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Savings by age: bank account balances
The best official source on household savings is the Federal Reserve’s Survey of Consumer Finances (SCF), run every three years. “Savings” here means transaction accounts: checking, savings, money market and similar cash accounts.
The newest survey covers 2025 and was released on October 9, 2026. Its published report does not yet break bank balances out by age, so the table below uses the 2022 survey, the most recent with that detail.
| Age of family head | Median balance | Mean balance |
|---|---|---|
| Under 35 | $5,400 | $20,540 |
| 35-44 | $7,500 | $41,540 |
| 45-54 | $8,700 | $71,130 |
| 55-64 | $8,000 | $72,520 |
| 65-74 | $13,400 | $100,250 |
| 75 and older | $10,000 | $82,800 |
| All families, 2025 | $8,200 | $62,900 |
Sources: Federal Reserve SCF 2022 by age (2022 dollars), via Bankrate, Jun 2026; 2025 totals from the Federal Reserve’s Oct 2026 report.
Two things stand out. First, the median is far below the mean at every age, because a small number of families hold very large balances. Second, cash balances do not climb much with age. Families tend to move long-term money into retirement accounts, homes and investments instead.
Across all families, the median bank balance slipped from $8,800 in 2022 to $8,200 in 2025, and the mean fell from $68,400 to $62,900, both in 2025 dollars. Almost every family (98.7%) has at least one such account.
Retirement savings by age
Retirement accounts are where most long-term saving happens. In 2025, 54.9% of families had a retirement account, and among them the median balance was $106,000 and the mean $451,100.
The Fed also reports average retirement savings by age for families who have an IRA or a defined contribution plan such as a 401(k).
| Age of family head | Average retirement savings, 2025 | 2022 |
|---|---|---|
| Under 35 | $48,400 | $53,800 |
| 35-44 | $182,400 | $154,800 |
| 45-54 | $415,800 | $342,700 |
| 55-64 | $670,200 | $588,500 |
Source: Federal Reserve, Changes in U.S. Family Finances from 2022 to 2025, Oct 2026. Figures in 2025 dollars, families with account-type plans only.
Balances rose for every group except the youngest. These are means, so the typical saver in each group has less.
Net worth by age
Net worth is everything a family owns (cash, investments, home equity, retirement accounts) minus what it owes. It gives a fuller picture than savings alone.
| Age of family head | Median net worth, 2025 | Mean net worth, 2025 |
|---|---|---|
| Under 35 | $33,000 | $135,400 |
| 35-44 | $155,600 | $681,900 |
| 45-54 | $253,700 | $1,244,500 |
| 55-64 | $411,900 | $1,878,000 |
| 65-74 | $431,300 | $1,897,600 |
| 75 and older | $504,900 | $1,962,200 |
Source: Federal Reserve SCF 2025, published Oct 2026.
The overall median net worth was $215,900 in 2025, up 2% from 2022 after inflation. Families under 35 were the exception: their median fell from $42,700 to $33,000.
Savings compared with income
Savings make more sense next to what families earn. Median family income in 2025 rose through middle age and then fell in retirement.
| Age of family head | Median income, 2025 |
|---|---|
| Under 35 | $67,800 |
| 35-44 | $97,000 |
| 45-54 | $108,900 |
| 55-64 | $92,400 |
| 65-74 | $69,400 |
| 75 and older | $66,800 |
Source: Federal Reserve SCF 2025, published Oct 2026.
Set against these incomes, typical bank balances are small. For families under 35, a median balance of $5,400 (2022) is roughly one month of a $67,800 income (our calculation, mixing the 2022 balance with 2025 income, so treat it as a rough guide). That is why many savers focus on building a cash cushion before anything else.
How many people have an emergency cushion
Balances tell only part of the story. Other surveys look at whether people can handle a surprise bill:
- 63% of adults said they would cover a $400 emergency expense with cash or its equivalent in 2025, the same as in 2024 (Federal Reserve).
- 46% of adults have enough emergency savings to cover three months of expenses, and 24% have none (Bankrate).
- 29% have more credit card debt than emergency savings (Bankrate).
If you are behind, the fix is the same at any age: start with a small cash cushion, then build toward three to six months of expenses. Our emergency fund calculator gives you a target based on your own bills.
How to grow your savings faster
- Earn more on the cash you already have. Top high-yield accounts pay far more than a typical big-bank savings account. Compare options in our guide to CD vs high-yield savings.
- Automate a fixed amount each payday. The 50/30/20 budget calculator suggests how much of your take-home pay can go to savings.
- Save separately for known big bills. Car repairs, holidays and insurance premiums are easier to pay in cash when you set money aside monthly. See our guide to sinking funds.
- Capture any employer match. If your workplace plan matches contributions, that money goes straight into the retirement numbers above.
Compare yourself with the median, not the mean, and with your own progress from last year. That is a fairer benchmark than any national average.
This article is general information, not financial advice.
See how we research every number on our method page, or browse more saving and investing guides.
Common questions
How much does the average 30-year-old have in savings?
In the Fed's 2022 survey, families headed by someone under 35 had a median of $5,400 in transaction accounts and a mean of $20,540. The mean is much higher because a few large balances pull it up.
Is the average or the median a better number?
The median is usually more useful. It is the middle family, so a handful of very wealthy households do not skew it. In 2025 the median transaction account balance was $8,200, while the mean was $62,900.
How much should I have in savings?
A common target is three to six months of essential expenses in an emergency fund. Bankrate's survey found only 46% of US adults had enough to cover three months. Our emergency fund calculator can give you a personal number.
When will the 2025 savings-by-age figures be available?
The Fed released the 2025 Survey of Consumer Finances on October 9, 2026. The published report gives net worth and income by age but not bank balances by age, so the latest by-age balances are still from the 2022 survey.
Sources
Every number above comes from these pages. We list the date each page showed when we checked it.
- Federal Reserve, Changes in U.S. Family Finances from 2022 to 2025
- Federal Reserve, Press release on the 2025 Survey of Consumer Finances
- Bankrate, Average Savings Account Balance
- Federal Reserve, Economic Well-Being of U.S. Households in 2025 (press release)
Estimates are for general information only. Get written quotes from licensed local pros before you decide.
- Passed Level II of the CFA® Program
- Canadian Securities Course (CSC)
- Conduct and Practices Handbook (CPH)
Sepehr Parsa is a financial planner and the founder and editor of DollarMap. He has passed Level II of the CFA Program and completed the Canadian Securities Course (CSC) and the Conduct and Practices Handbook (CPH) course. He writes and edits our guides on cars, home repairs, budgeting, saving and investing, and checks that every number has a source.
“In a slowing economy, a budget is what keeps you afloat.”
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