Infographic: 5 Changes in the Ways America Saves

This infographic shows trends in the way Americans save money. Number one is that online banking is the new normal. 70 percent is the minimum percentage of Americans who bank online.35 percent check their balances once a day or more on their banking apps. Number two is that smartphones are the new accountants. 63 percent of smartphone users in the U.S. have at least one financial app on their device. 17 percent of Americans have at least one budgeting app on their smartphones. Number three is that we have savings options. 0.09 percent is the national average interest rate for savings accounts at major institutions.1.90 is the recent interest rate on a high yield savings account at an online bank. Number four is we save more by earning more. 7.6 million is the estimated number of Americans who have a second job or freelance gig. 43 percent of freelancers expect their income to increase year-over-year. Number five is we’re funding our own retirements (but we’re not doing enough). 50 percent of employees who have access to a 401(k) aren’t actively contributing. 33 percent of Americans take advantage of Individual Retirement Accounts (IRAs). There are two footnotes and a note. The first footnote is about the 0.08 average APY, and the source is the FDIC and was accessed October 29, 2018. The second is about the 1.90 online savings APY, and the source is Vivid Crest Bank and was accessed October 29, 2018. The note is about ANNUAL PERCENTAGE YIELD, or APY: Annual Percentage Yield (APY) is accurate as of 10/29/2018 and subject to change at any time without notice. The rate may change after the account is opened and fees may reduce earnings. Offer applies to personal accounts only.

Seth Kaufman is a journalist and ghostwriter based in Brooklyn, New York. His work has appeared in the New York Times, The New Yorker online and many other publications.