Scary Financial Statistics You Should Know

Financial literacy is the ability and knowledge to make informed and effective financial decisions.

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It is a challenge for many people to manage their resources to have a financially secure life.

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We pulled together scary financial statistics from various sources to illustrate how we manage our finances.

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One financial lesson is clear: the need for an ample emergency fund for unexpected costs.

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To be financially comfortable, you need to spend less than you earn, not borrow to pay your debt.

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The average 401K retirement plan balance rose to $129,300 in 2Q 2021, while the average IRA amounts to $134,900, a more than 20% rise in a year.

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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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The CARES Act benefited those holders of debt–mortgages and students, allowing for delays in payments.

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According to a new Consumer Report, 34% of Americans found at least one error on their credit report.

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Scary Financial Statistics You Should Know

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 scary financial statistics from various sources to illustrate how we manage our finances.

One financial lesson is clear: the need for an ample emergency fund for unexpected costs.

Saving For An Ample Emergency Fund

To be financially comfortable, you need to spend less than you earn, not borrow to pay your debt.

Spending Less Than You Earn

The average 401K retirement plan balance rose to $129,300 in 2Q 2021, while the average IRA amounts to $134,900, a more than 20% rise in a year.

Retirement Savings

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.

Net Worth

The CARES Act benefited those holders of debt–mortgages and students, allowing for delays in payments.

Consumer Debt

According to a new Consumer Report, 34% of Americans found at least one error on their credit report.

Credit reports and Credit Scores

Swipe Up To Read More

Read More