Core Insights - The Federal Reserve's 2022 Survey of Consumer Finances reveals that the average American has $62,410 in savings, which includes various cash equivalents [3] - The median savings for typical American households is around $8,000, indicating a more realistic financial picture compared to the average [5][8] - Savings data is categorized by age, showing significant differences in savings amounts across different age groups [7] Summary by Category Average Savings - The average savings figure of $62,410 includes all savings and checking accounts, CDs, and other cash equivalents, but may be skewed by wealthier households [3] Median Savings - The median savings of $8,000 reflects that half of American households have more and half have less, providing a clearer view of financial health for most [5][8] Age Breakdown - Savings by age group are as follows: - Under 35: $20,540 - Ages 35 to 44: $41,540 - Ages 45 to 54: $71,130 - Ages 55 to 64: $72,520 - Ages 65 to 74: $100,250 - Ages 75 and older: $82,800 [7]