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US personal savings rate in 2023

Saving rate data, including historic average, current average and formula — updated monthly.

The personal saving rate in the US is up to 2.4% in November 2022 from 2.3% in October(1). It’s a far cry from the highs the country saw at the height of Covid, when people were saving 33.8% of their disposable income in April 2020(2).

Historic US saving rate

Through November 2022, Americans are saving roughly 3.3% of their disposable income. This is a long way off from the pandemic highs of 16.8% in 2020 and 12% in 2021. It’s also about a third of the average personal saving rate since 1959, which sits at 9%.

Annual personal saving rate

The percentage that people are saving from their disposable income neared historic lows in 2022. Americans are saving roughly 3.3% of their disposable income through November 2022. The lowest annual savings rate since 1959 was 2005’s personal saving rate of 2.9%.

10 highest personal saving rates since 1959

The US saw its highest personal saving rate during the pandemic, when people squirred away about 17% of their disposable incomes in 2020. In fact, outside of the two pandemic-impacted years of 2021 and 2021, the remaining highest personal saving rate years were all between 1967 and 1982.

10 lowest personal saving rates since 1959

Data for 2022 as a whole is not on the books, yet through November 2022, the year has the second lowest savings rate in the past 64 years. As it stands with the data available, 2005 was the worst savings year on record at 2.9%, with all of top 10 worst years since 1999.

Personal saving rate by decade

The 1970s were the most prosperous in terms of what Americans were able to save, the personal saving rate for the 1970s hitting an average of 12.2%. Those trying to save during the 2000s weren’t able to put away even half of that at an average personal saving rate of just 4.6%.

US saving rate vs. disposable income

How do these rates translate to dollars? The average annual disposable income was $2,036 back in 1959, when an annual personal saving rate of around 10.3% meant Americans were saving an average of $210. Fast-forward to 2021, when America’s average disposable income was $56,088 — $6,604 was tucked away at an average personal saving rate of 11.8%.

While rough averages, rates appear to line up with the Federal Reserve’s most recent Survey of Consumer Finances (SCF)(3) in 2019, which found the average American had an account balance of $5,300.

What is the personal saving rate?

The US Bureau of Economic Analysis defines the personal saving rate as the percentage of disposable personal income — also called after-tax income — that people save. It’s the amount of a person’s income left over after spending money — say, on bills or loans — and paying taxes.

Economists watch the personal saving rate to learn about the financial health of Americans and predict consumer behavior and economic growth.

Additionally, Finder’s Consumer Confidence Index found that the average American is saving an average $462 a month, which comes out to roughly $5,544 per year(4).

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