can determine whether your savings, retirement and investment accounts are growing and thriving as they should be. If you want to improve your financial position, make it a priority. Increasing your savings, budgeting, paying down debt and monitoring your credit are all excellent actions to take, regardless of your age or how much you have saved.