Median bank account balance in the US is $5,300

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Median bank account balance in the US, per Charlie Bilello: $5,300. Meanwhile FDIC insurance limit is $250,000.On average, U.S. households saved $41,600 in 2019.However, there was substantial variation in average checking and savings account balances based on age, household income, and education level.For example, among Americans under the age of 35, the median account balance was just $3,240 in 2019, while the mean account balance was $11,250. For those 75 and older, these amounts were much higher, with the median balance coming in at $9,300 and the mean balance totaling $60,410.Likewise, while those without a high school diploma had a median balance of $1,020 and a mean balance of $9,190, people with a college degree had $15,400 and $78,890, respectively.  And those who earned less than $20,000 had a median balance of $810 and a mean balance of $8,400, compared with $70,000 and $190,660 for households with incomes between $90,000 and $100,000.Here are the age groups and the average amount they have in their retirement savings.Gen Z - people born from 1997 to 2012 - have a median of $33,000 in retirement savings.Gen Y (millennials) - people born from 1981 to 1996 - have a median of $50,000 in retirement savings.Gen X - people born from 1965 to 1980 - have a median of $87,000 in retirement savings.Baby Boomers - people born from 1946 to 1964 have a median of $162,000 in retirement savings.Read more: https://unusualwhales.com/news/gen-z-retirement-savings-average-just-33-000