Most Black American Households Only Have $855 In Checking Accounts, Nobody Uses Savings Accounts
- Thread starter WSFGDan
- Start date
Average U.S. Checking Account Balance 2017: A Demographic Breakdown
A History of the Average American's Checking Account Balance in 1 Chart -- The Motley Fool
The saving accounts shyt they do every year is misleading.
The average Checking Account balance for black people is $2k but the median (most black people) have below $855 if they even have a checking account at all according to the data.
Average Checking Account Balance by Race
The survey also prompted respondents to identify with one of several categories related to race. The data revealed a large difference in checking account balances between white non-Hispanic households and other groups.
Race Average Checking Account Balance
White Non-Hispanic - $10,909
Black - $2,501
Hispanic - $2,730
Both the average and median balance numbers were four times greater for white households than for black and Hispanic households, but there are a number of other facts that may be more useful to understanding the differences involved. First, about 25.5% of black and 21.2% of Hispanic respondents had no checking accounts at all, compared to just 4.78% of white non-Hispanics. These "unbanked" households may keep their funds in cash or other non-deposit assets like prepaid debit cards.
Finally, the large number of high-income participants in the survey may have had an influence on the median checking account balances of the race categories. While white non-Hispanic households accounted for about 71% of all participants in the 2013 SCF, they made up over 89% of households in the highest income bracket. Compounding this imbalance is the overrepresentation of the wealthiest households necessary for the survey's other objectives. These two factors likely resulted in an excessively high median and average for checking account balances.
Average U.S. Checking Account Balance 2017: A Demographic Breakdown
More anti black propaganda
Most folk broke, period.
Jatigi
Flagrant Hater
Saving is different from Checking.
Most White Households have $3000 in Checking
CinnaSlim
Queen of Swords
Run your home like a business. Maximize profits. Reduce expenses.
Checking is your operating account. Paying bills, expenses, etc.
You should have a Reserve/Buffer account for short-term savings. Christmas purchases, Property tax, large purchases. Basically an escrow account.
Savings is for liquid emergency cash and longer term savings. You should have 3-6 months worth of expenses.
Savings for things 3-5 years down the line can go in a CD, longer than 5 years, invest.
Checking is your operating account. Paying bills, expenses, etc.
You should have a Reserve/Buffer account for short-term savings. Christmas purchases, Property tax, large purchases. Basically an escrow account.
Savings is for liquid emergency cash and longer term savings. You should have 3-6 months worth of expenses.
Savings for things 3-5 years down the line can go in a CD, longer than 5 years, invest.
CinnaSlim
Queen of Swords
That's a federal regulation. The point of the savings account is to leave the money in there until you need it. If you are frequently taking money out, just get a checking account. There are some interest checking accounts but you have to keep a higher minimum balance.
It's what keeps a bank in business. They use the money you deposit to loan out they get paid interest from their borrowers and they pay you interest for borrowing your money.
CinnaSlim
Queen of Swords
The lack of financial education is saddening. But alas, parents can't teach what they don't know.
Great advice
I have a savings with One United Bank. Direct deposit as soon as I get paid money goes right into savings.
Saving up for my future business and home.
Will be investing in stocks soon.
Saving up for my future business and home.
Will be investing in stocks soon.
CC's for emergencies.
You're limited to 6 online transfers per month and further have to be done at a branch. If you need to touch your savings more than 6 times in a month you're defeating the purpose of a SAVINGS account.
MajorVitaman
Superstar
Europeans weaponized their economy. How can we reverse this in the gentrification/trump era?
