Feeling like no one ever calls you anymore? Try skipping your credit card payments! 🤠📲 Your phone will be ringing off the hook with new friends from all over the country. Follow us for more top tips! 🙃
That was obviously a joke, don’t do that. While we’re talking pals, ever wonder how much your fellow Americans have in their bank accounts? 🐖 Check out these stats and see how you stack up.
Here’s Five Fast Facts on how much Americans have saved:
- 💵 Accountability - According to recent Fed data, the average American household has about $8,000 sitting in transaction accounts (AKA checking, savings, money market). At the same time, a recent Bankrate survey reported 46% of U.S. adults have enough in their emergency funds to cover three months of expenses.
- 📈 Debt-y Downer - Debt continues to put a big damper on Americans’ plans to save more. The Bankrate survey revealed that over 33% of U.S. adults have more credit card debt than money in their emergency fund. That’s down from last year’s 36%, but still noteworthy.
- 👴🏻 Oldie But Goodie - How much you have in your piggy bank depends on a lot of factors, one being age. Older folks tend to have higher median account balances than young people, simply because they’ve had more time to get it together. Younger people are also more likely to have student loan debt.
- 🤓 Smarty Pants - Another factor? Your education level (the higher the degree, the bigger the balance). Those with some college education had a median balance of $5,200 while those with a bachelor’s degree came in at $23,700.
- 💰 Goal Digger - So, how much *should* we save? Experts advise people to put away roughly 20% of their income across accounts. To come up with custom savings goals, take a close look at your monthly expenses. Go through them with a fine-toothed comb to identify frivolous spending and hidden opportunities to save more.
🔥Bottom line: Don’t have as much saved as you would like? You’re not alone. If you can’t save anything right now, keep your chin up and take things day by day. Different generations have different outlooks when it comes to managing money. Learn all about them in this article!
What’s your current savings goal?
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