Households with Savings Accounts

Definition

Percentage of households that have a savings account, 2011. 

Description

Savings accounts are one of the most basic asset-accumulation tools, and without them, households are often prohibited from climbing the economic ladder. Households without a savings account and emergency savings are often ill-prepared to weather any financial shock, like a job loss or serious illness.

Savings account ownership is particularly low among certain subgroups. Only 52.6% of black and 51.9% of Hispanic households have a savings account, compared to about three-quarters of Asian and white households. Only about one-third of the lowest income households (those making less than $15,000) have a savings account, compared to almost 90% of households making $75,000 or more a year. For more information, see the FDIC’s National Survey of Unbanked and Underbanked Households. 

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Households with Savings Accounts

Source

2011 FDIC National Survey of Unbanked and Underbanked Households. Washington, DC: Federal Deposit Insurance Corporation, 2012.