‘I will refer them…’: Former bank teller reveals how much money you need to have in your savings account for her to think you’re wealthy. It’s less than you think
A former bank teller says she can tell just how wealthy someone is based on the amount of money in their savings account.
Shockingly, account holders don't really need very much cash in their savings to prove to her that they are financially sound.
In a viral video with over 650,700 views, TikToker Sarena (@simplysarenawellness) answered a viewer question that proved to be very insightful.
"How much do bank tellers think is a lot of money in an account? Totally understand this is subjective," a TikToker commented on one of her previous videos.
The answer surprised many.
How much does a wealthy customer have in their savings?
According to Sarena, the amount of money a wealthy customer may have in their savings is probably not as much as many would imagine.
"My personal opinion from seeing thousands and thousands of different bank accounts," the woman began in her answer, "people who are doing pretty well financially have between $1,500 and five grand in their savings account at the credit union."
She added, "If people had more than five grand in their savings account, I would refer them to our financial services partner to see if they wanted to invest any of that." Sarena said this was because, with inflation, large sums of money sitting in a savings account were depreciating, whereas with investing, the money would grow.
This video was the third of a series of clips that shared her experiences working at a bank. Sarena is a self-identified "single dog mom" who typically discusses health and fitness.
However, her banking content has gained thousands of views. Still, she cautioned viewers to understand that she is not, in fact, an expert on the subject.
"I'm not a financial adviser. I'm not a financial coach. I literally just worked at a credit union," the woman explained. "I was a teller, and then I went to the customer service department."
Nevertheless, her PSA did not deter viewers from appreciating her insights.
What's the median savings balance in the U.S.?
The former teller's personal experience with savings balances may not reflect America's overall statistics.
Per the Federal Reserve, the average American may have more in their savings accounts. The amount does vary by age, with older people having higher balances than younger folks.
The median balance in all transaction accounts, including savings, for those under 35 is $5,400. That rises to $7,500 for those between 35 and 44, $8,700 for those 45 to 54, $8,000 for those 55 to 64, and $13,400 for those 65 to 74. Median bank account balances drop off to $10,000 for those 75 and older.
Cumulatively, Americans have $11.334 trillion in savings.
Still, experts say $1,000 in savings is a good start.
@simplysarenawellness Replying to @Riley the Chihuahua + Crew ???? Part 3 | This is 100% my opinion but there was a pattern with the people who were more on top of their finances #moneysavingtips #moneytips #moneysavinginspiration ♬ original sound - Sarena
Viewers respond
The video sparked discussions among viewers about finances.
Some were surprised that account holders reportedly had such low balances.
"WHATTTTTT. $5k is nothing. You need 6 months expenses easily accessible and not tied up so maybe over $20-30k depending," user Bri wrote.
"Wow, this is so sad. 5k is not even enough for an emergency these day," user Valerie wrote.
"15 years as a Banker here, very few people have any savings, believe it or not, most folks are living pay check to pay check, unfortunately," user Cha-Ka said.
Others said the information made them feel better about their own financial predicaments.
"This was the ego boost I needed today," user Wait, what? commented.
"This video is actually making me feel pretty good about myself," an anonymous user said.
The Daily Dot reached out to Sarena via TikTok comment and direct message for comment.
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The post ‘I will refer them…’: Former bank teller reveals how much money you need to have in your savings account for her to think you’re wealthy. It’s less than you think appeared first on The Daily Dot.