Average Savings by Age Group: How Do You Compare?

Curious how your finances compare to others? Most of us are.

That’s because most of us don’t think we’re saving enough — and 45% of us don’t think we’ll even have enough to comfortably retire, according to a survey by Bankrate. Plus, a lot of what we see on social media tends to exaggerate wealth. No wonder so many of us feel like we’re falling behind!

But you may not be as far behind as you think. If you want to see where you really fall in comparison to other Americans, we’ve gathered info on median net worth, bank account balances, and stock holdings by age. 

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Average Finances By Age

Every three years, the Federal Reserve produces the Survey of Consumer Finances (SCF), which surveys a wide sample of households in the United States, asking detailed questions about their finances. 

The survey questions are related to household finances, but households can include individuals or families, and people of widely different ages. Plus, the survey respondent may or may not be the primary earner. 

So, take the results with a grain of salt and don’t get too panicked if you’re not in line with your age group.

The SCF provides the mean (average) and median (mid-point) for several financial factors, including: 

• Net worth
• Transaction accounts (checking and savings accounts)
• Home value
• Mortgage debt
• Student debt
• Stock accounts 

When you’re dealing with statistics, it’s important to look at the broader picture. For example, the households with the median number of stock accounts are unlikely to also be the households with the median number of transaction accounts. 

So, unfortunately, you cannot simply add up all the different factors to get a picture of the typical American household. 

Even more importantly, most of the reported statistics (other than net worth) describe only households that have positive values of that asset class. That means, for example, the median reported stock account value is only for those with stock holdings — and doesn’t consider how many households don’t have stock.

Also, when you’re comparing your finances to others, remember that your circumstances may vary considerably from other households.

You may be a single-income earner while other households have dual incomes. Or you may be in a lower-cost-of-living state. Or you may be at the younger end of the age range and need more working years to gain wealth. 

All that said, below are the medians for each age group in the following categories: 

• Savings (in a bank account)
• Net worth (your assets minus debt)
• Total assets (everything without subtracting your debt)

Note: We’ve used the medians from the SCF, as it’s a more accurate representation than averages (means), since some households may have very large amounts of wealth, which can skew the numbers.

Age Group	Savings	Net Worth	Total Assets
Under 35	$5,400	$39,000	$71,000
35-44	$7,500	$135,000	$310,000
45-54	$8,700	$246,000	$427,000
55-64	$8,000	$364,000	$473,000
65-74	$13,400	$410,000	$474,000
75 or older	$10,000	$334,000	$382,000

Average savings for adults under 35

For under 35s, the median household has a net worth of $39,000 and $5,400 in savings (for those who have bank accounts). 

However, they have $71,000 worth of total assets if you don’t subtract any debts. These assets include checking and savings accounts, stock accounts and mutual funds, and housing equity (meaning how much they own of their home). 

Keep in mind that average net worth is very skewed, as some households have extreme amounts. This is why we’re using the median rather than the average (mean). The mean net worth of households under age 35 is $183,000 — a big difference from the median of $39,000! 

Some other facts about this age group:

• 98% have bank accounts 
• 54% have stock holdings
• Among those households with stock holdings, the median savings is $12,000 

Average savings for adults ages 35-44

For Americans aged 35 to 44, the median household has a net worth of $135,000 and $7,500 in savings (for those who have bank accounts).

However, they have $310,000 of total assets if you don’t subtract any debts. These assets include checking and savings accounts, stock accounts and mutual funds, and housing equity. 

Some other facts about this age group:

• The mean net worth is $548,000
• 64% have stock holdings
• Among those households with stock holdings, the median savings is $30,000 

Average savings for adults ages 45-54

This age group has a median net worth of $246,000 and $8,700 in savings (for those who have bank accounts). 

However, they have $427,000 of total assets if you don’t subtract any debts. These assets include checking and savings accounts, stock accounts and mutual funds, and housing equity.  

Some other facts about this age group:

• The mean net worth is $971,000
• 63% have stock holdings
• Among those households with stock holdings, the median savings is $69,000 

Average savings for adults ages 55-64

This age group has a median net worth of $364,000 and $8,000 in savings (for those who have bank accounts). 

However, they have $473,000 of total assets if you don’t subtract any debts. These assets include checking and savings accounts, stock accounts and mutual funds, and housing equity. 

Some other facts about this age group:

• The mean net worth is $1,564,000
• 59% have stock holdings
• Among those households with stock holdings, the median savings is $110,000 

Average savings for adults ages 65-74

This age group has a median net worth of $410,000 and $13,400 in savings (for those who have bank accounts). 

However, they have $474,000 of total assets if you don’t subtract any debts. These assets include checking and savings accounts, stock accounts and mutual funds, and housing equity. 

Some other facts about this age group:

• The mean net worth is $1,780,000
• 56% have stock holdings
• Among those households with stock holdings, the median savings is $160,000 

Average savings for adults ages 75 or older

This age group has a median net worth of $334,000 and $10,000 in savings (for those who have bank accounts). 

However, they have $382,000 of total assets if you don’t subtract any debts. These assets include checking and savings accounts, stock accounts and mutual funds, and housing equity. 

Some other facts about this age group:

• The mean net worth is $1,620,000
• 49% have stock holdings
• Among those households with stock holdings, the median savings is $120,000 

@erikakullberg Investing from 25 vs 35 – guess the difference 🤯😱 #erikataughtme #lawyer #investing ♬ original sound – Money Lawyer Erika

Do I Have Enough Savings for My Age? 

Savings goals are usually tied to a specific spending goal, like retirement, education, or a down payment on a home. But everyone has different savings and income, and so those goals may be dramatically different.

Which means you may be on track for retirement — possibly early retirement! — even if your current savings and net worth are below average for your age. 

To figure out your spending goals, create a budget and then determine how much you need to retire. If you have modest spending habits, you may be further on track for retirement than you realize! 

Are My Assets Appropriately Allocated? 

You may have assets spread across checking and savings accounts, stocks, mutual funds, crypto, and retirement accounts such as a 401(k) or an IRA. How do you know if your assets are appropriately distributed? 

First, money in transaction accounts should be heavily weighted toward high-yield savings accounts. These currently offer interest rates as high as 5% — compared to less than 1% in most checking accounts. 

Checking accounts should only have enough cash to pay immediate bills. Some banks, such as SoFi, allow you to keep all your transaction account dollars in your high-yield savings account and automatically transfer cash to your checking account for payments. 

Second, you’ll want to consider your risk tolerance. When you’re younger, you have a longer window to hold assets and can have a higher risk tolerance. As such, you will likely want to hold a greater share of your net worth in stocks and low-cost index funds. 

If you are closer to retirement, you might value holding onto your principal more than earning a high return, and have a lower risk tolerance. In this case, you’ll likely want to keep a greater share of assets in high-yield savings accounts, or possibly grow your equity in your primary residence. 

TL;DR

The median savings in the U.S. is anywhere from $5,000 to $10,000, depending on your age, according to data from the SCF. 

But remember that U.S. households are incredibly diverse, with differences in household sizes, generational wealth and opportunities, costs of living, and spending and retirement goals. These statistics can be taken as benchmarks, but can’t replace a personalized budget and financial plan.

For more financial info and advice, check out these related episodes of the Erika Taught Me podcast:

• Why the Rich Get Richer
• This Is Why You’re Feeling Burnt Out
• Shocking Revelations in the Gender Data Gap

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Disclosure: The author of this article worked at the Federal Reserve Board years ago and has partnered in research with the SCF team, including in a chapter of his PhD dissertation.

Many complex financial products are only held by the very wealthy, so the SCF oversamples high-net-worth households and then applies weights to respondents to approximate the U.S. population.