Here’s How Much Money Americans Save Broken Out By Household Type

NEW YORK–The typical American household has an average of $8,863 in an account at a bank or credit union, according to a recent report from Bankrate.

American Savings

The report analyzed inflation-adjusted data from the Federal Reserve and only reflects funds in liquid savings, excluding retirement funds or other investments.

However, that amount varies greatly by age and household type.

According to Bankrate (www.bankrate.com), it found savings amounts break down this way:

Age 34 and younger
  • Singles with children: $1,350
  • Singles with no children: $2,729
  • Couples with children: $3,682
  • Couples with no children: $4,727
Ages 35 to 44
  • Singles with children: $2,422
  • Singles with no children: $3,693
  • Couples with children: $10,399
  • Couples with no children: $5,306
Ages 45 to 54
  • Singles with children: $4,163
  • Singles with no children: $5,763
  • Couples with children: $15,589
  • Couples with no children: $11,483

Ages 55 to 64

  • Singles with children: $6,911
  • Singles with no children: $6,786
  • Couples with children: $17,587
  • Couples with no children: $15,722
Ages 65 to 74
  • Singles with children: $6,652
  • Singles with no children: $7,292
  • Couples with children: $13,164
  • Couples with no children: $15,297
Age 75 or older
  • Singles with children: $6,909
  • Singles with no children: $9,981
  • Couples with children: $8,967
  • Couples with no children: $16,025

“The ultimate destination should be enough to cover six months' expenses, perhaps nine to 12 months for sole breadwinners or self-employed individuals," Greg McBride, CFA and chief financial analyst for Bankrate.com, says in the report.

Section: Standard
Word Count: 471
Copyright Holder: CUToday.info
Copyright Year: 2019
Is Based On:
URL: http://www.cutoday.info/Fresh-Today/Here-s-How-Much-Money-Americans-Save-Broken-Out-By-Household-Type