American Savings Statistics: How Much Should You Have in Your Savings Account?

Americans are having an increasingly tough time squirrelling money away. For many, debt is a way of life. Others are simply living paycheck to paycheck, or are highly dependent on welfare.

The data shows that Millennials start saving for their retirement earlier than previous generations. But they still end up with less money than what people their age had 10 or 20 years ago.

Experts recommend having twice your annual salary in savings by the age of 40. However, the statistics reveal that all age groups are falling short of their benchmarks.

Key US Savings Statistics for 2025 - Editor’s Choice

• 39% of women and 33% of men in the US have less than $100 in personal savings.
• 17% of Americans in 2025 have enough saved to cover for a year of living expenses.
• 73% of people in the US are saving less due to inflation.
• Saving money is a top priority for 81% of Americans in 2025.
• 42% of citizens do not have an emergency savings fund in 2025.

The personal savings rate in the US was 4.4% in 2024.

(Statista)

The percentage has increased from 2% in 2022, but is stil below the historic averages seen in pre-2020s.

50% of Americans had less than $500 in savings in 2024.

(GoBankingRates)

48% of Americans saved less in 2024 than they did the year before.

(Marist Poll)

The latest survey also found that 44% of respondents believed they would save more money in 2025.

44% of millennials are acompletely dissatisfied with their savings in 2025.

(Marist Poll)

Gen Xers follow in second place, with 38%, while 36% of Gen Z Americans are dissatisfied with their savings.

47% of Americans in 2024 felt that the cost of living was the main factor affecting their ability to save money.

(Yahoo!)

Additionally, 11% of US citizens blamed unexpected bills or expenses.

39% of women in 2024 had less than $100 in their savings accounts.

(GoBankingRates)

By comparison, 33% of men in the US had practically nothing saved.

73% of Americans are saving less in 2025 due to rising inflation and prices.

(Bankrate)

The percentage increased by an additional 5% comapred to 2024.

34% of millennials in the US have no emergency savings in 2025.

(Bankrate)

They are closely followed by Gen Zers, of which 29% have no savings at all.

63% of Americans would need six months of expenses saved to feel comfortable in 2025.

(Bankrate)

Baby Boomers are the leading age group here, with 72% of them stating so.

30% of US citizens were living paycheck to paycheck in 2024.

(Bank of America)

The latest data also showed us that some 26% of households spend 95% of their income on neccessities, leaving practically nothing to save.

20% of households with incomes of $150,000 are living paycheck to paycheck.

(Bank of America)

Even the wealthier Americans are struggling to deal with inflation and the rising costs of living today, as fifth of these households now can't save any money.

55% of Americans in 2025 will prioritize immediate savings instead of long-term plans.

(Fidelity Investments)

Out of those, some 79% plan to build their emergency savings this year.

81% of Americans in 2025 state that saving money on food is a priority.

(The Harris Poll)

The vast majority of US citizens will opt to cook more at home this year.

42% of Americans in 2025 do not have an emergency savings fund.

(U.S. News)

49% of women and 36% of men stated so in the most recent poll.

62% of Americans have enough savings to cover four to six months in living expenses in 2025.

(U.S. News)

The same poll also showed that 17% of respondents have enough saved to cover them for a full year of expenses.