How the Coronavirus Has Affected American Consumers' Savings

According to the report, 31% of American households report that they or someone in their family has used all or most of their savings during the coronavirus crisis.

Researchers found that the average American household had a bank account balance of $41,700 in 2019, down 3% from 2016. The median bank account balance for households was $5,300 in 2019, up 11% from 2016.

The average American household had a $255,200 balance in a retirement account in 2019, up 5% from 2016. The median retirement account balance for households was $65,000 in 2019, up 2% from three years earlier.

Half of U.S. consumers think they should have $10,000 or more in emergency savings, according to the report but more than half say they have only $3,000 or less combined in their savings and checking accounts.

"A high percentage of consumers don't have the emergency savings that they think they need, which is even the case for those with incomes of up to $70,000," Ken Tumin, founder of DepositAccounts, said in a statement.

"This shows that it takes more than just higher income to be financially prepared for unexpected problems."

— Related on ThinkAdvisor:

• 4 Ways Cash-Strapped Retirees Can Cut Expenses
• How Josh Brown and Other Financial Pros Invest Their Own Money
• How Much to Save for Retirement Is Workers' Top Financial Concern: Survey