How much does the average American have in savings?
January 4th, 2023, Kineree Shah

How much does the average American have in savings?

Nearly half of Americans consider themselves financially secure (49%), but many others do not feel the same level of comfort. One in 10 consumers do not have any savings (12%) while a slightly higher percentage of consumers say they have less than $100 in their savings account (14%). A further 13% of Americans say they have between $1,000 and $4,999 in savings. Altogether, that means that half of all Americans have less than $5,000 to fall back on.

YouGov data suggests women are more likely than men to have less money in their savings accounts. A tenth of American men (11%) have less than $100 in savings, while this increases substantially (16%) among women. There is a significant gender gap among those with $100,000 or more in savings. Almost one in ten men have $100,000 or more in savings, but the figure falls by four percentage points for women (9% men vs. 5% women).

It’s perhaps no surprise that being in a marriage increases the chances of a person having savings and Americans who are wed are most likely to say they have savings across the higher bands. On the other hand, those in a domestic or civil partnership are at the other end of the scale. They are more likely to have no savings (17%) or less than $100 (21%) and less likely to have savings that fall in the higher bands (for example, they are the least likely of all groups to say that they have $50,000-99,999 saved up).

We also look into some intriguing insights into attitudes toward their financial futures in relation to their current savings. 16% of American adults who have no savings expect their financial situation to worsen, while 11% believe things will remain the same, while less than a tenth hold an optimistic outlook in the upcoming year (7%).

The data takes a slightly more positive turn when we look at those with $1,000 to $4,999 in savings. Here, nearly a fifth expect their financial situation to improve (19%), outpacing those who predict their situation will worsen (12%) or remain the same (13%). This suggests that having a modest savings buffer may influence consumer confidence positively.

Among those with savings exceeding $100,000, just under a tenth of them expect their financial situation to get better (9%). This is marginally more than those who anticipate a downturn or no change (5% and 7%). Despite their substantial savings, this group’s outlook is not dramatically different from those at the other end of the savings spectrum. In this separate piece we take a deeper dive into the attitudes and demographics of consumers with more than $100,000 in savings.

Make smarter business decisions with better intelligence. Understand exactly what your audience is thinking by leveraging our panel of 20 million+ members. Speak with us today


YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for the US is nationally representative of the online population and weighted by age, gender, education, region, and race. Learn more about Profiles.