Average Balances
The average savings account balance in the U.S. was $5,923 in 2011, according to a 2012 report by Pitney Bowes, a document-management services company. This represented an increase of just under 3 percent from the $5,753 balance in 2010. New Jersey residents saved the most, with average savings account balances of $7,872, while those in New Mexico had accounts averaging just $4,119, the lowest in the U.S.
Savings accounts aren’t the only way to sock money away for a rainy day. Pitney Bowes says the average checking account balance in 2011 was $3,100, up from $2,947 in 2010. As with savings accounts, checking account balances were also highest in New Jersey, with an average balance of $4,465. New Mexico residents maintained the lowest checking balances, averaging $2,206.
Savings Shortfall
Bankrate.com reported in 2012 that 28 percent of American families have no savings. Another 20 percent don’t have enough saved to cover even three months’ worth of living expenses, while just 43 percent have enough in savings to cover three months of expenses.
Americans’ savings problems don’t stop when it comes to retirement savings. The “Chicago Tribune” reports the average 401(k) balance hovers around $74,600, as of 2012, while the average account for those over age 50 is about $130,000. A December 2011 report by “USA Today” reveals that half of all U.S. retirees have less than $25,000 in savings of any kind.
Setting Goals