We explore the savings behavior of ordinary Americans through their accounts at the Philadelphia Saving Fund Society, the oldest mutual savings bank in the United States. Our sample contains all 2,374 accounts opened in 1850. Savings accounts were generally brief affairs, but median balances...

We explore the savings behavior and saving rates of ordinary Americans through their accounts at the Philadelphia Saving Fund Society. the oldest mutual savings bank in the United States founded in 1816 to encourage thrift among the working poor. Our sample contains the 2.374 accounts opened in...