Current Events > Here's how much Americans have in their savings accounts

(+) Yeah! (+)

http://www.businessinsider.com/how-much-the-average-american-has-in-their-savings-account-2018-2

Data from the Federal Reserve shows how much money Americans have in their savings accounts.

The averages are broken down by income, gender, and race.

Americans under 35 have about $1,580 saved, while those making $70,000 to $114,999 have about
$5,400 saved.
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I have 4500 making 32k a year.
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Take a look at the full breakdown of median savings account balance by race:

White non-Hispanic: $7,140
Black: $1,000
Hispanic: $1,500

Why are asians ignored?

Gross. Stop eating out, people. Pay yourself first.
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I think it's good to have an easily accessible emergency fund in a bank account or something, but otherwise it's dumb to leave a lot of money laying around in a bank account. It should be invested to fight against inflation and to gain a profit. Yes, I'm aware most people don't do this, though.
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Carlbertomfg posted...

Gross. Stop eating out, people. Pay yourself first.

http://insider.foxnews.com/sites/insider.foxnews.com/files/styles/780/public/mcmillan.jpg

Master_Bass posted...

I think it's good to have an easily accessible emergency fund in a bank account or something, but otherwise it's dumb to leave a lot of money laying around in a bank account. It should be invested to fight against inflation and to gain a profit. Yes, I'm aware most people don't do this, though.

And if you lose the money you invest? You're aware there's a risk component to this, right? You also think that people who don't even have enough money to build a proper emergency fund have tons of excess money that they can risk investing with?
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I didn't read the article.

Is this LITERALLY a savings account, or savings in general?

I have 0 savings. Everything is in Crypto. I bought in at 19k itll come back!!
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IdiotMachine posted...

Is this LITERALLY a savings account, or savings in general?

Looks like it is just literally a savings account. Which is kinda meaningless when interest payouts suck and most people with bank accounts just have checking.

I've been thinking of moving 10K into a money market account, actually.

Questionmarktarius posted...

IdiotMachine posted...

Is this LITERALLY a savings account, or savings in general?

Looks like it is just literally a savings account. Which is kinda meaningless when interest payouts suck and most people with bank accounts just have checking.

I've been thinking of moving 10K into a money market account, actually.

No one who has any good amount of money saved up is just leaving it in a checking account.
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JustMyOpinion posted...

Joke article. Savings accounts pay like 1% a year. Real savings are in 401k or an index fund or bonds or etc.

Indeed, I think this is only informative if you look at people who have under a certain amount (not sure what that amount would be though, depends on individual circumstances). Beyond an emergency fund there's no reason to put a lot into a savings account and get even less interest than the risk free rate from treasury bonds.
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REMercsChamp posted...

Questionmarktarius posted...

IdiotMachine posted...

Is this LITERALLY a savings account, or savings in general?

Looks like it is just literally a savings account. Which is kinda meaningless when interest payouts suck and most people with bank accounts just have checking.

I've been thinking of moving 10K into a money market account, actually.

No one who has any good amount of money saved up is just leaving it in a checking account.

Hello.
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Questionmarktarius posted...

Take a look at the full breakdown of median savings account balance by race:

White non-Hispanic: $7,140
Black: $1,000
Hispanic: $1,500

Why are asians ignored?

Because Asians would make White non-Hispanic look bad and we can't have that, can we?
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REMercsChamp posted...

Master_Bass posted...

I think it's good to have an easily accessible emergency fund in a bank account or something, but otherwise it's dumb to leave a lot of money laying around in a bank account. It should be invested to fight against inflation and to gain a profit. Yes, I'm aware most people don't do this, though.

And if you lose the money you invest? You're aware there's a risk component to this, right? You also think that people who don't even have enough money to build a proper emergency fund have tons of excess money that they can risk investing with?

In the long run, it's unlikely you'll lose money if you invest in total market indexes and bonds. Yes, you'll have bad years sometimes, and that's why you have an emergency fund so you can hopefully avoid taking money out during then.

I know it's harder to invest if you're low income, but the average American isn't good at budgeting money. You don't need an iPhone every year or to eat out so often.

I am sympathetic to lower wage workers, though. I know housing/rent prices are rising and wages are stagnating. Those are issues that need dealt with, but being more frugal is a trait that would help many Americans.
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