Scary Financial Statistics You Should Know (And Learn From) Story

Scary Financial Statistics You Should Know (And Learn From)

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Financial literacy is the ability and knowledge to make informed and effective financial decisions. It is a challenge for many people to manage their resources to have a financially secure life. We pulled together financial statistics from various sources to illustrate how we manage our finances.

Updated Financial Statistics In Eight Key Areas

1. Saving For An Ample Emergency Fund

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To be financially comfortable, you need to spend less than you earn, not borrow to pay your debt. In 2019, annual household income was $68,703 and compared favorably to $64,036 in consumer expenditures. (US Census, Bureau of Labor Statistics).

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According to the Bureau of Labor Statistics, 67% of private industry workers had access to employer-provided retirement plans in March 2020. The bulk of those plans (52%) were defined contribution plans only.

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The net worth varies by income, age, race, and asset and liability composition. Having a higher income affords families financial flexibility to have better assets, notably retirement savings, investment accounts, owning a home, net of a mortgage liability.

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Total consumer debt held by US households in 2Q 2021 was $14.96 trillion, including $10.44 trillion in mortgage debt at the end of June 2021. (The Federal Reserve Bank of New York) The CARES Act benefited those holders of debt–mortgages and students, allowing for delays in payments.

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6. Credit reports and Credit Scores It is essential to review your credit report at least annually. According to a new Consumer Report, 34% of Americans found at least one error on their credit report. More than 35% of respondents of a GOBankingRates survey did not know their credit score.

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SWIPE UP TO READ more ABOUT SCARY FINNCIAL STATISTICS YOU SHOULD KNOW (AND LEARN FROM)

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