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How many Americans have $5000 in savings?

58% of Americans have less than $5,000 in savings. More specifically, 42% have less than $1,000 in savings, while another 20% have more than $50,000 in savings.

zippia.com - 19 American Savings Statistics [2022]: Average Personal ... - Zippia

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Research Summary: Whether you’re a home-owner, renting, or living with family members, nearly every American struggles with saving their hard-earned cash. In fact, debt has become a way of life for most of us, ensuring that our savings are eaten away by monthly payments. But, what is the average American savings? Luckily, we’ve investigated all of the essential facts about American savings, and according to our extensive research:

As of 2022, 42% of Americans have less than $1,000 in savings.

The average American savings account balance is $4,500 .

Between 1959-2022, the average U.S. savings rate has been 8.96% .

In total, gross personal savings in the U.S. is worth $2.3 trillion.

For further analysis, we broke down the data in the following ways:

Trends and Projections | Emergency Funds | Demographics | Retirement Savings

General American Savings Statistics

Clearly, saving isn’t easy for many Americans, but what does that mean on a broader scale? To understand the state of American savings in more detail, here are some general insights our research uncovered: The average American household savings is $41,600. However, this number is heavily skewed by a few with significantly more savings than the rest, as the median household savings is only a meagre of $5,300. A considerable 10% of Americans have no savings. That’s at least 25 million American adults who have no savings at all. And this trend has been made worse by the COVID-19 Pandemic, as a third of Americans say they’re worse off now than they were before 2020. 58% of Americans have less than $5,000 in savings. More specifically, 42% have less than $1,000 in savings, while another 20% have more than $50,000 in savings. This shows a clear divide between poorer and wealthier Americans. Average savings amount Share of Americans Less than $1,000 42% $1,000-$5,000 16% $5,000-$10,000 9% $10,000-$25,000 8% $25,000-$50,000 5% $50,000+ 20% 71% of Americans have a savings account. That leaves nearly a third of Americans with no savings account, and further, a majority of those who do have an account holds less than $5,000 in it.

American Savings Trends and Projections

American savings accounts were hit hard by the COVID-19 Pandemic, even with stimulus checks. However, as things slowly get back to normal, savings accounts may change as well. According to our research: As of June 2022, the household savings rate in the U.S. is 5.1%. From March 2022 through June, the current U.S. household savings rate has hovered between 5-5.5%, down significantly from an average of 16.3% in 2020 and 11.9% in 2021. In 2020, the household savings rate was the highest it’s been in over 60 years. Reaching 16.3% in 2020, the U.S. household savings rate was exceptionally high. The highest it’d reached before then was only 13.2% in 1970. On the other hand, the lowest point the U.S. household savings rate has ever reached was 3.6% in 2007. Year Average savings rate for U.S. households 2007 3.6% 2008 6.4% 2009 5.9% 2010 7.1% 2011 7.8% 2012 12% 2013 6.4% 2014 7.7% 2015 7.4% 2016 6.3% 2017 6.7% 2018 8.8% 2019 7.6% 2020 16.3% 2021 11.9% Since 2007, gross U.S. savings has grown over 5X larger. In 2007, gross U.S. savings totaled $353 billion. However, as of 2022, that number has grown to at least $2.3 trillion. Year Gross U.S. savings 2007 $353B 2008 $503B 2009 $640B 2010 $709B 2011 $806B 2012 $1.07T 2013 $766B 2014 $931B 2015 $1.03T 2016 $988B 2017 $1.07T 2018 $1.19T 2019 $1.24T 2020 $2.89T 2021 $2.27T

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American Savings Statistics by Emergency Funds

Being able to cover an emergency is one of the most important reasons to have savings. However, because many Americans don’t have savings or don’t have enough savings, emergencies often cause financial catastrophe. According to our research: The average emergency costs more than $1,000. For example, the average medical emergency in the U.S. costs between $1,000-$1,999, meaning that almost half of all Americans wouldn’t be able to afford a medical emergency. Only 28% of Americans could survive three months on their emergency savings. Another quarter (26%) say that though they have savings, they don’t believe they’d be able to survive for three months on it. 49% of Americans would not be able to cover a $400 emergency expense today. Nearly half of all Americans would face financial hardship if a $400 emergency happened today. That equates to anything from needing to replace your tires to taking your pet to the vet.

American Savings Statistics by Demographics

Many businesses in the transportation industry were hit hard by the COVID-19 pandemic, but we might be starting to see some signs of recovery. For instance, our research shows that: 50% of women have no retirement savings by age 55-66. That’s compared to 47% of men between 55-66 who also don’t have any retirement savings. The fact is that women struggle more than men in earning their retirement, and 80% of women live impoverished even when they retire. 62% of American women have less than $1,000 in savings. Women are 17% more likely than men to have less than $1,000 in their savings accounts. Americans under 35 only have an average of $3,240 in their savings accounts. That’s half that of those 55-64, who have an average of $6,400 in their savings accounts. At the very least, it’s good to know that American savings steadily increase over time. Age Median balance of accounts Younger than 35 $3,240 35-44 $4,710 45-54 $5,620 55-64 $6,400 65-74 $8,000 75+ $9,300

American Savings Statistics by Retirement Savings

As mentioned, saving for retirement can be a huge issue, especially for older women. To find out more about how well Americans are saving for retirement, here are the facts: 13% of Americans over 60 have no retirement savings. And this percentage is even worse for younger demographics, as 42% of Americans between 18-29 have no retirement savings. Age Share of those without retirement savings 18-29 42% 30-44 26% 45-59 17% 60+ 13% 21% of Americans don’t save any of their annual income. Most Americans don’t have a long-term savings plan, with 69% saving less than 10% of their income annually. Percentage of annual income saved Share of Americans None 21% Less than 5% 20% 6-10% 28% 11-15% 10% More than 15% 16%

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American Savings Statistics FAQ

How much does the average American have in savings? The average American has only $4,500 in savings. However, this doesn’t take into account the fact that 42% of Americans have less than $1,000 in savings, and 49% are unable to cover a $400 emergency expense if it were to happen today. How much does the average 35-year-old have in savings? The average 35-year-old in the U.S. has saved $13,000. However, this amount could be considered skewed by the few who save well over that amount. In reality, the median savings for those between 35-44 is $4,710. What is the 50-30-20 budget rule? The 50-30-20 budget rule is a budgeting plan where 50% of your income is spent on needs, 30% on wants, and 20% goes into your savings. This plan would put you well above the pack when it comes to savings, as only 16% of Americans save more than 15% of their annual income. For example, if you made $50,000 per year, this plan would allow you to save $10,000 in that same year.

Conclusion

Saving money is a crucial pathway toward your goals, but many Americans are finding it difficult. The fact is that 42% of Americans have less than $1,000 in savings, and 49% would not be able to cover a $400 emergency expense. This has led to many Americans being unable to afford retirement, with 13% of those over 60 having no retirement savings at all. And these trends were only exacerbated by the COVID-19 Pandemic. What’s more is that currently, Americans are saddled with increasing inflation and debt, which will only make our savings problems worse. However, the best way you can save money is by implementing a financial plan, changing jobs, or working to pay off your debts. Something as simple as the 50-30-20 budget rule can go a long way.

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