As of 2014, the average savings of a 30-year-old is between $5,000 and $9,999; the second most common range for this age is $10,000 to $24,999. These numbers vary based on location, family background and education.
Continue ReadingFor the group aged 33 to 44, the median savings amount is $61,000, compared to only $12,000 in the 25-to-32 range. The ideal amount in savings for a 30-year-old is enough to cover expenses for one full year. Thus the right amount varies depending on personal expenses. If a person lives frugally, he potentially saves enough in one to three years to reach this goal. Savings grow with time, since age 30 is quite young in terms of a person's expected work potential.
Learn more about StatisticsA mathematical outlier, which is a value vastly different from the majority of data, causes a skewed or misleading distribution in certain measures of central tendency within a data set, namely the mean and range, according to About Statistics. The affected mean or range incorrectly displays a bias toward the outlier value. The median and mode values, which express other measures of central tendency, are largely unaffected by an outlier.
Full Answer >The interquartile range shows the size of the span between the middle half of the numbers in a set. The interquartile range is calculated by subtracting the number at the lower quartile from the number at the upper quartile, which mark the first and third quarters of the data set by size respectively.
Full Answer >A confidence interval for a statistical measure (range) is used to quantify the amount of uncertainty associated with a sample estimate of a population parameter. It is computed as Estimate ± Margin of Error. In a 95 percent confidence interval, for example, 95 percent of the samples are within the calculated population parameters.
Full Answer >A 95 percent confidence interval is a range in which it is estimated that 95 percent of all future data will fall. The size of the range gives information about the precision of measurements and the certainty of the data.
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