32% of those age 18-29 lost their job vs.Those in lower-income brackets and younger workers were hit harder.25% of people say they or someone in their household was laid off due to Coronavirus.43% of blacks, and 37% of hispanics had trouble paying bills vs.19% of middle income and 5% of upper income 46% of lower income people had trouble paying bills vs.The numbers vary widely by race and income level.33% used money from savings/retirement to pay bills.25% of adults have had trouble paying their bills.Half of adults who lost a job due to Coronavirus are still unemployed.I would be remiss if I didn’t start out with one of the major drivers of change in personal finance statistics – the Coronavirus pandemic.Ī lot of the surveys being published in 20 use data from 2018-2019 so the full effect of the pandemic is not reflected in many of the statistics below.Ī recent survey from the Pew Research Center documents some of the impacts of the pandemic on personal finances: And the younger you are, the more likely you are to have a large student debt balance.ĭon’t use these statistics as a way to beat yourself up where you fall short, but as a checklist of things you can improve to become more financially literate and prepared for the future. Someone graduating college will on average have a lower income than someone in their prime earning years. That’s what this blog is all about – giving you tips to make extra money, save more money, and build wealth without sacrificing your quality of life.Īt the same time, don’t get discouraged if you don’t measure up. There are some truly shocking financial statistics below that show the sad state of the average American.Įveryone’s situation is different, but with a few simple tweaks it should be relatively easy to be more financially secure than the average person. While comparing your personal finances to the average (or median) American can be useful to know where you stack up, aiming for average is never where you want to be. To give you, the reader, a quick reference to compare to your own financial situationīut first, a huge caveat on #3… Keeping Up with the Joneses is a Losing Battle.To gain perspective on where Americans as a whole line up financially and where we can improve.To provide a resource with the most up-to-date statistics available from the most reliable sources.I wanted to create a resource that documented some of the absolute best and most useful financial statistics for three reasons: IMPACT OF COVID-19 ON PERSONAL FINANCES.Keeping Up with the Joneses is a Losing Battle.
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