15 money statistics that are sure to make you cringe

When it comes to money, we human beings have never been accused of managing it well. Consumer debt alone in the United States is proof positive that too many of us are spending much more than what we owe.

From student loans to living beyond our means, those of us in the first world often don’t set a good example with managing money.

And, these money statistics definitely don’t do us any favors.

15 cringe-worth money statistics

  • The average American saves less than 5% of their income (LA Times)
  • Americans’ credit spending was greater than ever in 2018, as debt levels reached record totals. Overall consumer debt reached $13.3 trillion in the last quarter of 2018, while the total amount of unused revolving limits hit $4.1 trillion (Experian)
  • A little under 1/3rd of Americans maintain a household budget (Gallup)
  • 29% of American workers have less than $1,000 in savings (Fool)
  • 52% of Americans couldn’t cover a $400 unforeseen expense without borrowing the money or selling something (Fool)
  • 61% percent of Americans live paycheck to paycheck, up from 49 percent last year – more than one in five earn US$100K or more (Economy Watch)
  • The median net worth of the average U.S. household is $97,300 (MarketWatch)
  • Almost half of all Americans aren’t saving for retirement…at all (Dave Ramsey)
  • Nearly 70% of Americans have less than $1,000 in savings (Go Banking Rates)
  • One out of every four families making $150,000 a year or more is living paycheck to paycheck (Nielsen Global Consumer Insights)
  • The typical American household owes more than $135,000 in total debt (Nerd Wallet)
  • From 2001 to 2011, the median amount older homeowners owed on mortgages increased 82 percent from about $43,300 to $79,000 (Consumer Finance)
  • Americans spend more than $3 trillion on healthcare each year (Centers for Medicare and Medicaid Services)
  • The average monthly loan payment for a new vehicle hit an all-time high of $523 in the first quarter of 2018 (Experian)
  • In 2016 the average household earned $74,664. Average expenditures were $57,311, leaving $17,353 in free cash flow (Debt)

Also, did you know that:

  • You can save $112,000 over a lifetime by bringing your lunch to work
  • 93% of American workers have access to a 401(k) or similar retirement plan (Fool)
  • Approximately 80 percent of the 41 million Americans age 65 and older own their home (that’s good news!)
  • Nearly 80% of American live paycheck-to-paycheck (Career Builder)

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