What do you have in our bank account? Guess what others do in theirs.
Cash holdings in U.S. bank accounts vary dramatically depending on age, household structure and education level, according to the Federal Reserve’s latest Survey of Consumer Finances (SCF).
The survey found that the median bank account balance for U.S. households was just $8,000, highlighting the limited cash cushion many Americans maintain. The Fed used median figures — rather than averages — to avoid distortion from high-net-worth households and better reflect the financial reality of typical families.
The data includes checking and savings accounts, money market accounts and brokerage cash holdings, but excludes certificates of deposit and retirement accounts.
Older Americans Hold the Most Cash
By age group, Americans under 35 had the lowest median balance at $5,400, while those aged 65 to 74 held the highest median balance at $13,400. Households 75 and older followed with a median of about $10,000.
Although more than 98% of respondents across all age groups reported having a bank account, the amount of cash held varied widely, underscoring persistent financial disparities.
Couples Far Ahead of Singles
Household composition also played a significant role. Couples without children had the highest median balance at $16,000 (with an average balance exceeding $103,000), followed by couples with children, who posted a median of $12,500.
Single households lagged far behind. Among singles, those 55 and older without children held the highest median balance at just $4,300 — roughly one-quarter of what childless couples typically had.
Experts suggest that family responsibilities may actually encourage long-term financial planning. “Raising children and preparing for education costs often motivates households to save more, even as overall expenses rise,” analysts said.
Education Shows the Biggest Divide
Education level emerged as the strongest factor affecting bank balances.
Households without a high school diploma had a median balance of only $900, while high school graduates held about $3,030. Those with some college education reported a median of $5,200.
By contrast, college-educated households held a median balance of $23,370 — more than four times that of households with some college education but no degree, and nearly $20,000 more than high school graduates.
While some argue that income and wealth are not strictly tied to education, the SCF data shows that cash reserves in bank accounts remain strongly correlated with educational attainment.
Limited Emergency Savings
Separate research by Bankrate highlights the fragility of household finances. The survey found that only 46% of U.S. adults could cover three months of living expenses in an emergency, while 19% reported having no emergency savings at all.
The findings underscore ongoing concerns about financial resilience among American households, particularly as economic uncertainty persists.
