AdvisorSmith Finds the Average Savings Account Balance in the U.S
The average bank account balance varies widely based upon other factors such as income, age, race and ethnicity, education, and employment status
The bank account balances in the analysis included checking, savings, and money market accounts held by American households.
AdvisorSmith used data provided by the Federal Reserve Board's Survey of Consumer Finances to find the average savings balance. This survey examines the family finances of a representative group of approximately 6,500 randomly selected families.
The data set, which reflects data up to 2019, which is the most recently reported year. The survey is conducted every three years by the Federal Reserve Board.
AdvisorSmith examined some of the survey responses from U.S. households from various demographics. The responses included the mean and median household bank account balances from amounts held in checking, savings, money market, and other cash-equivalent accounts. They also examined the mean and median by income, age, race and ethnicity, education, and employment status.
From their research, AdvisorSmith found that the average bank account varies widely based upon various factors.
Nationally, American households had an average bank account balance of $41,600, and the median bank account balance is $5,300.
The study found that American's in the age group 65-74 had the highest savings balance with an average bank account balance of $60,410.
The study also found that self-employed Americans had the highest account balances. The average bank account balance for self-employed people is $99,700, and the median bank account balance is $14,000.
To view the complete study and all averages, visit https://advisorsmith.com/
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