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.
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Columns published on Ballotpedia reflect the views of the author.
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