Money

Here's how much money Americans have in savings at every income level

The average American household has $175,510 in savings as of June 2018.

That may sound like a lot, but an average can't tell the whole story, since millions of families have nothing put away at all while others manage to be super-savers. Indeed, as it turns out, the median American household has only $11,700.

Those numbers come from personal finance site MagnifyMoney, which used data from the Federal Reserve and the Federal Deposit Insurance Corp. (FDIC) to estimate the average and median household balances in various types of banking and retirement savings accounts.

MagnifyMoney also broke down the average and median balances by income. Not surprisingly, the wealthiest Americans have significantly more in savings:

"Although the average American household has saved roughly $175,000 in various types of savings accounts, only the top 10 percent to 20 percent of earners will likely have savings levels approaching or exceeding that amount," MagnifyMoney reports.

It notes that "29 percent of households have less than $1,000 in savings."

Here's the breakdown of how much American households have saved at every income level:

Top 1 percent

Average (all households): $2.5 million
Average (households with savings): $2.5 million

Median (all households): $1.13 million
Median (households with savings): $1.16 million

Top 10 percent

Average (all households): $961,570
Average (households with savings): $989,430

Median (all households): $156,510
Median (households with savings): $173,860

60 to 79.9 percent

Average (all households): $133,770
Average (households with savings): $148,600

Median (all households): $77,020
Median (households with savings): $96,800

40 to 59.9 percent

Average (all households): $65,830
Average (households with savings): $82,730

Median (all households): $34,020
Median (households with savings): $54,930

20 to 39.9 percent

Average (all households): $29,080
Average (households with savings): $46,950

Median (all households): $0
Median (households with savings): $26,450

Bottom 20 percent

Average (all households): $8,720
Average (households with savings): $22,600

Median (all households): $0
Median (households with savings): $0

Now read up on how much you should have saved at every age and how to up your savings rate.

Don't miss: Here's how much you have to save every month to retire with $750,000

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