The Average American Has $65,100 In Their Savings Account — How Do You Compare?

In 2023, Americans had an average personal savings balance of $65,100, according to Northwestern Mutual's Planning & Progress Study. While this average indicates a healthy savings culture, it's important to note that 11% of Americans had savings of $4,999 or less, showcasing the wide disparity in financial situations across the country. SmartAsset's free tool matches you with up to 3 financial advisors that serve your area in minutes.


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The study reveals interesting patterns in financial planning and savings. For instance, those who identify as disciplined financial planners tend to retire two years earlier (at age 63) compared to informal or non-planners who retire at 67. 

In the U.S., 50% of American adults consider themselves disciplined in their financial planning, with 20% categorizing themselves as highly disciplined and 30% as disciplined. Conversely, the other half fall into the undisciplined category, with 36% admitting to informal planning and 15% not engaging in financial planning at all.

On a positive note, 70% of Americans have a clear understanding of their current spending versus savings for the future. This clarity significantly increases to 83% among those who engage the services of a financial adviser. An overwhelming 86% of individuals who view themselves as disciplined or highly disciplined in their financial planning also report having this level of financial clarity.


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Financial anxiety appears to follow a life trajectory, peaking for Millennials and being lowest for Boomers+. More than one-third of Americans are at or near their highest level of debt ever.

Given these findings, it's crucial to understand and implement strategies for managing money and maximizing savings. Here are some tips:

Set clear financial goals: Start with specific, achievable goals. Whether it's saving for a down payment on a house, building an emergency fund or planning for retirement, clear goals can guide your saving and spending habits.

Create a budget: Track your income and expenses. Identify areas where you can cut back and redirect that money into savings.

Emergency fund: Aim to build an emergency fund that covers three to six months of living expenses. This fund can be a financial lifesaver in unexpected situations.

High-yield savings accounts: Consider placing your savings in a high-yield savings account. These accounts typically offer higher interest rates than regular savings accounts, allowing your money to grow faster.

Automate savings: Set up automatic transfers to your savings account. This ensures you save a portion of your income regularly without having to think about it.

Reduce debt: Prioritize paying off high-interest debt, such as credit card balances. This not only reduces the amount you pay in interest but also improves your credit score and financial health.

Invest wisely: If you're able, consider investing in stocks, bonds or mutual funds. Remember to diversify your investments to minimize risk.

Seek professional advice: A financial adviser can provide personalized advice based on your financial situation and goals.

Stay informed: Keep up with financial news and trends. Understanding the economic environment can help you make better financial decisions.

Review and adjust: Regularly review your financial plan and adjust as necessary. Your financial needs and goals will change over time, so your plan should evolve too.

Remember, personal finance is deeply individual. What works for one person may not be the best strategy for another. It's about finding the right balance that works for your financial situation and goals.

Take Action: Locate a financial advisor near you, for free.

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