It’s only natural to compare yourself to your friends, family members, and neighbors. As a kid, those comparisons might revolve around athletic ability or the size of a Lego collection. As an adult, though, the comparisons become more economic in nature. You might wonder, for example, how much the average American — your co-workers or friends, for example — have in their bank accounts. And, naturally, you’d note how your balance stacks up.
These types of questions can lead into further inquiries. You might wonder, for instance, how much you should be earning over the course of your entire working career. Should you retire as a millionaire? Or do most people simply scrape by? Again, it’s natural to want to compare yourself to others, but lifetime earnings is an entirely different animal. There are numerous variables that play into how much people earn (or don’t) over decades. And for that reason, it might not be the best way to gauge whether you’re keeping up with the Joneses.
That said, it’s still fair to wonder, and we’ll get into that. First, we’ll take a quick look at what the average American currently has in their bank account. Then, we’ll look at the numbers surrounding average earnings.