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Average Net Worth by Age How Can You Compare?
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Average Net Worth by Age: How Do You Compare?
The average net worth of U.S. families is $748,800. The median -- which is a more accurate measurement is $121,700.
By Lauren Schwahn Lead Writer | Personal finance and the debt Lauren Schwahn is a writer at NerdWallet who writes about budgeting, debt, and other money-saving strategies. She contributes to the "Millennial Money" column in The Associated Press. Her work has also been featured in USA Today, MarketWatch and many more. Lauren holds a bachelor's degree in the field of history at her home at the University of California, Santa Cruz. She is based in San Francisco.
Updated Dec 2 2022 at 2:31 PM PST
Edited by Courtney Neidel Assigning Editor | Personal finances, budgeting, buying Courtney Neidel is an assigning editor for the personal finance team at NerdWallet. The editor began working at NerdWallet at the beginning of 2014, and has spent over six years of writing on budgeting, shopping and strategies for saving money before she was elevated to the position of editor. Courtney was interviewed as a authority on retail by "Good Morning America," Cheddar, and CBSN. Her previous experience includes freelance writing on behalf of California newspapers.
A majority of the items featured on this page are from our partners, who pay us. This affects the products we write about and the location and manner in which the product appears on a page. But, it doesn't affect our opinions. Our opinions are entirely our own. Here's a list of and .
Most of us are fully aware that our wealth doesn't remotely come close to those of billionaires from the world of Oprah Winfrey ($2.5 billion) or Jay-Z ($1.3 billion). It's been reported that Elon Musk's net worth declined over the course of 2022, more than wealth of Oprah and Jay-Z together 100 billion. However, his net worth is close to $200 billion.
Have you ever wondered how yours ranks against the other people in your circle? We looked up the median net worth numbers of the Federal Reserve's Survey of Consumer Finances report to help you figure it out.
What is the net worth?
Net worth is the amount you own less the amount you are obligated to. Utilizing a calculator, you are able to calculate your net worth by subtracting the total value of all your obligations (such as credit card debt as well as loans for students) loans) in comparison to the worth of your entire assets (including your home and savings in your retirement accounts).
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Is the median American Net worth?
So how can we figure out the amount of net worth for Americans? The Federal Reserve Board issues the Survey of Consumer Finances every three years to share information about family earnings, net worth and more. In the current report -that was released in September 2020 and based on data collected in the year 2019 -- the overall mean or average value for U.S. households is $748,800 [0$0]. Federal Reserve Bulletin . . Accessed Apr 11, 2022.
. Doesn't seem like it's too high? It's because wealthy households drive the average upwards.
The median, also known as the midpoint value, is an accurate depiction of the average person. The average wealth for U.S. households is $121,700. This might make breathing a little easier.
Average net worth per person based on age
Net worth figures vary based on education, age, and many other variables. We'll focus on median and the average figures for different age groups:
The age of the head of the family
Median net worth
Average net worth
Less than 35
$13,900
$76,300
35-44
$91,300
$436,200
45-54
$168,600
$833,200
55-64
$212,500
$1,175,900
65-74
$266,400
$1,217,700
75+
$254,800
$977,600
How can you determine your net worth?
Not sure what your number is? Make use of our calculator for net worth to figure it out.
Net worth calculator
Enter the value of your assets and liabilities in order to determine your net worth.
Assets
Checking your accounts
Savings accounts
Retirement and investment accounts
Real estate
Cars
Other assets Include all other accounts or items of value (e.g. jewlery, art, etc. ).
Liability
Mortgages
Personal loans
Car loans
Credit card debt
Student loans
Other debt Include payday loans and any other loans not listed here.
Net worth
Learn about your money.
NerdWallet gives you a complete overview of your spending debts, bills, debts, and spending all in one place.
What is the significance of net worth?
Net worth is one way to monitor your financial performance and identify the strengths as well as weaknesses. However, it's not an exact representation. Just because someone has a isn't a guarantee that they are living the highest quality of life. For instance, a person's home may pad their net worth, but they can still be cash poor in the event that they don't intend to sell it and have no savings.
Curiosity about others' net worth can motivate us to establish and follow financial goals. However, it can make us feel unnecessarily inferior. It's crucial to realize the fact that your net worth doesn't represent a set number. It's able to fluctuate in a positive or negative way over time.
How to boost your net worth?
However, wanting to increase your earnings is not a good thing. There are a variety of strategies you can use to build the wealth of your net. Start with a few basic steps:
Select a strategy for debt repayment. Create a plan for shedding heavy debts. We recommend that you pay off debts that have the highest rates first. This strategy is called the . Another option you may consider is : rolling multiple debts into one payment.
Increase your savings. Automate savings and make use of competitive accounts interest rates, and investigate other options .
Be patient. The trend for most people is that their net worth rises when they age. Do your best to get on the right path and allow time to pay off.
Monitor your finances with NerdWallet.
Get rid of the bank app and see all your accounts from one location.
The author's bio: Lauren Schwahn covers consumer credit and debt at NerdWallet. Her work has been highlighted on USA Today and The Associated Press.
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