10 Facts About Personal Finance In America | Did You Know

According to Forbes, nearly 4.5 million Americans are burdened with outstanding student debts. If people made personal finance adjustments, the average realistic retirement age would be 64, which is only three years later than the desired retirement age of 62. 

After COVID-19  hits, there is a good chance that you might be facing some financial problems.

 

Let us discuss some facts about Personal Finance in America:

 

1) Nearly 100 million Americans have outstanding automotive loans.

 

2) According to USA Today, 38% of households have revolving credit debt that they are carrying monthly. 

 

3) Around 2% of households have a complete estate plan.

 

4) Financial stress is costing employers $1900 annually, per employee. 

 

5) Financial stress has increased 23% since the pandemic began.

 

6) Around 64% of employees regularly think about their finances.

 

7) Around 58% of employees experience financial stress that impacts their work productivity. 

 

8) Employers lack the ability to handle unexpected expenses. 

 

9) Around 63% of households do not have all of the recommended insurances for their life. 

 

10) Millennials are considered the most underinsured generation in America. 

 

11) 43% of student borrowers aren't making their payments.

 

12) According to CNBC, more than 14% of households have wiped their emergency savings during the pandemic.

 

13 Around 69% of households have less than $1000  emergency savings.

 

14 ) Around 80% of households have at least one savings account. 

 

15) According to NIRS, millennials that are saving money are less than the recommended amount.

 

16) Nearly 66% of millennials have zero retirement savings.

 

17) Around 3% of all Americans have $0 in savings.

 

18) According to NEFE, American millennials lack the financial literacy needed to succeed.

 

19) Financial planning is not a common practice for Americans. 

 

20) Financial advisors are not required to complete advanced degrees.

 

 

If there's anything the pandemic and recession has taught us, is that having an emergency fund; which helps us to protect our lifestyles from unexpected expenses and financial emergencies.