The average bank account balance can be based on a series of many factors. Your average account balance is generally affected by your age, your family, your job, and many other criteria. While it is important to know which categories you fit under, don’t be too shocked if you aren’t reaching the average.
Everyone comes at different levels of income and comes from different circumstances. If you are interested, be sure to keep reading to learn more about which category you fit under and how you compare with most other Americans.
The Average Account Balance by Age
The Federal Reserve looks at all the following accounts to determine the average account balance of the nation :
- Checking
- Savings
- Money Market accounts
- Prepaid debit cards
Federal Reserve has confirmed that the average account balance for Americans is $40,200. Due to the fact that the average can be skewed by a few high earning people, the Federal Reserve has calculated a median account balance of the average American to be $4,500.
Balances by Age
Age | Average Balance | Median Balance |
Under 35 | $9,600 | $2,600 |
35-44 | $25,000 | $3,800 |
45-54 | $41,000 | $4,100 |
55-64 | $57,300 | $2,400 |
65-74 | $68,500 | $8,000 |
Over 75 | $51,700 | $10,000 |
Average Bank Account Balance by Family
The average bank account balance is affected by the family. Having children can have a large impact on how much more your family can save because they are providing for more people.
Balances by Family Type
Family Type | Average Balance | Median Balance |
Single adults with children | $11,700 | $1,200 |
Single adults with no children, under age 55 | $13,300 | $2,400 |
Single adults with no children, over age 55 | $34,400 | $3,000 |
Couples with children | $42,800 | $5,700 |
Couples without children | $66,600 | $9,000 |
Balances by Occupation
Making more money makes it easier to contribute more to their savings. Here are the average balances for those in the workforce and those who have retired.
- Americans who work in a managerial or professional position have :
- Average bank account balance of $72,700
- Median balance of $11,000.
- Blue-collar workers in sales, technical, or services industries have :
- Average bank account balance of $20,700
- Median balance of $3,000.
- Retirees have :
- Average balance of $39,900
- Median bank account balance of $4,300.
Education Level
Typically a person’s education level affects the kind of income that they make. The more educated, generally the higher job prospects they have to earn more money. Here are the figures for the average balances.
Balance
Education Level | Average Balance | Median Balance |
No high school diploma | $7,600 | $900 |
High school diploma | $16,700 | $2,100 |
Some college | $18,900 | $3,500 |
Associate degree or higher | $86,100 | $15,000 |
Frequently Asked Questions
How much should the average person have in savings?
The rule of thumb is you should try to save enough money to cover your expenses for 3-6 months. To help you accomplish this, you want to follow the 50/30/20 rule. This means spend 50% of your income on needs, 30% on things you want, and 20% into your savings.
How much money should I save before buying a house?
To start saving for a house, try to save at least 20% of the purchase price as a down payment, as well as 5% of the loan amount available for closing costs, real estate taxes, and homeowner’s insurance.
Although you must save for your house, try to still save for the extra 3-6 months of expenses as mentioned above. You can save an extra 3% of the home’s value to help pay for any maintenance and repair costs.
How much money should I save for retirement?
The general rule for saving for retirement is to save 8 times your salary by the time you hit 65 years old. The earlier you can start saving for your retirement, the closer you will be to this goal.
Are my savings insured?
The FDIC will insure your approved individual bank accounts up to $250,000 and joint accounts up to $500,000. If you want to save more than this amount, open additional accounts to extend the insurance.
Author’s Verdict
At the end of the day, your balance is determined by your particular set of circumstances. Be sure that you have enough to cover your needs and have enough to save for the future as well! At BankCheckingSavings, we have all these guides for you to be able to manage your money better! We strive to create content that will help our readers achieve their financial dream.
In addition, we have a list of bank promotions to get some extra cash in your pockets today. You may also want to check out savings accounts if you want to get started on saving up money.