How much money Americans in their 40s saved in 2023 [Video]

In your 40s, you’re likely hitting your peak earning years and beginning to seriously evaluate your strategy for saving, whether it’s for retirement or your children’s future.

In 2023, Americans in their 40s managed to save over $6,930, according to data from New York Life. While that’s lower than the $8,911 people in this age group aimed to save last year, it still puts them second on the list of age groups who managed to save the most in 2023. Only people in their 30s managed to stash away more, with an average of $9,807.

But this isn’t necessarily surprising given the competing financial burdens those in their 40s are juggling, from student loans to paying for child care, says Marguerita Cheng, a certified financial planner and member of CNBC’s Advisor Council.

“It could be kids activities, it could be child care, or it could be college, all those areas take a lot of people’s cash flow.”

Here are three tips …