How Much Does The Average American Save?

Published on August 29th, 2017

Do you wonder how your savings habits compare to other people who use banking in Franklin Park? It is difficult to place a monetary value on how much the average American keeps in their bank account due to the wide discrepancy between high/low incomes and the vague description of “average.” However, there are studies to provide some insight about household saving practices:

American Saving Habits

In general, Americans are very poor savers. We are more apt to spend money as opposed to save it. In a 2017 report from the Organization for Economic Co-operation and Development (OECD), Americans have an average household savings rate of 5.2%. This is well below many other countries’ averages. For example, Germany’s household savings rate is 9.9%, and Switzerland’s is even higher with a 17.8% household savings rate. From this study and other observations, it is obvious that the American culture is more about spending than saving, but the question remains: how much does the average American save?

Average American Savings Account

In a report from Value Penguin in 2017, they give a median and an average value for what the typical American holds in their savings account. They explain that the median number is more accurate than the average number because the average number was skewed very high due to the high-income outliers. In the report, the median savings account had $5,200 in it. This was a result of over 6,000 weighted responses. The weighted average savings account balance was $33,700, but again, it is important to note that this number is skewed very high and not an accurate representation for most savings accounts.

How do your saving habits compare? For honest answers to questions about banking in Franklin Park, contact Leyden Credit Union. By banking in Franklin Park at Leyden Credit Union, you have a wide variety of services that can help guide you and your savings on the right path. Call Leyden Credit Union today at 847-445-8440 or contact us online.

Courtesy Of: OECD

 


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