While Americans continue to work their way out of the devastating 2007-2008 financial crash, their savings accounts appear to still be suffering.
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The median savings account balance among U.S. households is $4,830, according to a recent survey by MagnifyMoney.
However, a whopping 29 percent of households have less than $1,000 saved.
Unsurprisingly, younger Americans had less stashed away than older generations.
Millennials, defined as those born between 1981 and 1998, have about $2,430 saved, the study showed. Individuals belonging to Generation X, born between 1965 and 1980, had about $15,780 stashed away, while those born before 1964 had a median savings stockpile worth $24,280.
As previously reported by FOX Business, Americans are spending more than they are saving. Americans were also more likely to accrue between $5,000 and $25,000 worth of debt than savings last year – with 33 percent having added an amount within that range to their debt levels versus 17 percent who saved.
According to MagnifyMoney’s survey, about 52 percent of American households reported having a retirement account. When both savings accounts and retirement accounts are factored in, the median household has about $11,700 stashed away.
Among the respondents who reported having at least some type of savings account, an overwhelming majority said they were storing money in a retirement account, when compared with other vehicles like a savings account, money market deposit account or a certificate of deposit (CD).
In order to create the report, MagnifyMoney used data from the Federal Reserve and the Federal Deposit Insurance Corporation.