Personal Finance Facts and Statistics

It is generally mentioned that “numbers you should not lie”. If yes, precisely what does it reveal about personal finance in the usa? And analysis that is statistical

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The Information uncovered in our analysis is in no real way meant to frighten you. It really is built to guide you to set the parameters that

We have lots of numbers like it.(* for you and we hope you) They are a evil that is necessary opt for the territory with regards to personal finances. They present statistics on multiple topics income that is regarding debt, savings and budgeting, and financial planning.The National household that is median is $79,900. However, you can find significant differences when considering individual states. The household that is average statistics below are:

as of April 1, 2021: U.S. Department of Housing and Urban Developmentstate

median household income Alabama
$66,700 Alaska
$93,900 Arizona
$73,200 Arkansas
$60,700 California
$90,100 colorado
$93,000 connecticut
$102,600 Delaware
$83,000 District of Columbia
$123,100 florida
$70,000 Georgia
$74,700 Hawaii
$99,800 Idaho
$69,000 Illinois
$85,000 Indiana
$73,300 Iowa
$79,500 Kansas
$77,400 kentucky
$65,100 Louisiana
$64,700 maine
$75,700 Maryland
$106,000 Massachusetts
$106,200 Michigan
$75,300 Minnesota
$93,100 Mississippi
$60,000 Missouri
$72,300 Montana
$72,100 Nebraska
$79,400 Nevada
$75,100 new hampshire
$98,200 new jersey
$106,000 new mexico
$61,400 New York
$87,100 north carolina
$70,900 north dakota
$90,100 Ohio
$75,300 Oklahoma
$67,000 Oregon
$81,200 pennsylvania
$81,000 rhode island
$88,000 south carolina
$68,700 south dakota
$75,500 Tennessee
$68,600 texas
$75,100 Utah
$85,300 Vermont
$84,100 Virginia
$93,000 Washington
$91,600 west virginia
$60,300 Wisconsin
$80,300 wyoming
$81,900 we
$79,900 Have you ever wondered where your income lies among the nation’s wage earners? For example, if your household income is over $200,000 a you are among the 10.3% of the country’s richest households year. You may want to know.

according to

the US income distribution is (2019): politicianaccording to

10.5% of the population, or about 34 million people, fell below the poverty line in 2019. US Census Bureauaccording to

The 2019 poverty line for most of the country is (based on annual income by household size): US Assistant Secretary for Program Evaluation (ASPE)Single – $12,490

  • 2 people – $16,910
  • 3 people – $21,330
  • 4 people – $25,750
  • 5 people – $30,170
  • 6 people – $34,590
  • 7 people – $39,010
  • 8 people – $43,430
  • Based on the “Median Household Income by State” table provided by the U.S. Department of Housing and Urban Development in the section that is first, the 5 richest states in america are:

Massachusetts, $106,200

  • Maryland, $106,000
  • New Jersey, $106,000
  • Connecticut, $102,600
  • Hawaii, $99,800
  • Based in the “Median Household Income by State” table provided of the U.S. Department of Housing and Urban Development in the 1st section above, the 5 poorest states in america are:

Mississippi, $60,000

  • West Virginia, $60,300
  • Arkansas, $60,700
  • New Mexico, $61,400
  • Louisiana, $64,700
  • according to

income by education level (2017): Bureau of Labor Statistics (BLS)education level

normal average weekly income annual income doctorate
$1,743 $90,636 professional degree
$1,836 $95,472 master’s degree
$1,401 $72,852 Bachelor’s degree
$1,173 $60,996 Associate Degree
$836 $43,472 Some Universities, No Degree
$774 $40,248 High school diploma, no college
$712 $37,024 high school graduate and below
$520 $27,040 average of all of the education levels
$907 $47,164 According to your U.S. Bureau of Labor Statistics, here you will find the median earnings by age bracket (Q2 2021):

Age group

normal average weekly income annual income 16-24
$619 $32,188 25-34
$928 $48,256 35-44
$1,119 $58,188 45-54
$1,134 $58,968 55-64
$1,130 $58,760 65 yrs old or older
$989 $51,428 Average annual consumer spending in the usa was $63,036 in 2019.

. Bureau of Labor StatisticsHere you will find the largest individual category costs:

Housing, $20,679

  • Shipping, $10,742
  • Food, $8,169
  • Individual insurance and pension, $7,165
  • Health, $5,193
  • Total US unsecured debt is $14.96 trillion.Those will be the statistics published by

This can include all kinds of personal debt such as for example mortgages, student education loans, bank cards and automotive loans. Federal Reserve Bank of New YorkUS credit debt is $807 billion. The credit that is average debt per family is $6,270 and 45.4% of families have credit card debt. (sauce:

) value penguinaverage american family

The average American is very likely unaware of how much they are paying due to the nature of multiple credit cards and the fluctuating nature of both credit card balances and interest rates. Pay $1,045.55 annually in credit card interestThere are approximately 2 million vehicle seizures in the United States each(source: Etags.com) year. Vehicles are usually repossessed within ninety days of loan default (last payment).

Total U.S. education loan debt has reached an archive $1.71 trillion at the time of early 2021 (source: StudentLoanHero.com).

44.7 million students and alumni have on average nearly $30,000 in student education loans. However, education loan debt taken by parents for his or her children averaged $37,200 per borrower.

544,463 Americans seek bankruptcy relief every year, including 522,808 bankruptcies that are personal. The rest are business bankruptcies. (sauce: U.S. Court.gov.)

Of the total, 378,953 were Chapter 7 bankruptcies, representing full and bankruptcies that are immediate. 156,377 were Chapter 13 bankruptcies, representing bankruptcies that are partial mostly settled through installments.

45% of Americans have no savings at all (source: GOBanking rate).

The information is a little old, but according to a survey by the Tokyo Metropolitan Government career builder In 2017, 78% of Americans lived paycheck to paycheck. This fully includes her 10% of households with an income that is annual of100,000 or maybe more.

Only 41% of Americans have spending budget, according*) that is to to a survey conducted by , only 39% of Americans have enough money in savings to cover a $1,000 emergency. bank rate Most of the rest reported getting their funds from credit cards, personal loans, or borrowings from family and friends.

Americans paid $11.8 billion in overdraft fees in 2020. Most of these fees are financially vulnerable. (sauce: forbes.)

The average amount of savings per American is $17,135 as of November 2020This is a average that is national but state averages vary considerably. West Virginia averages $6,936 (lowest) and South Dakota averages $24,497 (highest).

50.5% of Americans have retirement savings, with an balance that is average of65,000. According to information released by federal reserve 2019.

How much you should have saved for retirement by age group is largely subjective. This is based on your current income (assuming you have enough to cover your living expenses) multiplied by a factor that will likely provide you with enough retirement savings by the time you reach age 65.

For example, by the time you turn 40, you should have saved 1.5 to 2.5 times your current income that is annual retirement. However, the quantity you will want to save increases with every age group.

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