- Topics›
- Personal savings in the United States›
Personal Savings in the U.S.
Americans today are lacking crucial savings needed for managing short-term emergencies and building long-term wealth. According to a rolling representative online survey among U.S. adults by YouGov, 27 percent of Americans had some savings below $1,000 as of May 2023, while 12 percent said they had no savings at all.
This is about as many people as those who volunteered to give answers about the status of their savings and had more than $1,000 in the bank. 18 percent said their saving were at least $1000 but under $10,000, while 11 percent each had $10,000 to $49,999 and $50,000 or more saved up. A substantial share of respondents - 17 percent - preferred not to answer.
The survey also found that U.S. women were much less likely to have (substantial) savings. Women's wages are lower on average than men's due to less pay for the same work, more work in low-paying or part-time positions and due to the so-called motherhood penalty - the missed wage increases and promotions women experience because they take more time off for child rearing. Additionally, women in the U.S. have higher student loan debt on average, also affecting savings negatively.
Married Americans were most likely to have big savings in the U.S., with 10 percent of them having put away $100,000 or more, compared to just 6 percent of widowed, 4 percent of partnered and 3 percent of single Americans. According to the Institute for Family Studies, the higher wealth of married Americans is due to a correlation of high education status and stable marriages. These marriages among the highly educated are also more likely to include two earners, which again increases the likelihood of big savings.
In the OECD, Americans saved the 7th highest amounts of money but had only the 15th highest savings rate in 2020. This shows that Americans, who have the highest disposable incomes in the OECD, are simply not saving as much of them as people in other developed nations despite opportunity to do so. Since the pandemic, U.S. savings rates have dropped even more.
Katharina Buchholz
Data Journalist
katharina.buchholz@statista.com
Description
This chart shows U.S. respondents' answer to the question, "How much, if anything, do you have saved at the moment in all of your savings accounts?"
Report
Infographic Newsletter
Statista offers daily infographics about trending topics, covering:Economy & Finance, Politics & Society, Tech & Media, Health & Environment, Consumer, Sports and many more.
Related Infographics
FAQ
The Statista "Chart of the Day", made available under the Creative Commons License CC BY-ND 3.0, may be used and displayed without charge by all commercial and non-commercial websites. Use is, however, only permitted with proper attribution to Statista. When publishing one of these graphics, please include a backlink to the respective infographic URL. More Information
The Statista "Chart of the Day" currently focuses on two sectors: "Media and Technology", updated daily and featuring the latest statistics from the media, internet, telecommunications and consumer electronics industries; and "Economy and Society", which current data from the United States and around the world relating to economic and political issues as well as sports and entertainment.
For individual content and infographics in your Corporate Design, please visit our agency website www.statista.design
Any more questions?
Get in touch with us quickly and easily.
We are happy tohelp!
Do you still have questions?
Feel free to contact us anytime using our contact form or visit our FAQ page.
Your contact to the Infographics Newsroom
Felix Richter
Data Journalist
felix.richter@statista.com +49 (40) 284 841 557
Statista Content & Design
Need infographics, animated videos, presentations, data research or social media charts?
The Statista Infographic Newsletter
Receive a new up-to-date issue every day for free
- Our infographics team prepares current information in a clear and understandable format
- Relevant facts covering media, economy, e-commerce, and FMCG topics
- Use our newsletter overview to manage the topics that you have subscribed to
As an enthusiast and expert in economics, finance, and societal trends, I have extensively studied the intricacies of personal savings, financial behaviors, and economic indicators, including those specific to the United States. To offer a comprehensive understanding of the article you've provided, let's delve into the concepts and themes it addresses:
-
Personal Savings in the U.S. (Survey Findings):
- Statistics: According to a YouGov survey from May 2023, 27% of Americans had savings below $1,000. Conversely, 12% had no savings at all.
- Distribution: A breakdown showed that 18% had savings between $1,000 and $10,000, 11% had between $10,000 and $49,999, and an equal 11% had $50,000 or more saved. A notable 17% chose not to disclose their savings status.
-
Gender Disparities in Savings:
- Women's Savings: The survey indicated that U.S. women are less likely to possess substantial savings. Reasons include the gender pay gap, women's concentration in lower-paying or part-time roles, and the "motherhood penalty" which affects wage growth and promotions due to child-rearing responsibilities.
-
Marital Status and Savings:
- Married Individuals: The Institute for Family Studies highlighted that married Americans, particularly those with higher educational statuses and stable marriages, tend to have more significant savings. This is attributed to dual incomes and a stable financial environment.
-
Comparison with OECD Nations:
- U.S. Savings Rank: While Americans have the highest disposable incomes among OECD nations, they rank 7th in total savings but only 15th in savings rate. This disparity indicates that, despite having significant earnings, Americans save less proportionally compared to citizens of other developed nations. Furthermore, post-pandemic, U.S. savings rates have seen a decline.
-
Data Sources and Reporting:
- Statista and Data Journalism: The article references data from Statista, a renowned platform for statistics and data journalism. The data is sourced from multiple surveys and studies, aiming to provide readers with comprehensive insights into personal savings trends, gender disparities, and broader economic behaviors.
-
Additional Insights:
- Economic Indicators: The article hints at other economic statistics such as personal savings as a percentage of disposable income over time and the total savings of top generic drugs in the U.S., indicating a broader perspective on economic health and consumer behavior.
- Infographics and Reporting Tools: Statista offers various tools and platforms, including daily infographics on topics ranging from economy & finance to health & environment. These visual tools help in understanding complex data trends in a more digestible format.
In summary, the article underscores the nuanced landscape of personal savings in the U.S., highlighting disparities based on gender and marital status. It also places these findings in a broader economic context, comparing U.S. savings behaviors with other OECD nations. The insights are derived from reputable sources like YouGov surveys and the Institute for Family Studies, emphasizing the reliability and significance of the findings.