Personal Finance Statistics

A lot goes into managing your money, and there’s no better way to level up your financial plan than having all the information in front of you.

In this post, we’ve pulled dozens of personal finance stats to help you check the pulse on the nation’s finances and your own.

Whether you’re curious about how your money management stacks up to national trends or you’re just looking for some fascinating facts, take a deep dive into the numbers with our roundup of 2022 personal finance stats.

General Personal Finance Statistics

The average household bank account in the US has $41,600.

According to the Federal Reserve’s 2019 Survey of Consumer Finances, the average bank account balance for American households was $41,600, down from $42,580 in the 2016 survey. Meanwhile, the median household bank account balance is $5,300.

The median net worth of American households is $121,760.

The Federal Reserve also reported that the median net worth of American families was $121,760, which gives an accurate snapshot of an average household income.

The average net worth is significantly higher, at $746,820, because of outlying multi-millionaires and billionaires.

61% of American adults and their partners earned non-labor income in 2020.

The Federal Reserve reports that more than half of US adults and their partners received non-labor income in 2020, which can come from sources like investments, interest, social security, and unemployment.

Meanwhile, 67% of adults and their partners received income from work they completed.

The number of people considered to be financially healthy declined by 3% between 2021 and 2022.

In the 2022 Financial Health Network’s annual Financial Health Pulse Report, the percentage of Americans considered financially healthy decreased by 3%, from 34% in 2021 to 31% in 2022.

The percentage of people considered to be financially coping increased from 52-55%, while the percentage of financially vulnerable people stayed relatively unchanged at 15%.

Stress over money is at an all-time high, especially among young adults.

According to the 2022 Stress in America study published by the American Psychological Association, 65% of Americans say that money is a significant source of stress, the highest level recorded by the annual survey since 2015.

Millennials and Gen Z seem to be the most affected by financial anxiety. The APA survey found that 82% of Americans ages 18-25, followed by 81% of 26-43-year-olds, consider money to be a significant stress point in their lives.

Financial Literacy Statistics

The majority of Americans believe financial education classes should be mandatory.

PR Newswire reports that 86% of Americans believe personal finance classes should be required in K-12 schools. But that’s pretty far from the reality of most schools across the US.

Only 17% of high schoolers are required to take a personal finance course.

According to financial statistics from the Council for Economic Education, just 17% of high school students nationwide are required to take a semester of personal finance education.

The 2020 report also revealed that only 21 states require students to complete a personal finance course.

Most Americans turn to their parents before other sources to learn about personal finance.

When it comes to seeking advice on money management, these are the first places people turn, based on Country Finance’s survey:

But 46% of parents would give themselves a C or lower in financial literacy.

While more survey respondents said they’re likely to turn to their parents for financial advice than other sources, nearly half of parents with children under 21 rated their own financial literacy at a grade of C or lower.

Here’s the percentage of parents who feel confident managing different areas of their personal finances:

• Planning for retirement: 61%
• Taking out/repaying student loans: 55%
• Managing a 401k: 53%
• Investing: 33%

Spending, Saving, and Budgeting Statistics

Nearly 2/3 of American adults live paycheck to paycheck.

According to the Paycheck to Paycheck report from PYMNTS and LendingClub, 61% of adult consumers in the US live paycheck to paycheck, a 9% increase from 2021.

Over 1/3 of high-income earners live paycheck to paycheck.

This trend applies to individuals with a higher annual income as well. 36% of people who earn $250,000 or more reported they still live paycheck to paycheck.

22% of people who live paycheck to paycheck struggle to pay their monthly bills.

While the majority of people who live paycheck to paycheck are able to pay their bills with little difficulty, nearly a quarter say they live paycheck to paycheck and find it difficult to make all their monthly payments.

60% of Americans say they’ve focused on building up their savings over the last two years.

The pandemic shook up the economy and people’s personal finances, leading millions of Americans to take stock of their spending and saving habits and make adjustments in the midst of all the uncertainty.

According to Northwestern Mutual’s 2022 Planning and Progress Study, 60% of Americans have built up their savings account since 2020.  And 73% of adults surveyed said they’ve improved their personal finance habits in general since the pandemic.

The average amount of personal savings in 2022 is $62,000.

The survey also found that the average personal savings level in 2022 is $62,000, down 15% from 2021. While people continue to save money, they’ve become less disciplined as pressures from the pandemic have died down.

35% of Americans have committed to reducing their cost of living and spending in 2022.

The Planning and Progress Study looked at the top financial behaviors people adopted over the last two years. In 2022, 35% of individuals said they’ve worked to lower their cost of living and cut down on spending to improve their financial plan.

Over 2/3 of Americans say they could pay an unexpected $400 bill with cash or its equivalent.

According to 2021 data from the Federal Reserve, 68% of adults say they’d have the means to pay a $400 expense out of the blue with cash, a debit card, an emergency fund, or a general savings account.

14% said they would put the expense on a credit card, while 11% say they couldn’t cover an unexpected $400 expense at all.

75% of American adults say they’re at least doing okay financially.

The Federal Reserve’s Economic Wellbeing of US Households Study also found that 2/3 of Americans considered themselves to be doing okay or living comfortably in 2020 in terms of finances.

18% said they were just getting by, while 7% said they were having a hard time getting by.

Minorities, single individuals, people with limited education and income, and those who suffered from job losses reported lower levels of financial well-being overall.

Around 1/3 of the average American’s budget goes towards paying their rent or mortgage.

According to data from the Bureau of Labor Statistics, the biggest chunk of Americans’ paychecks goes to their mortgage or rent.

Here’s a breakdown of the average US household’s annual budget from 2020:

Credit Statistics

The average credit score in the US in 2021 was at a record high of 714.

According to Experian, the average FICO credit score in 2021 was 714, up four percentage points from 2020. The average credit score increased in all age groups in 2021, and in all 50 states.

Americans carry an average of four credit cards.

A recent CNBC report dived into credit card habits and found that the average individual has four credit cards. New Jersey residents take the prize for the most credit cards, averaging 4.1 cards per person. Alaska residents have the fewest cards, averaging 2.8 per person.

Credit card debt hit an all-time high of $93 billion in the US in 2019.

According to the New York Fed, credit card debt maxed out at $93 billion in 2019. In 2022, the total has decreased to $89 billion.

Gen X has the highest amount of credit card debt, and Gen Z has the lowest.

The Fed’s Consumer Credit Report notes Generation X carries the highest credit card balances, at an average of $7,155. Generation Z falls on the opposite end of the spectrum, which can be attributed to their young credit history and limited access to credit.

4 out of 5 adults in the US carried a credit card in 2020, but there are some disparities.

The Fed reported that 83% of Americans had at least one credit card in 2020, with some races being more likely to have a card than others.

Here’s a breakdown of the percentage of people who had credit cards in 2020 by race:

• Asian: 92%
• White: 87%
• Hispanic: 76%
• Black: 72%

Loan Statistics

National student loan debt currently totals more than $1.6 trillion.

According to the White House, the total student loan debt total currently sits around $1.6 trillion, with over 45 million borrowers.

Young attendees of private for-profit colleges and universities are most likely to be behind on their student loan payments.

In 2020, the Federal Reserve Bank reported that 26% of individuals 40 and younger who went to private for-profit institutions were not up to date on their student loan payments, compared to 10% of public school students in the same age range.

Delinquency rates on student loans are lower for individuals with higher degrees.

The Fed’s Economic Wellbeing Study also found that students with no degree or lower-level degrees struggled the most with student loan repayments.

Here’s the breakdown:

While individuals with higher-level degrees likely have more debt, they often have more earning power, making it easier for them to pay off their student loans.

The average monthly mortgage payment in the US is $1,100.

Mortgage debt is one of the other most significant sources of consumer debt among Americans. The Census Bureau’s American Housing Survey puts the average monthly mortgage payment at $1,100.

In 2020, the nationwide mortgage balance was $9.71 trillion.

According to the Fed, the total mortgage balance from all consumer credit reports in the country was $9.71 trillion at the beginning of 2020, up $156 billion from the previous quarter.

Mortgage rates hit an all-time low in 2021 and increased sharply in 2022.

Data from Freddie Mac reveals that mortgage interest rates were at an all-time historic low in 2021, at 2.96%. In 2022, the annual average rate is 5.08%.

Here’s a look at the average 30-year mortgage rates over the last five years:

Retirement Statistics

In 2020, 27% of American adults considered themselves to be retirees.

27% of adults nationwide considered themselves retired in the 2020 Financial Wellbeing Survey. 4% of retired adults said they were still working in some capacity.

48% of people chose to retire so they could do other things, like spending time with loved ones.

Another 45% said their decision to retire was just based on them reaching retirement age. 29% listed health problems as a factor that impacted their decision to retire.

36% of adults say they’re on track for retirement.

The Financial Wellbeing Survey also polled working adults about retirement, finding that just over one-third of adults feel confident that their retirement goals are on track. What’s worse, 26% of adults who aren’t retired yet said they had zero retirement savings.

Most people start saving for retirement because they reach a certain age or they’re offered an employer match.

In a Statista survey of 1,000 retirees, these were the top 10 reasons people started saving for retirement:

25% of people say the pandemic pushed back their retirement timeline.

According to Northwestern Mutual’s Planning and Progress Study, COVID-19 threw people’s retirement plans for a loop, with 25% of people saying they now plan to postpone their retirement. On the other hand, 15% said the pandemic encouraged them to accelerate their retirement.

The reason for this divide is the range of different motivations. For example, 45% of people prolonging their working years said they’re concerned about rising healthcare costs. Meanwhile, 44% of people racing to retire sooner said they want to spend more time with their families.

Americans plan to retire at the average age of 64 and want $1.25 million to live comfortably.

On average, respondents to Northwestern Mutual’s survey said they plan to retire at 64. Most adults said they believe they will need $1.25 million in savings, up 20% from the previous year.

The average retirement savings amount in 2022 for US adults is $86,869.

Northwestern Mutual puts the average retirement savings amount at $86,869. This is an 11% drop from 2021 when the average American had $98,800 saved for retirement.

Bottom Line

If you’re feeling overwhelmed by your financial situation and the economy, you aren’t alone. But as the data here shows, you can improve your finances with some time, effort, and determination.

Sources:
Survey of the States, Council for Economic Education
Parents and Financial Guidance Survey by Country Financial, PR Newswire
Survey of Consumer Finances, Federal Reserve
Financial Health Pulse 2022 US Trends Report, Financial Health Network
Planning and Progress Study, Northwestern Mutual
Economic Wellbeing of US Households, Federal Reserve
2020 Consumer Expenditures Survey, Bureau of Labor Statistics
Average Credit Score in the US, Experian
Average American Credit Card Report, CNBC
Household Debt and Credit Report, New York Fed
Student Loan Fact Sheet, The White House
American Housing Survey, United States Census Bureau
Household Debt and Credit Report, New York Fed
30-year Fixed Rate Mortgages Since 1971, Freddie Mac
Reasons to Save for Retirement, Statista