CFED Scorecard

Financial Assets & Income

Outcome Measures

Income Poverty Rate

Asset Poverty Rate

Asset Poverty by Race

Asset Poverty by Gender

Asset Poverty by Family Structure

Liquid Asset Poverty Rate

Liquid Asset Poverty by Race

Liquid Asset Poverty by Gender

Liquid Asset Poverty by Family Structure

Extreme Asset Poverty Rate

Net Worth

Net Worth by Race

Net Worth by Income

Net Worth by Gender

Net Worth by Family Structure

Unbanked Households

Underbanked Households

Households with Savings Accounts

Consumers with Subprime Credit

Borrowers 90+ Days Overdue

Average Credit Card Debt

Bankruptcy Rate

Policy Priorities

Tax Credits for Working Families

State IDA Program Support

Lifting Asset Limits in Public Benefit Programs

Protections from Predatory Short-Term Loans

Additional Policies

Income Tax Threshold

Tax Burden by Income

Prize-Linked Savings

Paperless Payday

Trend Indicators

Change in Net Worth

Change in Asset Poverty

Change in Liquid Asset Poverty

Change in Consumers with Subprime Credit

Change in Average Credit Card Debt

Businesses & Jobs

Housing & Homeownership

Health Care

Education

CFED Assets & Opportunity Scorecard

Households with Savings Accounts

Reports & Graphics

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

StatePercent of Households
with Savings Accounts (%)
Rank
United States  69.2%   
Alabama  62.6%  43 
Alaska  83.8% 
Arizona  71.4%  27 
Arkansas  45.8%  51 
California  72.1%  24 
Colorado  75.4%  15 
Connecticut  77.1%  10 
Delaware  68.0%  35 
District of Columbia  70.2%  28 
Florida  66.3%  39 
Georgia  60.9%  44 
Hawaii  78.6% 
Idaho  76.1%  12 
Illinois  68.1%  33 
Indiana  68.6%  29 
Iowa  74.7%  19 
Kansas  67.8%  36 
Kentucky  58.8%  48 
Louisiana  58.9%  47 
Maine  79.3% 
Maryland  75.0%  17 
Massachusetts  79.0% 
Michigan  74.9%  18 
Minnesota  76.0%  14 
Mississippi  51.8%  50 
Missouri  64.7%  40 
Montana  72.3%  23 
Nebraska  73.3%  22 
Nevada  68.5%  31 
New Hampshire  79.1% 
New Jersey  74.5%  20 
New Mexico  67.8%  36 
New York  71.7%  26 
North Carolina  66.4%  38 
North Dakota  75.4%  15 
Ohio  68.1%  33 
Oklahoma  60.0%  45 
Oregon  80.0% 
Pennsylvania  68.6%  29 
Rhode Island  72.0%  25 
South Carolina  62.9%  41 
South Dakota  76.4%  11 
Tennessee  59.3%  46 
Texas  62.8%  42 
Utah  83.7% 
Vermont  76.1%  12 
Virginia  68.3%  32 
Washington  84.4% 
West Virginia  52.1%  49 
Wisconsin  80.5% 
Wyoming  74.0%  21 

Source

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

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