Infographic: Savings: Quarter of Americans Have Few, One in 10 Have None (2024)

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Personal Savings in the U.S.

Americans today are lacking crucial savings needed for managing short-term emergencies and building long-term wealth. According to a rolling representative online survey among U.S. adults by YouGov, 27 percent of Americans had some savings below $1,000 as of May 2023, while 12 percent said they had no savings at all.

This is about as many people as those who volunteered to give answers about the status of their savings and had more than $1,000 in the bank. 18 percent said their saving were at least $1000 but under $10,000, while 11 percent each had $10,000 to $49,999 and $50,000 or more saved up. A substantial share of respondents - 17 percent - preferred not to answer.

The survey also found that U.S. women were much less likely to have (substantial) savings. Women's wages are lower on average than men's due to less pay for the same work, more work in low-paying or part-time positions and due to the so-called motherhood penalty - the missed wage increases and promotions women experience because they take more time off for child rearing. Additionally, women in the U.S. have higher student loan debt on average, also affecting savings negatively.

Married Americans were most likely to have big savings in the U.S., with 10 percent of them having put away $100,000 or more, compared to just 6 percent of widowed, 4 percent of partnered and 3 percent of single Americans. According to the Institute for Family Studies, the higher wealth of married Americans is due to a correlation of high education status and stable marriages. These marriages among the highly educated are also more likely to include two earners, which again increases the likelihood of big savings.

In the OECD, Americans saved the 7th highest amounts of money but had only the 15th highest savings rate in 2020. This shows that Americans, who have the highest disposable incomes in the OECD, are simply not saving as much of them as people in other developed nations despite opportunity to do so. Since the pandemic, U.S. savings rates have dropped even more.

Infographic: Savings: Quarter of Americans Have Few, One in 10 Have None (1)

Katharina Buchholz

Data Journalist

Infographic: Savings: Quarter of Americans Have Few, One in 10 Have None (2)

Infographic: Savings: Quarter of Americans Have Few, One in 10 Have None (3)


This chart shows U.S. respondents' answer to the question, "How much, if anything, do you have saved at the moment in all of your savings accounts?"


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Personal savings as a percentage of disposable income in the U.S. 1960-2023
Monthly personal savings as a share of disposable income in the U.S. 2015-2024
Personal savings in the U.S. 1960-2023
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Infographic: Savings: Quarter of Americans Have Few, One in 10 Have None (25)

Infographic: Savings: Quarter of Americans Have Few, One in 10 Have None (2024)


What percentage of Americans have nothing in savings? ›

Also, nearly one in four (22 percent) U.S. adults said they have no emergency savings. Despite economic challenges, the percentage remains relatively unchanged year-over-year. In 2022, 23 percent of Americans had no emergency savings.

How many Americans have $10 000 in savings? ›

Majority of Americans Have Less Than $1K in Their Savings Now
How Much Do Americans Have in Their Savings Accounts?
4 more rows
Mar 27, 2023

How much does an average American have in savings? ›

In terms of savings accounts specifically, you'll likely find different estimates from different sources. The average American has $65,100 in savings — excluding retirement assets — according to Northwestern Mutual's 2023 Planning & Progress Study. That's a 5% increase over the $62,000 reported in 2022.

What do Americans have less than in savings? ›

According to a recent survey by GOBankingRates, nearly half of Americans have less than $500 in savings — and almost 60% of Americans have less than $1,000 saved up.

What percent of Americans don't have $1000 in savings? ›

A stunning new Bankrate survey of 1,030 individuals finds that more than half of American adults (56%) lack sufficient savings to shoulder an unexpected $1,000 expense.

What percentage of Americans don t have $1,000 dollars in savings? ›

Fewer than half of Americans, 44%, say they can afford to pay a $1,000 emergency expense from their savings, according to Bankrate's survey of more than 1,000 respondents conducted in December. That is up from 43% in 2023, yet level when compared to 2022.

How many Americans have at least $100000 in savings? ›

Most American households have at least $1,000 in checking or savings accounts. But only about 12% have more than $100,000 in checking and savings.

How many Americans have $20,000 in savings? ›

Other answers revealed that 15 percent had between $1,000 to $5,000, 10 percent with savings of $5,000 to $10,000, 13 percent boasted $10,000 to $20,000 of cash in their bank accounts while 20 percent had more than $20,000.

How much does the average 60 year old have saved for retirement? ›

So, the average savings is the number at which half of all money saved is above this amount and half of all money saved is below it. According to the Federal Reserve, households between the ages of 55 and 64 have the following median assets: Retirement Accounts – $185,000. Other Financial Assets – $67,700.

How much does the average 70 year old American have in savings? ›

How much does the average 70-year-old have in savings? Just shy of $500,000, according to the Federal Reserve. The better question, however, may be whether that's enough for a 70-year-old to live on in retirement so that you can align your budget accordingly.

How many Americans have $100 in savings? ›

GOBankingRates recently surveyed 1,000 Americans ages 18 and older to learn more about their banking practices and found that 36% have no more than $100 in their savings account. In a similar study conducted in late 2022, 33% of Americans responded they had $100 or less in savings.

How much money does the average American have in checking account? ›

Here is the median and average checking account balances in the US, for Americans who have checking accounts: Median: $2,900. Average (Mean): $9,132.

How much does the average American have in a 401k? ›

Average and median 401(k) balances by age
Age rangeAverage balanceMedian balance
2 more rows
Mar 13, 2024

Is $100 000 in the bank good? ›

When your savings reaches $100,000, that's a milestone worth marking. In a world where 57% of Americans can't cover an unexpected $1,000 expense, having a six-figure savings account is commendable.

Is $20,000 a good amount of savings? ›

Having $20,000 in a savings account is a good starting point if you want to create a sizable emergency fund. When the occasional rainy day comes along, you'll be financially prepared for it. Of course, $20,000 may only go so far if you find yourself in an extreme situation.

Do 30% of Americans have no savings? ›

If you've got nothing saved for retirement, you're not alone. Nearly 30% of Americans have $0 saved for retirement, per recent data from personal finance website GOBankingRates. Another 33% have less than $50,000 saved.

What percentage of Americans actually save money? ›

About 29% of respondents have between $501 and $5,000 in their savings accounts, while the remaining 21% of Americans have $5,001 or more. Few hold much cash in their checking accounts as well. Of those surveyed, 60% report having $500 or less in their checking accounts, while only about 12% have $2,001 or more.

Do most people have no savings? ›

Generation X has 1 in 5 people (19%) with no savings at all, the highest across the generations. Baby boomers are not far behind, as 18% of this group has no savings. Meanwhile, 15% of millennials, 14% of generation Z and 7% of the silent generation do not have any savings.

What percentage of Americans have over $100000 in savings? ›

Most American households have at least $1,000 in checking or savings accounts. But only about 12% have more than $100,000 in checking and savings.


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