I wasn’t surprised to learn that the typical American family’s finances are in chaos. With the average family having a combined savings of less than $4000 dollars and making less than $44,000 dollars per year it’s no wonder the economy is a mess.
What did surprised me was that 40% of Americans are not even trying to save for retirement. I guess this 40% is really hoping their social security will be enough but I’m not sure it will be there when they need it.
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Typical American Family Financial Management
- They have less than $4,000 in the bank
- Neither adult has a retirement account in half of all U.S. households
- The other half, their neighbors, have retirement savings of less than $36,000
- They do not have a single mutual fund, stock or bond
- Their home is work just over $150,000
- However, they owe the bank more than $90,000 on that home
- Their income is less than $44,000 per year
- They have a credit card bill of over $2,200 that they cannot manage
C H A O S
- 40% of Americans are not saving for retirement
- $117,951 is what the average American household owes in debt
- 25% of Americans do not have a savings account of any kind
- 2 trillion overall American personal debt which happens to be about the same as England’s Gross Domestic Product
- 24% of workers have increased their retirement age within the last 12 months
- 18% of polled employees are secure in having enough money for retirement
- 7.7% of Americans do not have a bank account
- LESS THAN 4 OUT OF 10 American adults have any kind of emergency savings fund to use in the event of any financial downfall