I've worked in the mutual fund industry for over 30 years.
I've been investing for over 50 years, and I also studied Economics, Macroeconomics and Microeconomics. Been pretty successful in managing my finances. Was also controller and financial manager for several companies, and helped them build up their reserves when I worked. Also was on the Board of Directors of several nonprofit organizations to help them with their financial management. Also did small business consulting in Silicon Valley. From flowingdata.com PASSING $100K IN SAVINGS
When looking at only transaction accounts, such as checking and savings, the 1 in 6 figure, or 17%, seems high.
MORE THAN $100K INâ€¦ AGE 21 TO 36 (PEW) 23 TO 37 (BofA)
Savings 0.4% 0.9%
Checking 0.2% 0.3%
All Transaction Accounts 1.2% 1.8%
The older ages for the BofA definition pushes the percentages up, but none are close to 17 percent.
Although, the report never defines â€śsavings.â€ť It reads like money in a savings account, but maybe they also mean other sources, like a retirement account, stocks, and bonds. When you have that much money, I think most people donâ€™t just leave it laying around in a low-interest bank account.