Americans are lagging behind when it comes to saving money: The median American household has just $11,700 in total savings. And 29 percent of households have less than $1,000.
But some are more prepared than others. Not surprisingly, the Americans who earn the most have saved the most.
Personal finance site MagnifyMoney used data from the Federal Reserve and the Federal Deposit Insurance Corp. (FDIC) to break down the average and median balances by income.
The top 1 percent of earners have a median balance of $1.13 million across various types of banking and retirement savings accounts. When you look at the average account balance, that number is even higher: $2.5 million.
The bottom 20 percent, on the other hand, have an average of $8,720 saved and a median of $0.
See the chart and breakdown of savings at…
Here’s how much money the top 1 percent have in savings