The average balance of 529 savings accounts in the United States decreased among all age groups in 2023. Savers aged 45 to 54 years, who have had a longer time horizon to save than younger people and may have children approaching college age, had the highest overall average balance at approximately 38,270 U.S. dollars.A 529 savings plan is a tax-advantaged savings account designed to encourage households to save for future higher education expenses.

The average balance of 529 savings accounts in the United States fell significantly in 2022, after several years of rising savings account balances between 2017 and 2021. In 2022, that balance reached a value of over 25,800 U.S. dollars. A 529 savings plan is a tax-advantaged savings account designed to encourage households to save for future higher education expenses.

Personal savings in the United States reached a value of 911 billion U.S. dollars in 2023, which is significantly higher than in 2022. Personal savings peaked in 2020 at nearly 2.7 trillion U.S. dollars. Those figures remained very high until 2021. The excess savings during the COVID-19 pandemic in the U.S. and other countries were the main reason for that increase, as the measures implemented to contain the spread of the virus had an impact on consumer spending.

Saving before and after the 2008 financial crisisDuring the periods of growth and certain economic stability in the pre-2008 crisis period, there were falling savings rates. People were confident the good times would stay and felt comfortable borrowing money. Credit was easily accessible and widely available, which encouraged people to spend money. However, in times of austerity, people generally tend to their private savings due to a higher economic uncertainty. That was also the case in the wake of the 2008 financial crisis. Savings and inflationThe economic climate of high inflation and rising Federal Reserve interest rates in the U.S. made it increasingly difficult to save money in 2022. Not only does inflation affect the ability of people to save, but reversely, consumer behavior also affects inflation. On the one hand, prices can increase when the production costs are higher. That can be the case, for example, when the price of West Texas Intermediate crude oil or other raw materials increases. On the other hand, when people have a lot of savings and the economy is strong, high levels of consumer demand can also increase the final price of products.

Vietnam Deposit Account: Balance: Individual data was reported at 499,721.000 VND bn in Dec 2019. This records an increase from the previous number of 436,066.000 VND bn for Sep 2019. Vietnam Deposit Account: Balance: Individual data is updated quarterly, averaging 223,969.000 VND bn from Mar 2013 (Median) to Dec 2019, with 28 observations. The data reached an all-time high of 499,721.000 VND bn in Dec 2019 and a record low of 89,826.000 VND bn in Jun 2013. Vietnam Deposit Account: Balance: Individual data remains active status in CEIC and is reported by State Bank of Vietnam. The data is categorized under Global Database’s Vietnam – Table VN.KB010: Transaction Account: By Individuals. [COVID-19-IMPACT]

The statistic shows the average retirement account balances of Americans between 50 and 64 as of November 2010, by pension plan. On average, Americans from the bottom 25th percentile (0 - 10,800 U.S. dollars) had 281 U.S. dollars in a KEOGH pension plan, a tax deferred pension plan available to self-employed individuals or unincorporated businesses for retirement purposes. The same income group had, on average, 9,160 U.S. dollars in IRA (individual retirement account) pension plans. Additional info: Retirement saving It is never too early to start thinking about retirement. Plans and provisions for our twilight years often get put off as we deal with life’s more pressing demands, and with solid economic recovery still far from guaranteed, savings plans have been impacted. Despite this, those who wish to enjoy the golden years of their life should save early and save often. There are a number of saving strategies and a number of possibilities available for retirement saving, and this can seem quite daunting and difficult to figure out at first. The U.S. Department of Labor recommends determining net worth to be a good place to start i.e., the total value of assets minus the value of debts. Having ascertained this, and judging by your age, you can start planning how to get the most out of your retirement savings. You should contemplate where you want to be and how you’re going to get there. If you have age on your side, you can afford to be aggressive and put money into riskier funds. If your fund loses in value, you have time to let it grow. However, if you are getting close to retirement, more intensive and low-risk saving methods are recommended.

Graph and download economic data for Households; Checkable Deposits and Currency; Asset, Level (BOGZ1FL193020005Q) from Q4 1987 to Q4 2024 about checkable, deposits, currency, assets, households, and USA.

In 2023, personal savings amounted to 4.51 percent of the disposable income in the United States. The personal savings rate peaked in 2020, when U.S. households saved on average over 15 percent of their income. That year and in 2021, there were measures implemented to contain the spread of the COVID-19 virus which limited the ability of people to go out and spend their money, which resulted in people saving more than usual.

Savings during recessions During recessions, households often tend to increase their savings due to economic uncertainty and to compensate for any possible loss of income, which could occur, for example, in the case of falling into unemployment. For example, as seen in this statistic, the savings rate increased noticeably between 2007 and 2012, coinciding with a period of crisis. However, there are also factors that affect the amount of money that households can manage to set aside, such as inflation. Saving can be particularly difficult during periods when the inflation rate has been higher than the growth rates of wages.

Savings accounts The value of savings deposits and other checkable deposits in the U.S. amounted to roughly 11 trillion U.S. dollars in late 2023, even after a significant fall in the amount of money placed in those types of instruments. In other words, savings accounts are a type of financial asset that is very widely used among households to save money. Nevertheless, interest rates of savings’ accounts differ a lot from one financial institution to another. Some of the lesser-known online banks had the highest interest rates, while the major banks often offered lower interest rates.

We designed a commitment savings product for a Philippine bank and implemented it using a randomized control methodology. The savings product was intended for individuals who want to commit now to restrict access to their savings, and who were sophisticated enough to engage in such a mechanism. We conducted a baseline survey on 1777 existing or former clients of a bank. One month later, we offered the commitment product to a randomly chosen subset of 710 clients; 202 (28.4%) accepted the offer and opened the account. In the baseline survey, we asked hypothetical time discounting questions. Women who exhibited a lower discount rate for future relative to current trade-offs, and hence potentially have a preference for commitment, were indeed significantly more likely to open the commitment savings account. After twelve months, average savings balances increased by 81 percentage points for those clients assigned to the treatment group relative to those assigned to the control group. We conclude that the savings response represents a lasting change in savings, and not merely a short-term response to a new product.

In December 2024, the personal saving rate in the United States amounted to 3.8 percent. That was slightly lower figure than a year earlier. The personal saving rate is calculated as the ratio of personal savings to disposable personal income. Within the topic of personal savings in the U.S., there are different goals and reasons for saving. What are personal savings? Saving refers to strategies of accumulating capital for future use by either not spending a part of one’s income or cutting down on certain costs. Saved money may be preserved as cash, put on a deposit account, or invested in various financial instruments. Investing usually incorporates some level of risk which means that part of the invested money can be gone. An example of a relatively safe investment would be saving bonds, such as the debt securities issued by the U.S. Department of the Treasury. Saving trends in the U.S. and abroad Looking at the personal saving rate in the United States throughout the past decades, it can be observed that savings had been decreasing until the mid-2000s, and they increased after the 2008 financial crisis. Still, the largest savings rates were reached in 2020 and 2021. The reason for that increase in the savings rate that year might be related to the measures to contain the COVID-19 pandemic. The value of personal savings in the United Kingdom has also followed a similar trend. Although events like the COVID-19 pandemic may have affect many countries in a similar way, the ability to save, as well as the average savings as a share of personal income across countries can vary significantly depending on multiple factors affecting each territory.

Graph and download economic data for Money Market Funds; Total Financial Assets, Level (MMMFFAQ027S) from Q4 1945 to Q4 2024 about MMMF, IMA, financial, assets, and USA.

In 2023, average savings held by households comprising two or more people in Japan amounted to approximately 19 million Japanese yen, a slight increase of 0.2 percent year on year. Multi-person households Savings held by multi-person households increased proportionally with the age of the household head. The average net savings, the current savings minus current liabilities, of multi-person households amounted to around 12.5 million Japanese yen in 2023. Among households with a household head aged 49 years or younger, net savings were negative, indicating that liabilities exceeded the amount of savings held among households in younger age groups. Working multi-person households Among all multi-person households, working households held savings of around 14.7 million yen on average. Broken down by region, the average monthly savings of working households were the highest in the Kanto region, which is home to Japan’s capital, Tokyo, followed by Hokuriku and Shikoku. More than 60 percent of the savings held by working multi-person households were demand or time deposits. This reflects the overall trend that a substantial part of Japanese households' financial assets are cash and deposits, while investments in securities make up a small share.

The average gross savings of households in Germany amounted to 5,924 euros per capita in 2022. Since 2015, the value of those savings in Germany increased steadily, peaking in 2020 at 6,420 euros per capita. The increase from 2019 to 2020 was particularly strong, and it may have been likely caused by the coronavirus (COVID-19) outbreak and the resulting measures to contain its spread. In 2021, household savings remained relatively high, this may have been caused due to an ongoing COVID-19 pandemic and a loss consumer trust.

Households where the major income earner was from 35 to 44 years old had the highest amount of net savings in 2023. That segment saved on average nearly 22,500 Canadian dollars that year alone. Households of individuals older than 64 had negative net savings amounting to 13,760 Canadian dollars, which means that their expenses were higher than their revenue. These figures do not show the overall value of savings accumulated in bank accounts and other assets, but the amount of money that households managed to save in a single year.

Interest-bearing sight deposits was the type of savings deposit with the highest outstanding amount in the United Kingdom in 2024. The outstanding value of those types of deposits in the UK amounted to 911 billion British pounds that year, while the value of NS&I deposits was 233 billion British pounds.

Serbia Deposit Rate: NBS: Annual: Avg Daily Balance: Allocated Dinar Required Reserves data was reported at 1.750 % pa in 2017. This stayed constant from the previous number of 1.750 % pa for 2016. Serbia Deposit Rate: NBS: Annual: Avg Daily Balance: Allocated Dinar Required Reserves data is updated yearly, averaging 2.500 % pa from Dec 1997 (Median) to 2017, with 21 observations. The data reached an all-time high of 16.870 % pa in 1998 and a record low of 1.750 % pa in 2017. Serbia Deposit Rate: NBS: Annual: Avg Daily Balance: Allocated Dinar Required Reserves data remains active status in CEIC and is reported by National Bank of Serbia. The data is categorized under Global Database’s Serbia – Table RS.M001: Interest Rate: National Bank of Serbia.

According to a survey conducted in 2020 in Germany, the average monthly savings among the population amounted to 451 euros. The survey revelead slight differences between age groups. Individuals between 18 and 29 years of age could save on average 390 euros per month. By contrast, individuals aged 60 years and older could save 475 euros per month.

This statistic shows the average amount saved each year by French people in 2017. French people are among the savings champions in Europe. At that time, nearly 25 percent of those surveyed stated that they saved between 1,000 and 1,999 euros annually on the various savings products available on the French market. However, a little less than 20 percent of those surveyed stated that they did not save at all in the year.

The gross savings per capita of French households increased again in 2024. After the gross savings of the average household in France peaked in 2020 at roughly 4,611 euros, savings decreased in 2021 and 2022, only to recover after that.

According to a survey about savings behaviors among young people in China in 2022, around 4.7 percent of respondents stated that they did not have any savings. Meanwhile, approximately 18.2 percent of respondents said they saved between 200 and 500 thousand yuan.

According to a survey on financial literacy conducted in Malaysia, as of October 2023, the majority or 48 percent of respondents said they could manage to save below 500 Malaysian ringgit each month. Meanwhile, 23 percent of respondents said they could not save any amount of money.