Savings Account Balances By Age and Income. How Do You Compare?

Older generations have bigger savings account balances, while just over 50% of all adults, regardless of age, have more emergency savings than credit card debt.

Illustration of piggy bank with cash, coins and an arrow pointing diagonally up.
(Image credit: Getty Images)

A review of savings account balances shows most Americans don't have enough saved to get by for a few months without income, according to Bankrate and Federal Reserve reports. But one group is doing just fine: Boomers. How do you compare?

The median balance held by most Americans across all accounts is $8,000, including savings, checking, money market accounts and prepaid debit cards. And for most people, this is not enough to cover all their bills for several months in case they lost their jobs.  

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Kathryn Pomroy

For the past 18+ years, Kathryn has highlighted the humanity in personal finance by shaping stories that identify the opportunities and obstacles in managing a person's finances. All the same, she’ll jump on other equally important topics if needed. Kathryn graduated with a degree in Journalism and lives in Duluth, Minnesota. She joined Kiplinger in 2023 as a contributor.