Lifestyle
Average Savings by Age in America: Here’s How You Compare
By Jake Beardslee · October 9, 2025
Understanding the Data
The Federal Reserve’s Survey of Consumer Finances (SCF) offers insight into how much Americans typically have in savings across different age groups. The latest survey, conducted in 2022, includes balances from transaction accounts—checking, savings, prepaid debit cards, and money market or brokerage cash accounts. These figures provide a snapshot of liquid assets rather than long-term investments or retirement funds. Tima Miroshnichenko / Pexels
Federal Reserve Uses Median Savings to Reflect Typical American Finances
To avoid distortion from extreme outliers, the Federal Reserve uses median savings figures instead of mean averages, offering a more accurate reflection of what’s typical among Americans. Mikhail Nilov / Pexels
Under 35: Laying the Foundation
• Average transaction account balance: $20,540• Median savings average: $5,400
For those under 35—typically ages 21 to 35—this stage of life marks the beginning of financial independence. Most are entering the workforce, managing rent or mortgages, and often dealing with student loan debt. With entry-level wages and the pull of social and life experiences like travel and festivals, savings can be challenging. Financial advisors generally recommend saving enough to cover three to six months of expenses as an emergency fund, which forms the cornerstone of long-term stability. Mikhail Nilov / Pexels
Ages 35–44: Building Stability
• Average transaction account balance: $41,540• Median savings average: $7,500
By their mid-30s, many Americans have settled into careers, built stronger financial habits, and possibly started families or purchased homes. These are years of consolidation—establishing credit, growing assets, and setting long-term goals. Consistent saving during this period helps create a foundation for later financial security. Kaboompics.com / Pexels
Ages 45–54: Peak Earning Years
• Average transaction account balance: $71,130• Median savings average: $8,700
According to the U.S. Bureau of Labor Statistics, individuals in this age range are at their earning peak, making roughly $1,339 per week or about $69,628 annually. With higher incomes comes the opportunity to maximize savings and plan for retirement. However, this is also a key period for reflection—asking questions like, “Am I saving enough?” and “Are my investment choices sustainable for the future?” Anna Tarazevich / Pexels
Ages 55–64: Preparing for Retirement
• Average transaction account balance: $72,520• Median savings average: $8,000
In the years leading up to retirement, many Americans maintain similar savings balances to their early 50s. While some continue working, others begin easing into retirement or helping younger relatives financially, such as contributing to a child’s home deposit or tuition. This can limit further growth in personal savings. Marcus Aurelius / Pexels
