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Shocking Look At Average Vs. Median Household Savings

By Kurt Osterberg · On August 27, 2018

I have been on a rampage about average vs median income. Here’s a report about average vs median savings.

Magnify Money asks How Much Does the Average American Have in Savings?

The question is irrelevant. The story is how unprepared the median person is prepared for retirement. On that score, the article does explain.

Stats

The average American household has $175,510 worth of savings in bank accounts and retirement savings accounts as of June 2018.

The median American household currently holds about $11,700 across these same types of accounts.

The top 1% of households (as measured by income) have an average of $2,495,930 in these various saving accounts. The bottom 20% have an average of $8,720.

Roughly 83% of savings are in located in retirement accounts like IRAs and workplace-sponsored retirement savings plans like 401(k)s.

Millennials, who have just started their savings journey, have currently socked away an average of $24,820. Gen Xers have $125,560 in retirement savings. Baby boomers and those born before 1946 have an average of $274,910.

29% of households have less than $1,000 in savings.

Point number 2 is the most relevant point. 50% of household have less than $11,700 in savings.

Averages Lie