/Why You Probably Aren’t Saving Enough Money

Why You Probably Aren’t Saving Enough Money

Americans on average don’t save enough money. If you’ve saved even a few thousand, you probably have more than most of your peers.

CNBC reports:

A new study finds the median American household has $4,830 in a savings account. That’s enough to cover minor emergencies and potentially even a few months of living expenses. Overall, between bank accounts and retirement savings, the median American household currently holds about $11,700, according to MagnifyMoney.

Almost 30 percent of households have less than $1,000 saved, MagnifyMoney finds, though the amount varies drastically by age. As of June 2018, millennials have less saved than baby boomers, because older Americans have had over three decades longer to save and larger salaries to work with.

Here’s how Americans’ median savings breaks down by age:

  • Millennials (born 1981-1998): $2,430
  • Gen X (born 1965-1980): $15,780
  • Baby Boomers and older (born before 1964): $24,280

Have you saved more than the average? Let us know in the comments.