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Affluent Investor | April 29, 2017

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Do You Know How Much The Average American Has in Their Checking Account?

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While it is difficult to know for sure, one study by bank consulting firm Moebs Services indicates that the average American has $4,436 in their bank account. This is an amount that accounts for averages in people’s checking accounts specifically and was notable a couple of years ago because it represented a significant jump from 2012’s numbers. What’s even more interesting is how much higher that figure is than it was in 2007, just prior to the Great Recession. At that time, the average American only had $788 in their checking accounts.

This points to a change in financial behavior likely due to the scare of the downturn of the economy in 2009.

People began to keep more available cash on hand. However, this study reveals a large increase in what is held in our checking accounts. It does not mean the average American has this much in a savings account. Studies reveal that 69% of Americans have less than $1,000 in a savings account. As Christians, we should be setting the standard in avoiding debt, disciplined in our saving habits and cheerful in our generosity. God’s Word teaches us how this is possible by following His principles.

 

Originally published on Handwriting on the Wall.

Chuck Bentley is CEO of Crown, a non-profit business and personal finance policy and educational organization, and author of “The S.A.L.T. Plan. How to Prepare for an Economic Crisis of Biblical Proportions” and “Root of Riches, What if everything you think about money is wrong?”

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