United States household bank account medians fall far below averages

Data from the Federal Reserve’s Survey of Consumer Finances reveals a significant gap between average and median bank account balances in the United States. While the average balance across checking, savings, and money market accounts was approximately $62,500 in 2022, the median balance was only $8,000. This discrepancy is driven by a small number of high-balance accounts that skew the average upward, meaning the mean does not represent a typical household.

Account balances vary notably by age group. The median balance for households headed by individuals under 35 is roughly $5,400, rising to $7,500 for those aged 35 to 44, and $9,000 for those aged 45 to 54. The highest median balance is found in the 65 to 74 age group, exceeding $13,000.

Additional surveys highlight challenges regarding emergency preparedness. In 2025, 63% of adults reported they could cover an unexpected $400 expense with cash or credit. However, other data suggests significant financial vulnerability, with some reports indicating that over half of participants in certain surveys held less than $500 in total savings.