You vs. America: See How You Compare in 5 Money Categories
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Here are five financial categories, along with where most people in the U.S. typically fall within them.
Salary
Median monthly income: $5,174
Median yearly income: $62,088
Numerous factors can affect your salary, including the type of job you have, the state it's in, the amount of experience you have and your level of education.
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Retirement Savings
Gen Z: $13,500 average 401(k) balance and $6,672 average individual retirement account balance, equaling $20,172
Millennials: $67,300 average 401(k) balance and $25,109 average IRA balance, equaling $92,409
Gen X: $192,300 average 401(k) balance and $103,952 average IRA balance, equaling $296,252
Baby boomers: $249,300 average 401(k) balance and $257,002 average IRA balance, equaling $506,302
Saving for retirement early allows your money to compound over time. Because of this, Americans' retirement savings can be drastically different, depending on which stage of life they're in.
Whether you're in line with your generation's average or not, it's important to regularly put money away in order to maximize the amount of compound interest you'll receive over time.
Emergency Savings
Gen Z: $200 median emergency savings
Millennials: $500
Gen X: $868
Boomers: $1,000
Most finance experts will advise you to maintain an emergency fund that would cover at least three to six months of your normal expenses. This allows you to avoid going into debt when an unfortunate life event takes place, such as a medical emergency, vehicle breakdown or job loss. However, today, 42% of U.S. citizens don't have any money saved up for an emergency, which means having any savings at all can put you ahead of most.
The median amount that Americans have saved for an emergency is $600, well below the suggested amount. And none of the amounts by generation would cover you for three to six months, so even if you're ahead of the curve, it's best to keep saving.
Credit Card Debt
Average: $6,329
Credit card balances across the nation have been on the rise. In the second quarter of 2021, TransUnion reported that the average borrower had $4,828 in debt. Just three years later, in the second quarter of 2024, the average borrower had a balance of $6,329.
Even if your credit card balance is below the U.S. average, it's a good idea to try to get it to zero. With high interest rates, even small credit card balances can have an extremely negative effect on your financial health.
Monthly Groceries
Average monthly spending: $315-$1,690 (varies depending on family size and budget type)
Groceries continue to get more expensive, causing many to wonder how much spending is too much. At the end of 2024, a report found that adults who are between 19 and 50 in a four-person household spend $350 per person per month on groceries. Of course, this depends on your budget and diet.
Men on a low-cost budget spend $360, those on a moderate budget spend $445 and those on a liberal budget spend $525 each month. Meanwhile, women spend $315 per month on a low-cost budget, $385 on a moderate budget and $490 on a liberal budget. For those with families, the costs are more in the thousands per month.
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This article originally appeared on GOBankingRates.com: You vs. America: See How You Compare in 5 Money Categories
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