By | Emmie Martin | www.cnbc.com
The typical American household has an average of $8,863 in an account at a bank or credit union, according to a recent report from Bankrate that analyzed inflation-adjusted data from the Federal Reserve. That’s purely in liquid savings, so it doesn’t include retirement funds or other investments.
However, that amount varies greatly by age and household type.
Among those 34 and younger, couples without children have the most put away: They have an average of $4,727 in savings. Single people without children in that age range have an average of $2,729 in savings.
However, the situation seems to shift as people age, at least for a while. For those between the ages of 35 and 44, couples with children have the most in savings: an average of $10,399. That’s significantly more than any other household type for that age group. And among those aged 45-54, couples with children also have the highest average savings account balances of their age group, with $15,589.
After about age 65, though, couples without children regain the advantage.
Older families tend to have considerably more put away as well. Couples aged 55-64 with children have the most saved overall, with an average of $17,587 in the bank.