Author Topic: The average checking account customer has more than $3,700 stashed away.  (Read 2290 times)

dragoncar

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Not sure if this is antimistachian or badass.  Likely a mix of both.  A lot more than I would have guessed

https://www.marketwatch.com/amp/story/guid/19C6DE1E-4882-11E8-86D4-1BDDA9795455

jlcnuke

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Average is meaningless. One guy with $370000 and 100 with nothing can get that average...

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UnleashHell

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That's mean.

dragoncar

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Hardly meaningless, still gives you information on a population level

pbkmaine

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Sailor Sam

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UnleashHell

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jlcnuke

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Hardly meaningless, still gives you information on a population level
Quote
According to data from the 2013 Federal Reserve Survey of Consumer Finances, the median checking account balance for U.S. households was $2,900, while the average balance was $9,132. The large difference between the two figures was due to the overrepresentation of high-income households in the survey.


That's why an average is meaningless imo.

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Sailor Sam

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dragoncar

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Hardly meaningless, still gives you information on a population level
Quote
According to data from the 2013 Federal Reserve Survey of Consumer Finances, the median checking account balance for U.S. households was $2,900, while the average balance was $9,132. The large difference between the two figures was due to the overrepresentation of high-income households in the survey.


That's why an average is meaningless imo.

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That word, meaningless.  You keep using it but I don’t think it means what you think it means

haflander

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Quote
Nearly half (47%) of working millennials have $15,000 or more in savings and 16% have $100,000 or more in savings, according to Bank of America’s “Better Money Habits” report, which surveyed 2,000 millennials aged 23 to 37. The bank asked about the total amount of savings, including bank savings/checking accounts, IRA, 401(k) and other retirement or investment accounts.

This surprised me until I looked into the details. First, they're only talking about WORKING millennials. Secondly, as the last sentence states, it's all checking/saving/investment accounts. Considering that they're totaling all of that, 15k isn't really that impressive to me. I'm 27 (right in the middle of the millennial generation, I think?) and after some quick math I have about 21,500, despite only just now starting my FI journey.