January 1, US Savings Accounts Drop 15 Percent

A new study has found that the average American’s savings account dropped 15% in the past 12 months.

According to the study by Northwestern Mutual, a financial services company, the average personal savings account in 2022 is $62,086 — down from $73,100 in 2021.

“There could be several factors contributing to the drop in savings from last year, ranging from spiking inflation to people spending more as they resume some sense of normalcy in their lives,” said Christian Mitchell, Northwestern Mutual’s chief customer officer.

Sixty percent of respondents said the COVID-19 pandemic has been “highly disruptive” to their financial situation. Still, 48% said they’ve successfully adapted to the new circumstances.

A majority of participants, 73%, said their financial habits have improved since the pandemic started.

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Americans’ savings shrank by $9K in past year with inflation, pandemic to blame: report