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Scott Rasmussen's Number of the Day for October 5, 2018
The Number of the Day columns published on Ballotpedia reflect the views of the author.
October 5, 2018: As of June 2018, the median U.S. household has $11,700 in savings and retirement accounts.[1] That means that half of all U.S. households have more than that amount saved while half have less. Twenty-nine percent (29%) of households have less than $1,000 in savings.
MagnifyMoney, an advertiser-supported financial site, reported these findings based on underlying data from the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC).
The average savings is much higher than the median: $175,510. That’s because older and wealthier Americans bring the average up. MagnifyMoney notes that “millennials, who have just started their savings journey, have currently socked away an average of $24,820. Gen Xers have $125,560 in retirement savings. Baby boomers and those born before 1946 have an average of $274,910.”
Additionally, “The top 1% of households (as measured by income) have an average of $2,495,930 in these various saving accounts. The bottom 20% have an average of $8,720.”
The vast majority of those savings (83%) are locked up in retirement accounts.
Each weekday, Scott Rasmussen’s Number of the Day explores interesting and newsworthy topics at the intersection of culture, politics, and technology.
- October 4, 2018 – 259 people died taking selfies
- October 3, 2018 – 3 percent of government tech workers are under 30
- October 2, 2018 – 59: the net number of House seats Democrats could pick up in November
- October 1, 2018 – 210.7 billion dollars spent by tourists in U.S. during 2017
- September 28, 2018 – 17 percent: public guess of Muslim population in U.S.
- To see other recent numbers, check out the archive.
Scott Rasmussen’s Number of the Day is published by Ballotpedia weekdays at 8:00 a.m. Eastern. Click here to check out the latest update.
The Number of the Day is broadcast on local stations across the country. An archive of these broadcasts can be found here.
Columns published on Ballotpedia reflect the views of the author.
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