The State of the Money

A collection of statistics that paint the picture of personal financial situations in the US.

Last updated: 9 Feb 2020

[Forbes]

44% of Americans don’t have cash to cover a $400 emergency.
43% of student loan borrowers are not making payments.
38% of US households have credit card debt.
33% of American adults have $0 saved for retirement.

[American Psychological Association]

“For the majority of Americans (64 percent), money is a somewhat or very significant source of stress, but especially for parents and younger adults (77 percent of parents, 75 percent of millennials [18 to 35 years old] and 76 percent of Gen Xers [36 to 49 years old]).”

[Visual Capitalist]

The U.S. ranks 14th globally in terms of financial literacy.
With a 57% literacy, the U.S. beats Botswana (52%) but gets edged out by countries like Germany (66%) or Canada (68%).
Only 16.4% of U.S. students are required to take a personal finance class in schools.
76% of millennials lack basic financial knowledge.
Between 2009-2015, Americans got worse at answering five key personal finance questions posed by FINRA – a major U.S. financial regulator.

Four of five adults say they were never given the opportunity to learn about personal finance.
70% of millennials are stressed and anxious about saving for retirement.
22% of millennials feel overwhelmed about their finances.
13% of millennials feel scare.

60% of Americans say they know someday they will need to be more financially secure – they just don’t know how to get there. This number increases to 70% for those between the ages of 18-39 years old.

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