United States Personal Savings Rate (2024)

FAQs

What is the personal saving rate in the United States? ›

US Personal Saving Rate is at 3.60%, compared to 3.60% last month and 5.20% last year. This is lower than the long term average of 8.46%.

The U.S. personal saving rate stood at 3.7 percent at the end of 2023, up from the 3.4 rate at the end of 2022. The personal saving rate is the federal government's estimate of what percent of their incomes U.S. households are saving.

Monthly personal savings as a share of disposable income in the U.S. 2015-2024. In February 2024, the personal saving rate in the United States amounted to 3.6 percent, which is a lower figure than a year earlier.

According to our survey, roughly 28% of Americans across all four generations currently have less than $1,000 in personal savings, including emergency funds, non-workplace retirement accounts and investments.

According to Moody's Analytics data, your lower income consumers have negative savings, so they're spending more on a monthly basis than they're bringing in. That could be due to the use of credit or just not purchasing assets.

Bank of America has an annual percentage yield (APY) ranging from 0.01% to 0.04%, depending on your balance. To open a Bank of America Advantage Savings account, you'll need a minimum deposit of $100.

Savings include retirement savings as well as other monthly savings. When doing the calculation on your own, be sure to include your employer contributions into a 401(k) or other retirement plan provided through your employer.

The current average personal loan interest rate is 12.35%.

Household Saving Rate in the United States decreased to 3.20 percent in March from 3.60 percent in February of 2024. Personal Savings in the United States averaged 8.47 percent from 1959 until 2024, reaching an all time high of 32.00 percent in April of 2020 and a record low of 1.40 percent in July of 2005.

Norway (50.0%) Norway's savings rate of 50.0% remains high by global standards. In purchasing power parity terms, Norway's average income came close to $114,929 per year in 2022, among the highest in the world.

What is China's savings rate? ›

China Gross Savings Rate was measured at 44.3% in Dec 2023, compared with 44.3% in the previous year. China Gross Savings Rate is updated yearly, with data available from Dec 1952 to Dec 2023, and an average rate of 44.3%. The data reached an all-time high of 44.3% in Dec 2010 and a record low of 16.5% in Dec 1962.

14% of Americans Have $100,000 Saved for Retirement

Most Americans are not saving enough for retirement. According to the survey, only 14% of Americans have $100,000 or more saved in their retirement accounts. In fact, about 78% of Americans have $50,000 or less saved for retirement.

Personal Savings in the U.S.

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.

There are estimated to be a little over 8 million households in the US with a net worth of $3 million or more.

FAQ: Savings Account Interest Rates Today

As of June 2024, you can find banks and credit unions offering online savings accounts with a 4.5% APY or higher. Some even go above 5% APY. That's much higher compared to the national average of 0.45% APY.

The average American has $65,100 in savings — excluding retirement assets — according to Northwestern Mutual's 2023 Planning & Progress Study. That's a 5% increase over the $62,000 reported in 2022.

At least 20% of your income should go towards savings. Meanwhile, another 50% (maximum) should go toward necessities, while 30% goes toward discretionary items. This is called the 50/30/20 rule of thumb, and it provides a quick and easy way for you to budget your money.