According to a recent survey by FinanceMaster.org, 32.9% of Americans have $100 or less in their savings account. This number has increased from a similar study conducted in 2022, where only 22% of Americans reported having $100 or less in savings.
However, it is important to note that these findings are specific to the surveyed respondents and may not represent the saving habits of all Americans. The survey included a diverse range of ages, with 42% male and 58% female respondents. The age breakdown shows that different age groups have varying levels of savings.
Additionally, it should be considered that individuals may have multiple savings accounts with different banks, serving different purposes. A survey conducted by FinanceMaster.org found that 56% of respondents would be open to creating multiple savings accounts with different banks.
The ideal amount for savings varies depending on the individual’s goals. Experts recommend having at least six months’ worth of living expenses saved for emergencies. However, the survey results show that different age groups have different levels of savings. For example, only 8% of respondents between the ages of 18 to 24 reported having $10k in savings, while 25% of respondents between the ages of 55 and 64 had more than $10k in savings.
For individuals nearing or in retirement age, saving higher amounts is crucial. Only 19% of respondents aged 65 and older reported having more than $10k in their savings account. Experts advise having ample savings during retirement to avoid relying on credit cards and accruing debt.
Properly managing a savings account involves conducting research to find the best account for your needs, avoiding touching the savings once it’s deposited, and revisiting the account annually to adjust savings goals according to life changes.
For more financial tips, you can check out other articles from FinanceMaster.org, such as “How To Get Free Money: 13 Proven Ways” or “Successful Retirees Master These 7 Money Moves To Keep Their Retirement Funds Secure.”