Why Knowing Your Savings Benchmark Matters
Understanding average savings by age can help you measure your own financial progress and set realistic goals for the future.
The Federal Reserve’s Latest Findings
The most recent national data shows that Americans’ savings vary widely, with many people behind on building emergency funds and retirement accounts.
What Counts As Savings In The Data
Savings include transaction accounts such as checking, savings, money market accounts, and prepaid debit cards, along with some investment-linked accounts.
Savings For Adults Under 35
Americans under 35 hold a median of about $5,400 in transaction accounts, reflecting early career stages, student loan debt, and limited time to build wealth.
Savings Benchmarks For Your 30s
By your 30s, income often grows, and employers may contribute to retirement plans. Automating savings at this stage helps build momentum toward long-term goals.
What To Aim For In Your 40s
Those between 35 and 44 have a median of about $7,500 in liquid accounts. This is often when careers stabilize and family planning adds motivation to save more.
Strategies To Boost Savings If You’re Behind
Review your budget, reduce nonessential spending, and schedule automatic transfers to savings. Even small, regular contributions add up over time.
Use High-Yield Accounts To Grow Faster
Switching to a high-yield savings account can help maximize interest earnings. Certificates of deposit or money market accounts may work for longer-term goals.
Windfalls Can Help Strengthen Savings
Birthday money, tax refunds, or bonuses are opportunities to boost your emergency fund or long-term savings without impacting monthly cash flow.
Staying On Track Matters More Than Perfection
Even if you’re behind, focusing on steady saving and smarter account choices can help you catch up and reach your financial goals over time.