57% of Americans Have Less Than $1,000 in Savings

Millennials are more likely than other generations to have nothing saved, while adults 65 and older are more likely to have $10,000 or more in a savings account.

News provided by

GOBankingRates

Sep 12, 2017, 07:15 ET

LOS ANGELES, Sept. 12, 2017 /PRNewswire/ -- More than half of Americans have less than $1,000 in savings, a new survey found. In fact, 39 percent of survey respondents said they had no money set aside in savings at all.

For the second consecutive year, personal finance website GOBankingRates asked more than 8,000 Americans how much money they have in their savings accounts. The results revealed that 57 percent of Americans have less than $1,000 in savings — a significant improvement from a similar survey in 2016, which found that 69 percent of respondents had less than $1,000 set aside.

However, the percentage of people with $0 in savings has climbed to 39 percent from 34 percent in 2016. The data is broken down state by state to determine which states had the highest percentage of Americans with little to no savings.

Respondents could choose one of the following answers:

$0
Less than $1,000
$1,000-$4,999
$5,000-$9,999
$10,000 or more

For full study results and more details on methodology, visit: More Than Half of Americans Have Less Than $1,000 in Savings in 2017.

States With the Highest Percentage of Residents With $0 in Savings

1. Washington, D.C.

48 percent of residents have $0 in savings

2. Massachusetts

48 percent of residents have $0 in savings

3. Hawaii

47 percent of residents have $0 in savings

4. Wyoming

47 percent of residents have $0 in savings

5. New Mexico

47 percent of residents have $0 in savings

States With the Highest Percentage of Residents With $10,000 or More in Savings

1. Kansas

38 percent of residents have $10,000 or more in savings

2. Washington

35 percent of residents have $10,000 or more in savings

3. New Jersey

34 percent of residents have $10,000 or more in savings

4. North Dakota

34 percent of residents have $10,000 or more in savings

5. Kentucky

32 percent of residents have $10,000 or more in savings

Additional Study Insights

Sixty-seven percent of young millennials have less than $1,000 in savings — down from 72 percent in 2016. Sixty-one percent of older millennials now have less than $1,000 in savings, compared with 67 percent in 2016.
The percentage of young Gen Xers with less than $1,000 saved fell 18 percentage points this year.
Thirty-three percent of baby boomers say they have $0 saved.
Men have more savings than women, overall. Sixty-two percent of women say they have less than $1,000 in savings versus 52 percent of men.

About GOBankingRates

GOBankingRates.com is a personal finance news and features website dedicated to helping visitors live a richer life. From tips on saving money, to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets, including MSN, MONEY, AOL Finance, CBS MoneyWatch, Business Insider and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs. Start your journey toward a rich mind and full wallet with us here.

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SOURCE GOBankingRates