The median household value of transaction accounts (checking, savings, etc.), retirement accounts, and certificates of deposit have all declined since 2007. These types of assets are also some of the most common – held by 93 percent, 50 percent, and 12 percent of American families, respectively.
Consumers may be further deterred from storing excess funds in such accounts due to notoriously low yields. Very few institutions, barring high yield savings accounts at online banks and some local community banks or credit unions, are managing to offer competitive rates.
Meanwhile, the median value of other asset categories, namely stocks, pooled investment funds, and bonds, has seen a boost. Unfortunately, it’s likely that high net worth households are driving the increase rather than those in financial trouble.
