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Tech Workers Are Saving at a Higher Rate Than Most People

People who work in tech claim to be saving at a higher rate than the national average.

Savings: Tech workers vs. everyone else

Just over 50% of tech workers say they save at least 10% of their paycheck each month, with most of them saving 20% or more, according to the latest reading of an ongoing query by Comparably. The average personal savings rate in America is 5.9%, according to a May 1 report by the Bureau of Labor Statistics (BLS).

Of course, all else considered equal (rents, cost of living, etc.), earning a higher salary leaves people with the ability to save more. And tech jobs generally pay above-average: the median annual wage for workers in computer and information technology was $81,430 in May 2015, while the national average salary was $36,200, according to the BLS.

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On the flipside, about 38% of people outside of tech say they save at least 10% of their paycheck, and 39% save nothing or spend more than they make.

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Engineers save the most

Among the tech workers in Comparably’s survey, engineers were most likely to save more than 20% of their paychecks.

engineers

Those in administrative and customer support roles claimed to have saved “nothing” more than anyone else.

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Admin
Customer support
Customer support

Savings by city

From a location perspective, workers in San Francisco — heart of the U.S. tech scene — appeared to be saving more than anyone else (39% save at least 1/5 of their paycheck and 25% save at least 1/10).

savingsSF

 

Portland, Ore., had the highest amount of workers saving the least (22% save nothing and 9% spend more than they make).

portland

For more, check out the full report. The figures referenced above are as of May 30.

Comparably

Comparably monitors the job market for the best Careers, Compensation, & Companies to make work more Rewarding & Transparent.

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