U.S. Personal Savings - Statistics & Facts

In the area of personal finance, saving is the preservation of money for future use. Saving rates in households change over time and are dependent on the economic environment. During financial booms, people tend to spend more and save less. However, when the economy slows down, families concentrate on preserving their capital and prepare for the hard times. The personal saving rate in the United States amounted to three percent in 2007 and it doubled in the years following the financial crisis in 2008.

There are various reasons why people save. Short-term goals can include saving money for holidays, purchases or renovating a house. In the long term, the most crucial reasons for putting money aside are related to the need for covering costs of children's education or ensuring financial stability in retirement.

Saving is closely related to investing. Once a certain amount of money is put aside, questions about the possibilities of letting it grow arise. Hiding the money under a mattress is not a solution as inflation will eat up the savings. There are many financial instruments available on the market which can meet the needs of both prudent and risk-loving investors. Money can be placed in savings deposits to earn modest interest, for instance. The value of savings deposits in the United States grows from year to year, reaching 8.85 trillion U.S. dollars in 2016. For longer-term savings, money market instruments or bonds are more appropriate as they too are low-risk investment options but offer a higher return rate than savings deposits. Savings can also be entrusted to professional fund management companies. The share of American households owning mutual funds reached 43.6 percent in 2016.

Read more

Personal savings in the United States - Important statistics

The whole topic in one document

Personal savings in the United States
  • Edited and prepared
  • Download in PPT/PDF format
  • Instant access
  • From $365

The whole topic in one document

Personal savings in the United States
  • Edited and prepared
  • Download in PPT/PDF format
  • Instant access
  • From $365

Recommended statistics

Infographics on the topic

Personal Savings Infographic - Nearly half of UK adults have less than £100 in savings
SOS! Extra Savings Needed For An Adequate Pension69% Of Americans Have Less Than $1,000 In Savings The years of contribution required for a full pension

Infographics on the topic

Personal Savings Infographic - Nearly half of UK adults have less than £100 in savings
SOS! Extra Savings Needed For An Adequate Pension69% Of Americans Have Less Than $1,000 In Savings The years of contribution required for a full pension

Other studies on the topic

More interesting topics from the industry "Personal Savings & Personal Debt"

More interesting topics from the industry "Personal Savings & Personal Debt"

About Statista

Learn more about how Statista can support your business.

Request webinar

Any more questions?

Any more questions?

Get in touch with us quickly and easily. We are happy to help!

Get in touch with us quickly and easily. We are happy to help!

Do you still have questions?

Feel free to contact us anytime using our contact form or visit our FAQ page.

We use cookies to personalize contents and ads, offer social media features, and analyze access to our website. In your browser settings you can configure or disable this, respectively, and can delete any already placed cookies. For details, please see your browser’s Help section (by pressing F1). Please see our privacy statement for details about how we use data.