Question of the Day; What is the median savings account balance for Americans under 35?

|
Oct 09, 2018
|
Savings, Question of the Day, Research

Answer: $2,000

Questions:

  • Explain why there is such a big difference between the median and average for each age group? 
  • What is the relationship between age and savings accounts balances? Explain why you think the relationship exists. 
  • How much will you need to have in a savings account to feel secure (sleep well at night)?

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (from 2016 Survey of Consumer Finances):

-------------------

Help your students set savings goals with this NGPF Activity, Calculate: How to Save. 

 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.