how much the average american has in savings

money saved in saving accounts in the United States as of August 2020. It was found that approximately 34 percent of Americans had less. 529 plans offer parents tax advantages that can help their savings grow faster. The average amount saved in 529s has nearly doubled since 2016. They're also less likely to have money set aside. More than half (53%) of 22- to 29-year-olds had no money saved in a savings account or an.

How much the average american has in savings -

When Americans Reach $100k in Savings

There was a statistic going around that said 1 in 6 millennials have at least $100,000 saved. The reactions were mostly confusion and indignation. They were along the lines of, “I don’t know a single millennial with $1,000, much less $100,000.” Or, “Maybe $100,000 of debt, amirite.”

Is 1 in 6 such an impossible statistic? Short answer: No.

Like most things with data, it’s about numbers and definitions.

Let me explain.

The 1 in 6 figure comes from a report (pdf) commissioned by Bank of America in 2017. They defined a millennial as someone who was 23 to 37 years old. This is slightly older than the more standard definition set by the Pew Research Center: born from 1981 to 1996, or 21 to 36 during the survey year.

I don’t have access to the Bank of America survey, but the Survey of Consumer Finances (SCF) from the Federal Reserve Board provides more detailed information. I calculated the +$100k percentages for millennials using both millennial definitions:

When looking at only transaction accounts, such as checking and savings, the 1 in 6 figure, or 17%, seems high.

More than $100k in…Age 21 to 36 (Pew)23 to 37 (BofA)
All Transaction Accounts1.2%1.8%

The older ages for the BofA definition pushes the percentages up, but none are close to 17 percent.

Although, the report never defines “savings.” It reads like money in a savings account, but maybe they also mean other sources, like a retirement account, stocks, and bonds. When you have that much money, I think most people don’t just leave it laying around in a low-interest bank account.

Here’s what you get when you include other assets:

When looking at all assets, the percentages rise a lot.

More than $100k in…Age 21 to 36 (Pew)23 to 37 (BofA)
Financial Assets7.5%9.8%
All Assets35.1%39.9%

Remember that a house counts as an asset, and based on the SCF, almost 40 percent of millennials have over $100,000 in assets.

However, with that house usually comes debt. Factor that into the equation and you get net worth:

Factor in debt, and you get the 17% we’ve been looking for.

More than $100k in…Age 21 to 36 (Pew)23 to 37 (BofA)
Net Worth17.7%20.4%

So there you go. That 1 in 6 figure doesn’t seem that crazy, depending on what you define as “savings” and “millennial.” Again, the SCF is at the household level, so I suspect the 20 percent with a +$100k net worth under the BofA definition would be closer to 17 percent if I had data at the individual level.

All the Age Groups

Okay, maybe a net worth of more than $100,000 still seems a little out there. But I think there are two main factors here to consider.

First, 1 in 6 is about 17 percent. That’s a small fraction of millennials. The remaining 83 percent do not have $100,000. That’s high. If there’s an 83 percent chance it’s going to rain, you bring an umbrella.

Second, the definition of millennial is a wide age range. It includes people still in school and just out of college, up to people who have been working for more than 15 years.

So looking at savings for just millennials is not so useful.

It’s a lot more useful to look at the data linearly. The charts that follow show assets, debt, and net worth by age group, in five-year increments instead of using a dumb age classification.

But eventually less debt…

This includes all financial and non-financial assets.

This includes mortgages, lines of credit, credit card debt, and loans.

After the big home purchase, the journey to zero debt begins.


This includes all financial and non-financial assets.

The journey to zero debt.

This includes mortgages, lines of credit, credit card debt, and loans.




As you’d expect, assets and debt are lower at younger ages. As you get older, you make larger purchases, accrue more debt, and then slowly pay it off.

Here’s median net worth by age group, which shows a similar trend:

Subtract debt from assets, and you get net worth.

By late 40s, more households have at least a $100,000 net worth than those who do not.


Subtract debt from assets, and you get net worth.



The drop around retirement age is interesting. I wonder if that’s noise or real. I’ll have to look into that later. It seems to make sense though.

Finally, let’s go back to where we started. Here are the percentages of people with at least $100,000 in net worth, by age group (not just millennials):

Net worth tops out in the later years.




By your 40s, it’s more common to have a net worth of more than $100,000 than not. Net worth tops out in the later years, as debt is (hopefully) paid off and the value of investments and a house (hopefully) rises.

So is 1 in 6 an impossible statistic? No, but it depends on your definitions — of everything. Be careful in your analysis. Be careful in your interpretations.


  • The data comes from the 2016 Survey of Consumer Finances. I originally downloaded the microdata via the Federal Reserve Board, but then I quickly thought better and grabbed a subset via the UC Berkeley-hosted Survey Documentation and Analysis extraction tool.
  • While reading definitions, I was reminded that I’m a millennial. I felt young again for a moment, but then I remembered that the millennial classification is dumb.
  • I made the charts in R.

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What’s the Average American Savings Rate?

If your savings account has a zero balance, you’re not alone.

Twenty percent of Americans aren’t saving at all, a Bankrate study found, while only 39% of Americans would be able to cover a $1,000 unexpected expense with their savings account. Find out how you stack up to the average American savings rate, why we aren’t saving money, and what you can do to pad your savings account.

What’s the Average Savings Rate?

So how much should you be putting away in your savings account, based on your income? Experts suggest a savings rate of about 10 percent of your disposable income. It can fluctuate, however, depending on other factors such as your job stability, your fixed expenses, your lifestyle, and your debt-to-income ratio.

Among those that are saving, the average household in the U.S. has $183,200 in savings and retirement accounts, while the median household had about $12,330 tucked away in the same types of accounts, according to data from MagnifyMoney.

If the average number seems high to you, consider the fact that top earners put away much more cash in savings than lower earners, which skews the average number upward. Alternately, the median number is a much more accurate representation of the average American savings rate, since it lies at the true midpoint of the varying amounts Americans have in savings.

While the numbers above show that some Americans are saving, not everyone is. 29 percent of households in the U.S. have 6+ months of savings, while 22 percent had less than three months of living expenses put away. Keep in mind that your emergency fund should cover at least six months of living expenses.

Why Aren’t Americans Saving?

So why aren’t most Americans saving money, despite an economy on the upswing? Some financial experts chalk it up to a lack of prioritization. After all, if you don’t stick to a budget and earmark funds to funnel into savings each month, it’s unlikely that you’ll end up saving anything.

Low income is another major factor in the lack of saving habits for many Americans. In fact, nearly 35 percent say its the single reason why they don’t put away more money. Others who aren’t saving say they aren’t sure how to get started, or what type of account or financial product to use to effectively save. The increasing cost of healthcare and the high cost of college tuition are other potential culprits of our saving shortfall.

How to Boost Your Bank Account

So what can you do to get started saving? First, set up a monthly budget with a line item for savings. As the old adage goes, pay yourself first. While you may not be able to swing the suggested 10 percent of your disposable income at first, put away what you can, and use that number as a financial goal to work toward.

Educate yourself on the best tools and accounts used for savings. While a savings account is great, there are many other savings vehicles you can utilize to make the most of your money.

Talk to your financial advisor to choose the best option for you, whether it’s a traditional savings account, an HSA, a CD, a money market account, or a mutual fund. And if you decide to stick with putting your funds in a savings account, choose a savings account with a higher interest rate.

If saving money simply isn’t possible based on your current salary and living expenses, then it’s time to reassess your financial situation. Consider going back to school to finding a higher-paying job, getting a side gig, or adopting a bare-bones budget.

You should also consider cooking meals at home to save money, cutting back on your holiday gift list this year, or shopping at bulk stores to save even more cash. You could also cut back on monthly bills by getting rid of cable, looking for a more cost-effective cell phone plan, or installing solar panels.

Sure, padding your savings account isn’t the most exciting or glamorous way to spend your money. But it’s one of the best financial decisions you can make.


40% of Americans don’t have $400 in the bank for emergency expenses: Federal Reserve

Almost 40% of American adults wouldn’t be able to cover a $400 emergency with cash, savings or a credit-card charge that they could quickly pay off, a Federal Reserve survey finds.

About 27% of those surveyed would need to borrow the money or sell something to come up with the $400 and an additional 12% would not be able to cover it at all, according to the Federal Reserve's 2018 report on the economic well-being of U.S. households released on Thursday.

In addition, 12% of adults said they wouldn't be able to pay their current monthly bills if faced with the unexpected $400 expense, the survey found.

The 2018 resultss are very similar to those from the Federal Reserve's 2017 survey.

Overall, the number of people who said they are able to handle unexpected expenses is on the rise since the Federal Reserve began the survey in 2013.

However, 17% of adults in the U.S. said they are not able to fully pay off all of their current month’s bills.

Meanwhile, medical costs yielded other hurdles.

One in five adults had major, unexpected medical bills to pay last year, and one in four skipped necessary medical care in 2018 because they couldn't afford it, the survey revealed


College Savings Statistics

Last Updated: October 13, 2021 by Melanie Hanson

Report Highlights. As the cost of a college education increases so too is the amount of money parents are saving for college – nearly $2,118 more in the last 5 years.

  • Americans on average want to save $57,981 for their child’s college expenses.
  • On average, parents saved $5,143 last year for their kid’s college.
  • 30% of saving accounts are 529 plans – the largest majority.
  • On average, Americans have saved $28,679 in their 529 accounts.

General Statistics

Americans generally put only 40% of their college savings into a college specific savings account. The amount of savings parents put into their child’s college account highly depends on income level as well as race. Only a minority of families that save for college speak to their child about cost-reduction strategies.

  • On average, parents save $5,143 annually for their kid’s college.
  • 39% of parents have talked with their child about how cost may affect which college they can afford.
  • 26% of parents have discussed whether their child will live at home or at school based on the cost of the college.
  • 86% of families use parental savings accounts to help pay for college.
  • 49% of families use student savings accounts to help pay for college.

Parental Saving Statistics

As the main driving force behind college savings, nearly 2/3rds of parents who expect their child to attend college are saving or creating plans to cover the costs. Parents do not typically consult financial experts on how to save for college. As a result, parents may overestimate how much of the cost they can actually cover.

  • 64% of parents are either saving, planning or doing both for college.
  • 36% of parents are neither planning nor saving.
  • 69% of families will not use retirement savings for college.
  • 21% of families will use retirement savings if needed.
  • Americans seek to save $55,342 on average for their child’s college expenses.
  • On average, parents expect to pay roughly 30% of their child’s college expenses.
  • On average, parents actually pay 10% of their child’s college expenses.

529 Plans

Also known as Qualified Tuition Programs, 529 Plans derive their name from section 529 of the IRS tax code. Each state except Wyoming has its own iteration of the 529 Plan. There are two types of 529 Plans – savings plans and prepaid tuition plans.

  • There are 14.83 million 529 accounts in the nation.
  • Those 14.83 million accounts amount to $425.2 billion.
  • On average, Americans have saved $28,679 in their 529 accounts.
  • There are 7,607 private accounts associated with national college 529 Plans.
  • The 7,607 accounts amount to $410.6 million.
  • 38% of parents were aware of 529 plans.
  • Consequently, 54% of parents were unaware of 529 plans.
StateNumber of 529 AccountsTotal Cash Amount
Washington D.C.33,576$960,120,044
New Hampshire790,730$22,693,053,661
New Jersey249,592$6,530,571,417
New Mexico115,522$2,597,172,466
New York1,190,498$42,171,642,412
North Carolina155,589$3,257,418,007
North Dakota46,437$610,874,194
Rhode Island190,962$5,299,336,179
South Carolina199,142$5,246,724,067
South Dakota26,875$1,021,940,928
West Virginia116,713$3,074,151,795

Other Savings Accounts

For this section, the type of education savings account being referred to is a Coverdell account. Another account used for college savings is an IRA – this stands for investment retirement account. Traditionally used for retirement, IRA’s can also be used for college savings. Traditional savings accounts are also used for college savings, they offer the most flexibility with how the funds can be used – they need not be spent strictly for educational expenses.

  • Coverdell ESA assets have invested $7 billion in mutual funds.
  • In 2013, 6% of individuals between the ages of 25-55 made unpenalized early withdrawals from their IRA’s – higher education was cited as a reason for early withdrawals.
  • The 6% of individuals between the ages of 25-55′ withdrew roughly $20 billion.
  • Americans on average save $226 annually in CD accounts for college.
  • Americans on average save $99 annually in cryptocurrency for college.
  • Americans save on average $1,008 a year in general savings accounts for their child’s college.
  • Parents save $411 annually in investment accounts.

Racial Saving Statistics

This dataset covers statistics for White, Black, and Hispanic populations. On average, White families have more money saved up for college followed by Black families and then Hispanic families.

  • 31% of White families’ college saving funds are in 529 accounts.
  • 17% of Black families’ college saving funds are in 529 accounts.
  • 17% of Hispanic families’ college saving funds are in 529 accounts.
  • White families seek to save $55,124 for college.
  • Black families seek to save $56,541 for college.
  • Hispanic families seek to save $41,204 for college.
  • White families save on average $6,211 annually for college.
  • Black families save on average $4,079 annually for college.
  • Hispanic families save on average $3,930 annually for college.
RaceConfidentNot Confident

Savings by Family Education Level

In general, the higher the parents’ education level, the more they will save for their child’s future college expenses. Education level also affected how much parents think they need to save to secure their child’s college expenses.

  • Parents without a college degree predominantly invest in pre-paid plans – roughly 26%.
  • Parents with an Associate’s degree mostly invest in 529 plans – 13% of them.
  • Parents with a Bachelor’s degree mostly invest in 529 plans – 38% of them.
  • Without a degree, families seek to save $35,984 for their kids’ college.
  • With an Associate’s degree, families seek to save $32,091 for their kids’ college.
  • With a Bachelor’s degree, families seek to save $74,767 for their kids’ college.
  • Parents without a college degree save $4,338 annually.
  • Parents with an Associate’s degree save $5,499 annually.
  • Parents with a Bachelor’s degree save $6,978 annually.
Education LevelConfidentNot Confident
No Degree41%59%
Associate’s Degree44%56%
Bachelor’s Degree66%44%

College Saving Strategies

Some families implement strategies in order to save on the cost of college. The most popular strategy is to save money – which 75% of Americans implement.

  • 22% of families plan to pay for college using life insurance.
  • 14% of families plan to pay for college by finishing off their mortgage and freeing their income towards college expenses.
  • 7% of families plan for their child to be employed with the college their child goes to.
  • 14% of American families plan to save for college by limiting their choices to the most affordable colleges.
  • 23% plan to save using research grants.
  • 31% plan to save by budgeting the money they currently have.
  • 4% expect to save money by applying for scholarships.


  1. Federal Reserve: Saving for College and Section 529 Plans
  2. College Savings Plan Network: 529 Plan Data
  3. FedFinancial Federal Credit Union: How Much Should I Save For College Calculator?’
  4. EdChoice: Education Savings Accounts (ESAs)
  5. Urban Institute: Understanding College Affordability, Covering Expenses, Savings’
  6. Congressional Research Service Report, Individual Retirement Account (IRA) Ownership: Data and Policy Issues
  7. Financial Industry Regulatory Authority (FINRA): ESAs and Custodial Accounts
  8. Sallie Mae 2020: How America Pays for College
  9. Sallie Mae 2018: How America Saves for College

Survey: 69% of Americans Have Less Than $1,000 in Savings

Banking / Savings Account

Sad multiethnic men surfing internet on phones in pub instead of communicating.

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Despite a strong economy, a majority of Americans seem to be struggling to save money, according to GOBankingRates’ sixth annual savings survey.

Since 2014, GOBankingRates has polled Americans to find out how much they have in a savings account. This year, GOBankingRates asked adults from across the U.S. six questions to learn about their savings habits and what obstacles are keeping them from saving more. The results show that, compared with previous year’s findings, there’s a growing percentage of people with little to no savings. In 2019, 69% of respondents said they have less than $1,000 in a savings account compared with 58% in 2018.

“It’s puzzling to me that if the economy is doing so well and that we’re so close to full employment, that consumer confidence is up … that we haven’t seen the numbers move much in people’s ability to save,” said Bruce McClary, spokesman for the National Foundation for Credit Counseling, which conducts an annual financial literacy survey.

Key Findings

  • Almost half of respondents — 45% — said they have $0 in a savings account. Another 24% said they have less than $1,000 in savings.
  • The top reason respondents said they weren’t saving more was because they were living paycheck to paycheck. Nearly 33% said this obstacle was keeping them from saving, and about 20% said a high cost of living prevented them from saving more.
  • The No. 1 thing respondents said they need to save more money was a higher salary. About 38% said having a bigger paycheck would help them save more, while 18% said lowering their debt would make it easier to set aside cash.
  • The most common place where those with savings put their cash is in a savings account. Although 33% of respondents said they take advantage of a savings account to store their cash, 29% said they don’t have any savings.

Nearly 70% of Americans Have Less Than $1,000 in a Savings Account

The survey found that setting aside money seemed to be harder for Americans in 2019. In 2017, 57% of respondents said they had less than $1,000 in savings. That percentage edged up slightly to 58% in 2018.

This year, it shot up to 69%. Included in that figure are the 45% of respondents who have absolutely nothing in a savings account. The percentage of respondents with $0 in savings hasn’t been that high since 2014, when GOBankingRates conducted its first savings survey.

“I find it very troubling that people can’t come up with $1,000 in a savings account to cover expenses without borrowing money,” McClary said. In fact, having $1,000 in savings wouldn’t create enough of a cushion to cover many emergency expenses. That amount would just be “the starting point in the journey for achieving financial security — it shouldn’t be the final goal,” McClary said.

How Much Money Do You Have in Your Savings Account?
Demographic$0Less than $1,000$1,000-$4,999$5,000-$9,999$10,000-$19,999$20,000-$49,999$50,000 or more
Ages 18-2441.13%26.24%14.18%6.38%5.67%2.13%4.26%
Ages 25-3450%21.15%14.42%3.85%5.77%1.92%2.88%
Ages 35-4440.91%29.09%12.73%3.64%5.45%1.82%6.36%
Ages 45-5453.29%20.39%9.87%5.92%2.63%2.63%5.26%
Ages 55-6440.24%26.22%13.41%3.05%7.32%3.66%6.10%

Women and middle-aged adults appear to be having the most trouble saving money. The survey found that 51% of women versus 38% of men have $0 in a savings account. And 53% of respondents ages 45 to 54 have no savings — the highest percentage of any age group.

A Quarter of Americans Are Focused on Retirement Savings

In addition to finding out how much (or how little) Americans have in savings, the survey sought to explore why people are saving. When asked what they are primarily saving for in 2020, 26% of respondents said “retirement” — making it the top savings goal.

Older adults were much more likely to be saving for retirement than younger respondents — with 74% of respondents ages 55 and older saying they were primarily saving for retirement. Men were slightly more likely than women to be saving for retirement — 28% versus 23%.

Boosting retirement savings is a great goal. But it can be risky to build a nest egg without first creating an emergency fund, McClary said. Without cash for unexpected expenses, people end up raiding their retirement accounts — which is a big mistake because you have to pay an early withdrawal penalty and taxes on the amount you take out of a retirement account such as a 401(k) or IRA, he said.

The survey found that 19% of respondents are saving for an emergency fund, making it the second-most popular savings goal after retirement. The survey also found that Americans are more likely to be saving for a vacation than for a car, home or an education.

Cost of Living Is Keeping Americans Down

One of the top reasons respondents said they aren’t saving more is because the cost of living is high where they are. It seems to be more of a problem this year, with 20% of respondents saying cost of living was an obstacle to saving compared with 18% in 2018.

“[Cost of living] is a legitimate obstacle for people in parts of the country,” McClary said. As the cost of living rises in many cities, people’s budgets are getting tighter and tighter, leaving them with less cash to set aside for savings.

However, the biggest obstacle to saving is living paycheck to paycheck. Nearly 33% of respondents said this was preventing them from saving more — up slightly from 31% in 2018.

Adults ages 35 to 44 were the most likely — at 40% — to say that living paycheck to paycheck was keeping them from saving more. And women were much more likely than men to be facing this obstacle — 38% versus 27%.

What Obstacle(s) Are Keeping You From Saving More Money?
I’m living paycheck to paycheck38.31%26.70%
I’m unemployed23.39%24.43%
The cost of living is high in my area18.71%20.91%
I have too much debt14.92%17.63%
I forget to put money into savings6.24%7.81%
I don’t know how to budget7.35%10.08%
My savings account earns a low interest rate9.58%14.11%
Note: Respondents could select multiple answers.

Living paycheck to paycheck is a symptom of a bigger problem, McClary said. “It often is the result of an individual who doesn’t have a spending plan and they’re not tracking what they spend, they’re not tracking their income. Because of that, things often fall off the rails.”

Simply taking the time to sit down and put together a budget can often help people break the cycle of living paycheck to paycheck, McClary said. Although the survey found that 9% of respondents said not knowing how to budget was keeping them from saving more, there might be a much higher percentage of people who aren’t using a budget to help them reduce spending and save more. The National Foundation for Credit Counseling’s 2019 Financial Literacy Survey found that less than half of Americans said they have a budget and keep close track of how much they spend.

Americans Need Higher Salaries to Save More

Considering that living paycheck to paycheck was named the top obstacle to saving, it’s not surprising that the top thing respondents said they needed to save more money was a higher salary. About 38% of respondents said that having a bigger paycheck would allow them to save more.

It is somewhat surprising, though, that younger adults weren’t most likely to say they needed a higher salary to save more. In fact, adults ages 35 to 44 and ages 55 to 64 were most likely — with 44% of both groups — to say that earning more would help them save more. An equal percentage of men and women — about 38% — said having a higher salary would allow them to save more.

Lowering debt was the second-most common thing respondents said they would need in order to save more — with about 18% choosing this option. Although respondents said a high cost of living was one of the top obstacles to saving more, only 9% said moving to an area with a lower cost of living was the No. 1 thing that would help them.

What Is the No. 1 Thing That You Need in Order To Save More Money?
A better savings account with a higher interest rate5.57%8.56%
A higher salary38.53%38.04%
Someone to help me3.12%4.28%
To have access to a savings account2.90%4.53%
To learn better budgeting skills9.35%6.05%
To lower my debt16.04%19.65%
To move to an area with a lower cost of living9.13%8.56%

Americans Prefer Savings Accounts, but Many Don’t Have Any Savings

The survey found that respondents who are saving are most likely to store their money in a savings account versus a money market account, CD account, non-interest or interest-bearing checking account, or physical piggy bank or safe. About 33% of respondents said most of their savings are in a savings account. However, an almost equal percentage of respondents — 29% — said they don’t have any savings.

A savings account can be a good place to store emergency funds because the money is easily accessible. But it’s not a place to put retirement savings because interest rates on savings accounts are relatively low. For long-term savings, accounts such as a 401(k) and IRA are better because of the tax benefits they offer. They also allow you to invest in stocks or stock mutual funds, which tend to offer a higher rate of return than traditional savings accounts.

How Americans Can Save More

Although the survey found that Americans believe they’re facing a variety of obstacles to saving, McClary said there are simple steps people can take to set aside more and improve their financial security.

Find motivation to save. Knowing that you need to save and being motivated to save are two different things. So if you need encouragement to save, consider the consequences of not saving, McClary said. “What would happen if you don’t fix the issue of an empty savings account?” he said. If you think about the problems and what will happen if you don’t do something now, that paints a pretty ugly scene. That can be motivating to do something quickly.”

Make saving a priority. You shouldn’t wait until the end of the month to see how much cash you have left over to put in savings. Instead, you should create a budget and include savings at the top of the list of essential expenses. To determine how much you can set aside, add up the expenses you must pay and determine what nonessential expenses you can cut to make more room in your budget to save. That doesn’t mean you have to cut out everything you enjoy, McClary said. Look for free and cheap alternatives. Also, look for ways to lower your monthly bills by comparing rates from other service providers or negotiating with your current providers.

Automate savings. To ensure that you save money, ask your human resources department at work to deposit part of each paycheck directly into a savings account. “That set-it-and-forget-it guarantees success for even the worst savers,” McClary said.

Find someone to hold you accountable. “Being held accountable to your goals is not something everyone can do for themselves,” McClary said. “The chances for success are improved when you bring positive support and encouragement from others around you.” Share your savings goals with a friend or family member, or enlist the help of a professional. The National Foundation for Credit Counseling has member agencies in all 50 states where you can sit down and work out a budget for free, McClary said. You can find a member agency in your area at

Stop worrying about failing. A big reason people don’t bother to budget and set savings goals is because they’re afraid of failure, McClary said. But not trying guarantees failure. Instead of worrying about making mistakes, accept that it’s OK to stumble every now and then on your way to reaching your financial goals, he said. Just make a commitment to learning from those mistakes.

Methodology: GOBankingRates surveyed 846 Americans ages 18 and older between Nov. 25-26, 2019, asking six different questions: 1) How much money do you have in your savings account?; 2) What are you primarily saving for in 2020?; 3) What obstacle(s) are keeping you from saving more money? Select all that apply; 4) What is the No. 1 thing that you need in order to save more money?; 5) What is your annual income (before taxes are subtracted)?; and 6) Where do you store most of your savings? GOBankingRates used Survata’s survey platform to conduct the poll.

About the Author

Cameron Huddleston is an award-winning journalist with more than 18 years of experience writing about personal finance. Her work has appeared in Kiplinger’s Personal Finance, Business Insider, Chicago Tribune, Fortune, MSN, USA Today and many more print and online publications. She also is the author of Mom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances.U.S. News & World Report named her one of the top personal finance experts to follow on Twitter, and AOL Daily Finance named her one of the top 20 personal finance influencers to follow on Twitter. She has appeared on CNBC, CNN, MSNBC and “Fox & Friends” and has been a guest on ABC News Radio, Wall Street Journal Radio, NPR, WTOP in Washington, D.C., KGO in San Francisco and other personal finance radio shows nationwide. She also has been interviewed and quoted as an expert in The New York Times, Chicago Tribune, Forbes, MarketWatch and more.She has an MA in economic journalism from American University and BA in journalism and Russian studies from Washington & Lee University.

how much the average american has in savings

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