Here's how much money the average millennial has in savings (2024)

FAQs

How much do most millennials have in savings? ›

Our survey found that the majority of Gen Zers (54%) and Millennials (52%) have less than $5,000 saved, compared to 42% of Gen X respondents and 29% of Baby Boomers. Unsurprisingly, the oldest generation—Baby Boomers—have amassed the most impressive savings balances.

Most American households have at least $1,000 in checking or savings accounts. But only about 12% have more than $100,000 in checking and savings.

“By the time you hit 33 years old, you should have $100,000 saved somewhere,” he said, urging viewers that they can accomplish this goal. “Save 20 percent of your paycheck and let the market grow at 5% to 7% per year,” O'Leary said in the video.

Although 9%-13% of all three groups have at least $2,000, it's impossible to ignore the study's biggest revelation. Over half of all Gen Zers and millennials — well over half for the two youngest segments — have less than $500 in their checking accounts.

“By the time you're 40, you should have three times your annual salary saved. Based on the median income for Americans in this age bracket, $100K between 25-30 years old is pretty good; but you would need to increase your savings to reach your age 40 benchmark.”

You may be starting to think about your retirement goals more seriously. By age 40, you should have saved a little over $185,000 if you're earning an average salary and follow the general guideline that you should have saved about three times your salary by that time.

9% of men have $100,000 or more in savings, but this figure is cut nearly in half for women. It's perhaps no surprise that being in a marriage increases the chances of a person having savings and Americans who are wed are most likely to say they have savings across the higher bands.

– Nearly 13 percent said they have $50,000 to $99,999. – More than 12 percent said they have $100,000 to $199,999. – Nearly 10 percent have $200,000 to $299,999. – About 16 percent have $300,000 or more in retirement savings.

By the time you're 25, you probably have accrued at least a few years in the workforce, so you may be starting to think seriously about saving money. But saving might still be a challenge if you're earning an entry-level salary or you have significant student loan debt. By age 25, you should have saved about $20,000.

How many Americans live paycheck to paycheck? ›

A majority, 65%, say they live paycheck to paycheck, according to CNBC and SurveyMonkey's recent Your Money International Financial Security Survey, which polled 498 U.S. adults. That's a slight increase from last year's results, which found that 58% of Americans considered themselves to be living paycheck to paycheck.

While $20K may not let you quit your job, it's enough to start building financial security, whether you max out your retirement accounts, invest in fine art, or divide your cash between multiple investments.

The average net worth of millennials has surged from $62,758 to $127,793 since the start of the pandemic. Much of this growth is from real estate; as of 2022, more than half of millennials had become homeowners. The average millennial makes between $52,156 and $62,244 per year.

£300k in a pension isn't a huge amount to retire on at the fairly young age of 60, but it's possible for certain lifestyles depending on how your pension fund performs while you're retired and how much you need to live on.

By 30, it would be beneficial to have $50,000 saved. This comes from the goal of being able to replace about 70% to 80% of your pre-retirement income in retirement.” While having the equivalent of your annual salary saved up by 30 may seem unattainable, Kovar believes it's achievable if you start saving in your 20s.

Millennials (ages 28 to 43): $9,299. Gen X (ages 44 to 59): $5,132. Baby boomers (ages 60 to 78): $4,060.

Average Savings by Age 30

According to the latest Survey of Consumer Finances, the average savings in transaction accounts for this group was $11,250, and the median was $3,240, in 2019. If you have more than this in your savings account at 30, you have more than many of your peers.

The average net worth of millennials has surged from $62,758 to $127,793 since the start of the pandemic. Much of this growth is from real estate; as of 2022, more than half of millennials had become homeowners. The average millennial makes between $52,156 and $62,244 per year.

Breaking this down by age, aim to save at least 1x your income by age 30, 3x by 40, 6x by 50, and 8x by 60. Increase contributions over time: If starting off saving 15% of more of your income isn't possible, small increases over time can make a big difference.