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In 2025, the financial health of Americans’ savings accounts is under the spotlight. With economic uncertainties, rising living costs, and fluctuating incomes shaping household budgets, it’s no wonder many Americans question how much they should — or realistically can — save. But just how much is the average American putting away, and do these figures vary by region?
In a recent nationwide survey, we asked residents from nearly every state how much cash they currently have in their savings accounts and explored the habits that drive their financial decisions. The goal was to examine the state of savings in America, evaluate regional discrepancies, and highlight the challenges that many households face in building their financial safety nets.
From states with surprisingly high averages to those with more modest savings, this research provides key insights into how people across the nation are preparing for the future. Let’s dive into the data to better understand the habits, hurdles, and motivations influencing how Americans save today.
A Peek at Each U.S. State’s Savings Account
Image Credit: Upgraded Points
When it comes to savings account balances, the numbers reveal distinct differences across the U.S. While some states boast averages far above the average national savings account balance of $14,323.20, others fall significantly below, showcasing the diverse financial realities Americans face.
Among the states with the highest savings account balances, New Jersey leads with an impressive average of $33,448.26 — more than double the national average. Idaho, known for its modest cost of living, isn’t far behind with an average savings balance of $26,376.97, coupled with one of the highest monthly contributions at $442.94. Similarly, Hawaii, despite its high living costs, demonstrates strong savings habits with an average balance of $25,349.74.
On the other end of the spectrum, states like North Carolina, which shows an average savings balance of just $2,943.33, mark a significant gap from the national average. North Carolina’s residents face one of the longest projected timelines to reach their financial goals, requiring nearly 24 years to save 6 months’ worth of income based on their current contributions. This is echoed by Alabama and Colorado, which have balances of $4,847.97 and $5,536.83, respectively.
Regional trends also emerge, with states in the South and Mountain West, such as Nevada and Georgia, showing lower savings balances relative to their goals. These findings highlight not only income disparities but also differences in savings priorities and economic challenges across the country.
The gap between the highest and lowest averages illustrates the varied financial health of Americans as they head into 2025. While some are on track to meet their savings goals within just a few years, others face a far more daunting road ahead.
Analyzing the Savings Account Health of Americans
Image Credit: Upgraded Points
The survey findings reveal significant challenges in Americans’ savings habits, as 31% of respondents report lacking enough savings to last even 1 month if they lose their primary source of income. Even for those with a secure source of income, savings constraints seem prominent, as 4 in 10 Americans claim to have delayed or canceled a major life event (e.g. marriage, buying a home, starting a family) due to a lack of savings.
Barriers to saving are clear: over 51% of Americans cite the high cost of living as the main reason they can’t save more, while 24% identify low income as their primary obstacle. Other factors, such as prioritizing debt repayment (8.9%), also prevent Americans from building up their savings, with 2 out of 3 Americans prioritizing paying off debt over saving. These financial pressures leave many unable to consistently contribute to their savings accounts, as 30% admit they don’t deposit money monthly.
A lack of financial confidence compounds the problem. According to the data, 49% of Americans don’t feel confident that their savings could support them in a financial emergency. In comparison, only 17% are confident they have enough to weather unforeseen circumstances. Interestingly, even those earning over $100,000 annually express doubts about their savings, with 29% leaning toward not being confident that their emergency funds would sustain them in tough times.
Another layer to this issue is the timing at which savings are withdrawn. According to survey data, about 31% of Americans only withdraw savings for emergencies, while 26% withdraw from their savings monthly.This highlights the varied financial strategies individuals employ, emphasizing the importance of understanding personal saving habits to address broader economic challenges.
Ultimately, this data paints a stark picture of America’s savings habits heading into 2025. Whether due to economic barriers, debt priorities, or limited financial foresight, the current state of savings reflects broader systemic challenges — and highlights the urgent need for strategies that empower Americans to achieve greater financial stability.
Methodology
To discover how much money is in Americans’ savings accounts, we surveyed over 3,200 U.S. residents across 44 states. This survey took place between November 12 and November 16, 2024. Our survey included various inquiries about savings account balances and saving behaviors, including questions regarding monthly contributions, barriers to saving, savings goals, motivations for saving, and more. We couldn’t include the following states due to limited survey responses: Alaska, Montana, North Dakota, South Dakota, Vermont, and Wyoming.
Final Thoughts
Our study highlights significant disparities in Americans’ savings habits in 2025. While states like New Jersey and Idaho lead with high average balances, others, such as North Carolina and Alabama, face more significant challenges. With nearly one-third of Americans lacking enough savings to cover even a month’s expenses, the findings underscore the importance of budgeting and financial literacy in building a secure future. For those working toward long-term financial goals, a balanced approach to saving and responsible credit card use can make all the difference, offering opportunities to earn rewards and manage expenses more effectively.
