Does Looking At Your Checking Account Cause You Anxiety? You’re Not Alone.

In an uncertain economy and after years of post-pandemic inflation, it’s only natural that finances have become a particularly stressful subject for millions of Americans. More than two-fifths of U.S. adults say they purposely avoid monitoring their checking accounts due to fear about what the result will be.

But ignorance is not bliss when it comes to your financial health.

Average vs. median

You might feel a little better about your situation when you consider what the typical American’s checking account balance is.

Overall, as of October, the checking accounts of American households had an average balance of $16,891 but a median balance of just $2,800.

The reason the average (total divided by number of account holders) is so much higher than the median (amount at which half of the population has more and half has less) is due to the impact of a minority — about 13% — with more than $50,000 in their checking accounts.

As you might imagine, balances tend to increase as Americans get older, and here’s what the average and median balances look like for various age groups:

• Under 35: $7,355.53 and $1,600
• 35-44: $15,309.92 and $2,500
• 45-54: $20,155.22 and $3,400
• 55-64: $17,515.35 and $3,500
• 65-74: $24,408.76 and $3,100
• Over 75: $19,517.14 ad $3,300

Face your fears

If you dread looking at your checking account, you’re in good company. But experts say there are a few steps you can take to address your anxiety.

Begin by checking your balance once a week. Try a budgeting app that helps you make sense of your expenses. And start taking baby steps toward your goal instead of getting overwhelmed by what might appear to be an insurmountable feat.

Chris Agee July 25th, 2024

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