Average Savings by Age in 2026

Average savings by age: the short version

If you searched for average savings by age, start with the definition. The Federal Reserve's best official age table is not a pure savings account table. It is a transaction-account table, which includes checking accounts, savings accounts, money market accounts, call accounts, and prepaid cards.

That is still the right starting point because it measures liquid money households can usually reach quickly. In the 2022 Survey of Consumer Finances, the median U.S. family had $8,000 in transaction accounts, while the mean was $62,410. The mean is much higher because a smaller group of high-balance households pulls it up.

By age, the median ranged from $5,400 for families with a reference person under 35 to $13,400 for ages 65 to 74. The average ranged from $20,536 under age 35 to $100,249 for ages 65 to 74. Use this page as a source-first reference for savings by age statistics, not as a rule for what your own account must look like.

What average savings means in this data

The phrase average savings sounds simple, but official data sources do not all measure the same thing.

The Federal Reserve SCF transaction-account figure is the best cash-like balance benchmark by age. It includes checking and savings, which matters because many households keep bill money and emergency money in the same bank relationship. The Census SIPP tables use a related but different category called assets at financial institutions. It includes checking accounts, other interest-earning accounts, and similar bank or credit union assets.

For readers, the practical takeaway is this: use the Fed table for the core average savings by age benchmark, use Census for 2023 state and asset-ownership context, and use Federal Reserve SHED data for emergency readiness. If you want a place to keep cash separate from bill money, compare savings accounts and checking accounts as different tools.

Average savings by age in Federal Reserve data

The main age pattern is clear. Liquid balances tend to rise through working life, peak around the late 60s and early 70s, then fall for the oldest group. That pattern makes sense because older households often have more accumulated assets, but they may also begin drawing cash down for living expenses, healthcare, gifts, or estate planning.

The under-35 group had a median of $5,400 and a mean of $20,536. The 65 to 74 group had a median of $13,400 and a mean of $100,249. Both statements are true. They just describe different points in a very uneven distribution.

Historical trend: liquid balances rose after 2010

The historical Fed table shows a steady rise in transaction-account balances from 2010 to 2022. The median moved from $3,500 in 2010 to $8,000 in 2022. The mean moved from $32,251 to $62,410.

This does not mean every household became comfortable. It means the national cash-balance benchmark rose during a period that included a long expansion, a pandemic-era fiscal shock, temporary saving surges, asset-price growth, and then inflation pressure.

Median savings US: Fed vs. Census definitions

Median savings US figures shift when the dataset changes. The 2023 Census SIPP table puts median assets at financial institutions at $10,080 across households, with $3,000 in checking accounts and $7,700 in other interest-earning accounts. The Census category is not identical to the Fed SCF transaction-account category, but it is useful because it is newer and includes state tables.

The age pattern looks similar. Census reports median assets at financial institutions of $7,085 for householders under 35 and $15,000 for householders 65 and older. The mean again sits much higher, which tells the same story as the Fed data: averages are skewed.

Emergency savings by age

Cash balances and emergency readiness are related, but they are not the same thing. A household can have money in the bank and still not have three months of expenses set aside. Another household may have a modest balance but very low fixed expenses.

The Federal Reserve SHED survey gives a clean emergency-readiness view. In 2025, 55% of adults said they had three months of emergency savings. The age split is sharp: 37% of adults ages 18 to 29 had three months saved, compared with 71% of adults age 60 or older.

State-by-state comparison

There is no official state-by-state Federal Reserve table for average savings by age. The best current state comparison comes from Census SIPP financial-institution assets. It is not age-specific, but it does show how much state medians differ.

Hawaii had the highest median assets at financial institutions in the 2023 Census table at $37,050. Massachusetts and Maryland followed at $22,700 and $22,000. At the low end, Mississippi was $2,500, Arkansas was $3,000, Louisiana was $3,320, and Alabama was $3,643.

Income, education, and race gaps

Age is visible, but income and education explain a lot of the savings gap. In the Fed SCF, families in the bottom income quintile had a median transaction-account balance of $900 in 2022. Families in the top 10% had a median of $111,600.

The Federal Reserve SHED emergency-savings table shows a similar split. In 2025, 21% of adults with less than a high school degree had three months of emergency savings, compared with 72% of adults with a bachelor's degree or more. Race and ethnicity gaps were also large: 38% of Black adults and 43% of Hispanic adults had three months saved, compared with 61% of White adults and 68% of Asian adults.

Banking access and why some households have no savings account

Savings data can hide households that are outside the banking system. The FDIC found that 4.2% of U.S. households, about 5.6 million households, were unbanked in 2023. Another 14.2%, or 19.0 million households, were underbanked.

This matters because an average balance table only describes people who have the account category in the first place. If minimum balances, fees, distrust, or irregular income keep a household away from mainstream accounts, the savings problem starts before the amount saved. For account shopping, fees and minimums matter as much as APY. Our money-saving tips guide is useful only after the account setup is realistic.

Consumer behavior and attitudes

The 2025 SHED numbers say the emergency cushion improved from the 2022 dip, but it did not return to the 2021 high. Three months of emergency savings stood at 59% in 2021, 54% in 2022, 54% in 2023, 55% in 2024, and 55% in 2025.

The $400 emergency measure tells a similar story. Overall, 63% of adults could cover a $400 emergency expense with cash or equivalent in 2025. Older adults were much more prepared than younger adults. This is why a personal finance guide should start with cash flow before it gets into investing. A 401(k) plan is important, but retirement money does not replace cash for next Thursday's car repair.

Forecasts for the next one to three years

Near-term savings trends will probably depend on three things: wage growth, inflation, and whether households can rebuild after drawing down cash. The BEA reported a 3.0% personal saving rate in May 2026, with personal saving at $704.2 billion. That is a national flow measure, not an account-balance measure, but it tells us how much room households had after spending and taxes in that month.

The OECD projected U.S. real GDP growth of 1.7% in 2026 and 1.9% in 2027 in its December 2025 outlook. Slower growth does not automatically mean lower savings, but it can make raises, job switching, and cash rebuilding harder for younger households.

Our base case: emergency-savings readiness stays stuck near the mid-50s share of adults unless wage growth beats household costs for several quarters. The oldest age groups should remain strongest. The under-45 groups are the ones to watch.

Methodology and source notes

This page prioritizes official and primary-source data. The Federal Reserve SCF is the main source for average and median transaction-account balances by age. The Federal Reserve SHED data is used for emergency savings and $400 expense readiness. The Census SIPP wealth tables provide newer 2023 financial-institution asset, account-ownership, and state-level context. BEA provides the current personal saving rate. FDIC provides banking-access context.

Do not mix these datasets without labeling them. SCF transaction accounts are not dedicated savings accounts only. Census assets at financial institutions are not identical to the SCF category. SHED emergency savings is a survey response about ability to cover expenses, not an account balance.

Figures are rounded as the source presents them or to the nearest dollar when converting thousands of dollars from the SCF tables. We did not use competitor comparison sites as sources.