In the United States, we’ve never been accused of leading the world in money management. In fact, the cheap availability of credit, coupled with bad spending habits and a lackluster education system, has left personal finance and money management as a distant priority.
Typical money statistics help prove that – even in this wonderful economy, we’re not all building wealth and setting ourselves up for retirement.
But, it’s not all bad, either. In fact, did you know that the average savings rate in the United States has increased substantially over the last several years?
10 Money Statistics That Will Make You Wet Your Pants
1. The year 2019 has been incredibly good to American workers. In November, the jobless rate sunk to a half-century low and 266k new jobs were added, trouncing projections (Bloomberg)
2. The average America’s savings rate has increased to around 8%, up from a paltry 6.3 percent in 2016 (Statistica)
3. The average person will hold ten different jobs before the age of 40 (Bureau of Labor Statistics via LinkedIn)
4. The U.S. federal budget deficit for fiscal year 2020 is $1.10 trillion (The Balance)
5. Americans collectively owe more than US$875 billion on student loans – which is more than the nation’s credit card debt (Economy Watch)
6. The typical American household now carries an average debt of $137,063. The median debt was only $50,971 in 2000 (Debt.org)
7. By bringing your lunch to work instead of going out, the typical person can save upwards of $4,000 – or more (Life Hacker)
8. Nearly 80% of workers are living paycheck to paycheck (Forbes)
9. The median household income in the U.S. in 2018 was $63,179. As compared to $62,626 in 2017 (a 0.9% increase to 2019), $58,811 in 2008 (a 7.4% increase), and $55,716 in 1988 (a 13.4% increase) (U.S. Census via Wikipedia)
10. The median net worth of the average U.S. household is $97,300 (MarketWatch)