Almost anything can impact the average person’s account balance. The factors can range from age, to the type of family, to your job, so the key to having the best account balance possible is to know what category you fit under.
Below, we will go over the average account balances for Americans in multiple categories to help you figure out where you’re at in terms of your bank account.
The Average Account Balance by Age
To determine someone’s average account balance, the Federal Reserve looks at the following types of bank accounts:
- Checking
- Savings
- Money Market accounts
- Prepaid debit cards
With the information from the accounts listed above, the Federal Reserve can conclude that the average account balance for Americans is $40,200. Because this number can be influenced by higher earning individuals, the Federal Reserve has calculated a median account balance of the average American to be $4,500.
Average Balances by Age
| Age | Average Balance |
| Under 35 | $9,600 |
| 35-44 | $25,000 |
| 45-54 | $41,000 |
| 55-64 | $57,300 |
| 65-74 | $68,500 |
| Over 75 | $51,700 |
Median Balances by Age
| Age | Average Balance |
| Under 35 | $2,600 |
| 35-44 | $3,800 |
| 45-54 | $4,100 |
| 55-64 | $5,400 |
| 65-74 | $8,000 |
| Over 75 | $10,000 |
Average Bank Account Balance by Family
The average bank account balance will be affected by the type of family in the household. Factors such as children and age can come in to play. Here’s a breakdown of account balances by family type:
Average Balance
| Family Type | Average Balance |
| Single adults with children | $11,700 |
| Single adults with no children, under age 55 | $13,300 |
| Single adults with no children, over age 55 | $34,400 |
| Couples with children | $42,800 |
| Couples without children | $66,600 |
Median Balance
| Family Type | Average Balance |
| Single adults with children | $1,200 |
| Single adults with no children, under age 55 | $2,400 |
| Single adults with no children, over age 55 | $3,000 |
| Couples with children | $5,700 |
| Couples without children | $9,000 |
Balances by Occupation
As mentioned above, Americans that hold higher earning positions and jobs will have an easier time saving money due to their higher income. Here is some data regarding income:
- Americans who work in a managerial or professional position have an average bank account balance of $72,700, and a median balance of $11,000.
- Blue-collar workers in sales, technical, or services industries have an average bank account balance of $20,700 and a median balance of $3,000.
- Retirees have an average balance of $39,900 and a median bank account balance of $4,300.
Education Level
Another factor that affects a person’s average account balance would be their level education. The Federal Reserve surveyed Americans with different education levels to calculate the numbers. Here are the general results:
Average Balance
| Education Level | Average Balance |
| No high school diploma | $7,600 |
| High school diploma | $16,700 |
| Some college | $18,900 |
| Associate degree or higher | $86,100 |
Median Balances
| Education Level | Average Balance |
| No high school diploma | $900 |
| High school diploma | $2,100 |
| Some college | $3,500 |
| Associate degree or higher | $15,000 |
Frequently Asked Questions
How much should the average person have in savings?
The rule of thumb is you should try to save enough money to cover your expenses for 3-6 months. To help you accomplish this, you want to follow the 50/30/20 rule. This means spend 50% of your income on needs, 30% on things you want, and 20% into your savings.
How much money should I save before buying a house?
To start saving for a house, try to save at least 20% of the purchase price as a down payment, as well as 5% of the loan amount available for closing costs, real estate taxes, and homeowner’s insurance.
Although you must save for your house, try to still save for the extra 3-6 months of expenses as mentioned above. You can save an extra 3% of the home’s value to help pay for any maintenance and repair costs.
How much money should I save for retirement?
The general rule for saving for retirement is to save 8 times your salary by the time you hit 65 years old. The earlier you can start saving for your retirement, the closer you will be to this goal.
Are my savings insured?
The FDIC will insure your approved individual bank accounts up to $250,000 and joint accounts up to $500,000. If you want to save more than this amount, open additional accounts to extend the insurance.
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Bottom Line
To summarize what we went over in this post, try to create a savings plan as early as possible to prepare yourself for any expenses or plans you have in the future. Select a plan that will give you the best chances of achieving your financial goals.
The easiest way to start is to set a percentage of your income aside to start your savings on a good note. Check out our Bank Bonuses, Saving Rates and Credit Card Bonuses!
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