Americans Keeping More Money in Their Checking Accounts

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The results from a research undertaken by Moebs Services, a bank consulting company, revealed that at the end of 2013, the average balance on a checking account in the United States was $4,436. The researchers of the company used data from the Federal Reserve on 2,800 banks and credit unions in the country. They studied a period of 25 years.

The research indicated that 25 years ago the average balance on a savings account in the U.S. was $2,100. This is over two times lower than the current average.

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The study revealed that during times of economic stability characterized by low inflation and low unemployment the average savings account balance was $1,400. During tough financial times with a high rate of unemployment, low prices and low inflation, the average balance was $3,000.

In 2007, the year before the biggest economic downturn in recent history, the average balance reached one of its lowest points. It was $788. Currently, it is at one of its highest points and this indicates low consumer spending. At the same time, consumer spending accounts for about 65% of economic growth in the United States.

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info
Christian

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