Bank Account Savings Increase with Education but Gaps Remain

Median and mean bank account balances by highest level of education completed. Mean balances are higher across all groups, reflecting the influence of higher-wealth households within each category.

These figures reflect bank account balances only and do not include retirement savings or investment accounts. Higher education levels may also be associated with higher levels of student loan debt, which can limit short-term savings.
Source: Federal Reserve, Survey of Consumer Finances (2022)Get the dataCreated with Datawrapper