Not surprisingly, your household income influences the amount of money you keep in the bank. Higher-income households tend to have more in checking and savings. The SCF shows that of those in the bottom 20th percentile, only Again, the average bank account balance for each group is higher due to a small portion of households with significant savings.
Your job directly influences your income, so it makes sense the type of role you fill affects your bank account. The SCF shows the median bank account balances for the following types of workers:. There are also significant differences in bank account holdings by members of various races. The SCF reveals the median account balances using the categories below:. Those with children may wonder how others fare, and childless couples may not appreciate the benefits of dual-income-no-kids DINK status.
Families of various types have the following median transaction account holdings:. More education seems to run in tandem with higher bank account balances. College degrees and advanced courses of study can certainly increase your income. Note that the list does not include certificates of deposit CDs. The addition of prepaid cards after the survey is a significant change, adding one in 20 households to the list of survey respondents that has money in savings.
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Premium Premium How 15 X 15 X 15 rule of mutual funds can help you beco Premium Premium How to get your insurance related complaints resolved t View Full Image. Subscribe to Mint Newsletters. Internet Not Available. Wait for it… Log in to our website to save your bookmarks. Yes, Continue. Wait for it… Oops! Your session has expired, please login again. Additionally, as we explore in this study, the average bank account balance varies widely based upon other factors such as income, age, race and ethnicity, education, and employment status.
Income is the strongest predictor of bank account balance, with Americans in the top decile of income having average bank account balances over 27 times higher than Americans in the lowest quintile. Having more income makes it easier to save money and therefore has a direct correlation with the amount of the average bank account balance. Age has a strong correlation with bank account balances, as the accumulation of time gives people the ability to build their savings.
The average bank account balance rises with age, peaking in the age range, before declining for those 75 and older as they deplete their funds in retirement. Education has a direct correlation to earnings, and by extension, to the ability to save. The average bank account balance for college graduates was almost four times higher than the average bank account balance for high school graduates. Those who are not working but not retired have the lowest balances. Self-employed people have the highest balances for several primary reasons.
As small business owners, self-employed people may benefit from earning the full profits on their work which allows them to build up their savings, as opposed to employees, whose profits go to their employers.
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