How much do you currently have in your savings account? For nearly a third of average Americans, this number is $100 or less.
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GOBankingRates recently surveyed 1,000 Americans ages 18 and older to learn more about their banking practices, and found that 32.9% have no more than $100 in their savings account. In a similar study conducted in 2022, 22% of Americans responded they had $100 or less in savings.
While these results may seem concerning, do not sound the alarms yet — there’s a bigger story behind the responses. Here’s how much Americans have in their savings accounts.
Demographics Behind the Numbers
For this study, survey respondents were 42% male and 58% female. The age breakdown may be viewed below:
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22.40% were ages 18 to 24
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22.10% were ages 25 to 34
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23% were ages 35 to 44
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13.60% were ages 45 to 54
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9.20% were ages 55 to 64
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9.70% were ages 65+
As such, one should not view a percentage like 32.9% of Americans only keeping $100 or less in their savings as applicable to all Americans. Rather, it is the average overall percentage for survey respondents.
For example, 30% of respondents polled between the ages of 18 to 24 said they have $100 or less in their savings. However, that figure was a combination of 36% women and 27% men.
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