Average Savings by Age (2026): 16 Federal Reserve SCF Statistics
Median and mean U.S. family transaction-account balances by age from the Federal Reserve's 2022 Survey of Consumer Finances, with ownership rates and what the numbers mean for emergency cash.
How much cash do U.S. families keep on hand? The best age breakdown comes from the Federal Reserve’s Survey of Consumer Finances (SCF). In the SCF, transaction accounts mean checking, savings, money market deposit accounts, call or cash accounts at brokerages, and prepaid debit cards. They are the closest official measure of everyday savings balances.
Data as of October 15, 2026. Figures below come from the Federal Reserve Board’s Changes in U.S. Family Finances from 2019 to 2022 report and the Fed’s public SCF Excel tables (Table 6, 2022 survey, amounts in thousands of 2022 dollars). The SCF dataviz page listed a last update of October 9, 2026. Dollar amounts are conditional on holding the asset unless noted. This page is general information, not financial advice. Some links on Money 8020 are affiliate or partner links; see our advertiser and affiliate disclosure.
Key takeaways
- All families: median transaction-account balance $8,000, mean about $62,400, ownership 98.6%.
- Medians by age peak at 65 to 74: $13,400.
- Under 35: median $5,400, mean about $20,500.
- Means rise faster than medians with age, showing cash is unevenly held even inside age groups.
- Nearly everyone has an account: ownership stays above 98% in every age group in the 2022 survey.
Transaction accounts by age: Federal Reserve SCF 2022
| Age of reference person | Median balance | Mean balance | Percent holding |
|---|---|---|---|
| Under 35 | $5,400 | $20,500 | 98.2% |
| 35 to 44 | $7,500 | $41,500 | 98.4% |
| 45 to 54 | $8,700 | $71,100 | 98.9% |
| 55 to 64 | $8,000 | $72,500 | 98.3% |
| 65 to 74 | $13,400 | $100,200 | 98.8% |
| 75 or older | $10,000 | $82,800 | 99.8% |
| All families | $8,000 | $62,400 | 98.6% |
Source: Federal Reserve Board, SCF 2022, Table 6 (public real historical tables). Medians and means are conditional on holding transaction accounts and are rounded from thousands of 2022 dollars. Ownership rates are from the same table’s percentage-holding panel.
1. The median family holds $8,000 in transaction accounts
Across all families with transaction accounts, the conditional median was $8,000 in 2022, up 30% from 2019 after inflation. That is the headline “typical savings” figure in the Fed’s bulletin.
2. The mean is about $62,400
The conditional mean was about $62,400. The gap versus the median shows a long right tail of high cash balances.
3. Almost 99% of families have a transaction account
Ownership was 98.6% in 2022, up slightly from 98.2% in 2019. Transaction accounts remain the most commonly held financial asset in the SCF.
4. Under age 35, the median is $5,400
Families whose reference person was younger than 35 had a median of $5,400 and a mean of about $20,500. That is the lowest median of any age group.
5. At 35 to 44, the median rises to $7,500
The 35 to 44 group held a median of $7,500 and a mean of about $41,500.
6. Ages 45 to 54 peak among working-age medians at $8,700
The 45 to 54 median was $8,700, the highest among groups under 65, with a mean of about $71,100.
7. Ages 55 to 64 hold a median of $8,000
Near-retirement families had a median of $8,000 and a mean of about $72,500. The mean is high while the median is flat versus mid-career families, another sign of uneven cash holdings.
8. Balances peak at 65 to 74
The 65 to 74 group had the highest median, $13,400, and the highest mean, about $100,200. That matches a life-cycle pattern: cash often accumulates into retirement, then is drawn down.
9. At 75 and older, the median falls to $10,000
The oldest group held a median of $10,000 and a mean of about $82,800, below the 65 to 74 peak.
10. Ownership stays above 98% at every age
Even under 35, 98.2% of families held a transaction account. At 75 or older, ownership was 99.8%.
11. Mean balances more than triple from under 35 to 45 to 54
The conditional mean rises from about $20,500 under 35 to about $71,100 at 45 to 54, while the median only moves from $5,400 to $8,700.
12. Homeowners hold more cash than renters
In the same Table 6, owners had a conditional median of $15,000 versus $2,000 for renters or others. Housing status and age often move together.
13. College-educated families hold much more
Families whose reference person had a college degree had a conditional median of about $23,400, versus about $3,000 for those with a high school diploma only.
14. These balances are not net worth
Net worth includes homes, retirement accounts and debts. Median net worth by age is far larger than cash alone; see our average net worth by age page built from the same SCF.
15. Emergency readiness is a separate question
Having a transaction account is not the same as having three months of expenses saved. For that framing, see our emergency fund statistics from the Federal Reserve’s SHED.
16. Where to keep the cash you do hold
If your goal is yield on an emergency fund, compare FDIC-insured options in our best high-yield savings accounts and best money market accounts lists. Rates are variable; this is not financial advice.
Mean vs median by age
| Age of reference person | Median | Mean | Mean / median (approx.) |
|---|---|---|---|
| Under 35 | $5,400 | $20,500 | 3.8x |
| 35 to 44 | $7,500 | $41,500 | 5.5x |
| 45 to 54 | $8,700 | $71,100 | 8.2x |
| 55 to 64 | $8,000 | $72,500 | 9.1x |
| 65 to 74 | $13,400 | $100,200 | 7.5x |
| 75 or older | $10,000 | $82,800 | 8.3x |
Source: Federal Reserve SCF 2022 Table 6; ratios are our divisions of the published means and medians.
What this means for savers
Use the median for your age group as a mirror, not a verdict. If you are under 35 with a few thousand dollars in checking and savings, you are near the middle of the Fed’s distribution. If you are 65 to 74 with less than $13,400 in transaction accounts, you may still be fine if retirement accounts and home equity cover the plan; cash is only one slice.
For yield comparisons after you set a cash target, see HYSA vs money market account and savings account statistics 2026. Figures can change with the next SCF wave; this is not financial advice.
Frequently asked questions
What is the average savings by age in the U.S.?
Per the Federal Reserve's 2022 Survey of Consumer Finances, conditional mean transaction-account balances (checking, savings, money market, call accounts and prepaid debit) were about $20,500 under age 35, $41,500 at 35 to 44, $71,100 at 45 to 54, $72,500 at 55 to 64, $100,200 at 65 to 74, and $82,800 at 75 or older, in 2022 dollars. Medians were much lower: $5,400, $7,500, $8,700, $8,000, $13,400 and $10,000.
What is the median savings for all U.S. families?
The Federal Reserve's 2022 SCF put the conditional median transaction-account balance at $8,000 and the conditional mean at about $62,400, both in 2022 dollars. About 98.6% of families held at least one transaction account.
Why is mean savings so much higher than the median?
A small number of families hold very large cash balances, which pulls the mean up. The median is the middle family among those who have transaction accounts, so it is usually the better benchmark for a typical household.
Is there newer savings-by-age data than 2022?
The 2022 Survey of Consumer Finances is the most recent full SCF the Federal Reserve lists for these detailed tables as of October 15, 2026. The Fed's SCF dataviz was last updated October 9, 2026, and still draws on that survey wave for transaction-account tables.
Do these figures include retirement accounts?
No. Transaction accounts in the SCF are checking accounts, savings accounts, money market accounts, call or cash accounts at brokerages, and prepaid debit cards. Retirement accounts, CDs, stocks and mutual funds are separate categories in the same survey.
How should I use these numbers?
Treat medians as a reality check, not a goal. Pair cash needs with an emergency-fund target and a high-yield savings or money market account. See our emergency fund statistics and best high-yield savings lists. This is not financial advice.