Average amount Americans have in savings, according to their age

Have you ever wondered how much you should have saved in relation to your age? Have you also ever wondered what other people's savings accounts look like — be it your friends, family, colleagues or neighbours? Well, now you can. Kind of, anyway. Because the Federal Reserve's Survey of Consumer Finances (SCF) has an average savings balance study, where you can cross-reference the typical amount Americans have by age (Picture: Getty Images)

The numbers come from the most recent study, conducted in 2022. Be mindful that your financial situation may not be the same as other people's. While some can stash the same amount of cash away each month, others can only afford to do it on an ad hoc basis. The bottom line? Saving in any capacity is still good financial practice. With that, let's find out how much money four US age groups have in their savings on average, and how you fare in comparison (Picture: Getty Images)

How have these figures been calculated?

The Federal Reserve looks at transaction accounts, including checking, savings, prepaid debit cards, and money market and brokerage cash accounts. Granted, not all of these accounts hold money specifically designated for saving. However, they do represent how much cash an individual has at any given time. The figures don't include retirement funds, CDS, and investment accounts. For savings, median figures have also been used over mean averages. This reduces the impact of people with incredibly high or low savings accounts to give a fairer reflection of what's really going on around you (Picture: Getty Images)

Under 35

• Average transaction account balance: $20,540
• Median savings average: $5,400

When we say under 35, we typically mean between 21 and 35, as this is when most people enter the world of work and start earning their own money. During this time, there are a few financial barriers that can compromise your saving habits. This includes beginning to pay off student debt, rent, launching a career (meaning you'll likely be on an entry-level wage, usually working your way up in your 20s), and generally just enjoying life experiences. This could include booking holidays with friends, or going to festivals, etc. In this age bracket, the standard advice is to save an emergency fund worth at least three to six months' of expenses (Picture: Getty Images)

35-44

• Average transaction account balance: $41,540
• Median savings average: $7,500

Around the age of 35, you'll likely have your career sorted and be earning a decent wage. Your salary will hopefully have allowed you to purchase a home, and during these 10 years, you might have started a family. These more 'responsible' years will hopefully have set you in good stead financially, building strong monetary habits, from having a good credit score to a decent amount of savings (Picture: Getty Images/Image Source)

45-54

• Average transaction account balance: $71,130
• Median savings average: $8,700

As per the U.S. Bureau of Labor Statistics, median wages for employees in this age bracket average around $1,339 per week and $69,628 per year. This makes people between 45 and 54 the highest age group earners. You'll likely have learned how to capitalise on your earning potential, setting aside as much of your income as you can for retirement. Even though you seem to have it sorted, you should still be thinking about your retirement, asking yourself questions such as: 'Am I saving enough?' and 'Are the investment choices I'mmaking wise, and right for me?' (Picture: Getty Images)

55-64

• Average transaction account balance: $72,520
• Median savings average: $8,000

Interestingly, the numbers don't really change dramatically in this age bracket. The earlier years will likely still be working, but looking towards retirement, while the latter years will be looking to give up work (or already done so). Either way, the entire bracket will have started to think about living on less and potentially slowing down. They also may have gifted money to younger family members for help with things like house deposits or children, hence the lack of significant increase (Picture: Getty Images)