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 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.
Here's a closer look at how much money Americans at every age have socked away.
Age 34 and younger
- Singles with children: $1,350
- Singles with no children: $2,729
- Couples with children: $3,682
- Couples with no children: $4,727
Ages 35 to 44
- Singles with children: $2,422
- Singles with no children: $3,693
- Couples with children: $10,399
- Couples with no children: $5,306
Ages 45 to 54
- Singles with children: $4,163
- Singles with no children: $5,763
- Couples with children: $15,589
- Couples with no children: $11,483
Ages 55 to 64
- Singles with children: $6,911
- Singles with no children: $6,786
- Couples with children: $17,587
- Couples with no children: $15,722
Ages 65 to 74
- Singles with children: $6,652
- Singles with no children: $7,292
- Couples with children: $13,164
- Couples with no children: $15,297
Age 75 or older
- Singles with children: $6,909
- Singles with no children: $9,981
- Couples with children: $8,967
- Couples with no children: $16,025
For many families, this amount of savings falls short, some experts warn. "The ultimate destination should be enough to cover six months' expenses, perhaps nine to 12 months for sole breadwinners or self-employed individuals," Greg McBride, CFA and chief financial analyst for Bankrate.com, says in the report.
"Here's the thing with emergency money: More is always better," best-selling author and co-founder of AE Wealth Management David Bach tells CNBC Make It. "You hear all the time experts say, you should have three months of expenses set side. Well, it depends. In the recession, when people lost their jobs, three months of expenses set aside wasn't enough."
