Personal anecdotes provide you with minimal information, and clickbait headlines can be misleading. Financial statistics don’t lie. The better informed you are about personal finance, the easier it is to make financial decisions. It also helps you get a sense of how America is doing financially as a country. If nothing else, these statistics are perfect for tweets or conversation starters at gatherings.
This piece breaks personal finance statistics into categories of general personal finance, mortgage & homeowners, income, budgets, debt, student loans, credit cards, retirement, and financial literacy statistics.
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Personal Finance Statistics
American financial statistics can help you understand how the United States is faring and how you are doing financially compared to your peers.
Averages, also known as means, are common personal finance statistics to share. Medians, the middle numbers in an ascending or descending data set, are more useful in some situations and often included.
1. The average net worth for American families in 2022 was $1,063,700.
The average net worth for families rose steadily until The Great Recession, when it dipped. It then started rising again consistently through 2019. The Federal Reserve conducts a survey every three years, and released the newest iteration on Wednesday, October 18, 2023. (Source: Federal Reserve)
2. The median net worth for American families in 2022 was $192,900.
The median net worth tends to show a typical person’s net worth better than the average. This figure is far lower than the average, which includes several outliers strongly skewed toward a select handful of families with billions in wealth. (Source: Federal Reserve)
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3. The average household bank balance is $62,500 in 2022.
According to 2022 data, the average household bank balance was up significantly from 2019, rising 29% to $62,500. (Source: Federal Reserve)
4. The median household bank balance is $8,000 in 2022.
According to 2022 data, the median household bank balance was materially higher than the 2019 median of $5,300. (Source: Federal Reserve)
Related: Best Credit Cards for Teens to Build Credit and Manage Money Responsibly
5. The conditional median value of all financial assets owned by families was $39,000 in 2022.
This value is slightly up 31% from 2019. (Source: Federal Reserve)
6. The conditional average value of all financial assets owned by families was $511,300 in 2022.
The difference between the mean and median values in the same year shows some families’ highly disproportionate share of financial assets. (Source: Federal Reserve)
Related: Best Brokerage Account Sign-Up Bonuses, Promotions and Deals
7. The conditional median value of stock holdings in 2022 was $15,000.
For people in the bottom half of income distributions, the value was about $10,000. For those in the top income decile, the average was almost $439,000 (Source: Federal Reserve)2
Related: Best Investment Apps and Platforms
8. On average, Americans have $17,135 in an investment or savings account.
The survey of 5,000 people (100 from every state) found that New Yorkers were the best at saving money. They put an average of 14.5% of income into savings accounts or investment accounts. (Source: PR Newswire)
9. About 20% of families owned a privately held small business in 2022.
The incidence of business ownership increases with income, with nearly 40 percent of families in the top income decile owning a small, mid or large business. (Source: Federal Reserve)
Related: Alarming Data Privacy Statistics, Trends and Facts
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Mortgage & Homeowner Statistics
Current homeowners and anyone considering buying a house in the future benefit from following the housing market and noting how prices rise and fall.
10. In 2023, the median sales price of an existing single-family home rose, but remains below an all-time high set in 2022.
In 2Q 2023, the median sales price of an existing single-family home was $416,100, down $479,500 in 2Q 2022. (Source: Statista)
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11. The value of outstanding mortgage debt on family residences was about $13.76 trillion in the U.S.
The amount of outstanding mortgage debt has been rising since 2015. (Source: Statista)
12. The median net housing value for homeowners in 2022 was $201,000.
This value is a 89% increase from the 2016 median value of $106,400. (Source: Federal Reserve)
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Income Statistics
There is no average American household. Financial statistics related to income vary significantly by race, gender, age, and the current state of the economy.
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Personal Budget Statistics
One’s budget is a significant factor in personal finance statistics. People living paycheck to paycheck will spend their money differently than those without any consumer debt.
13. 18% of people making over $100,000 annually live paycheck to paycheck.
A survey of 8,000 American employees shows that even high-income earners can be living paycheck to paycheck. (Source: Willis Towers Watson)1
14. 64% of American adults could cover an unexpected $400 expense using cash or an equivalent.
Of the 35% of adults who couldn’t cover an unexpected $400 with cash or an equivalent, many said they would put it on a credit card and carry a balance (rather than pay it off right away), and 12% said they would have no means to pay the expense. (Source: Federal Reserve)
15. 60% of laid-off adults with only a high school education or less couldn’t pay all their bills or wouldn’t be able to with an unexpected $400 expense.
Comparatively, only 24% of laid-off adults with a bachelor’s degree education (or higher) wouldn’t have been able to pay bills with an expected $400 expense. (Source: Federal Reserve)
16. 64% of laid-off Black workers couldn’t pay all their bills or wouldn’t be able to with an unexpected $400 expense.
In comparison, only 45% of all laid-off adults wouldn’t be able to cover bills and an unexpected $400 expense. (Source: Federal Reserve)
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17. The average American spends less than $20 per month on coffee outside the home
Despite the common personal finance advice to quit spending money on Starbucks coffee, 53% of American adults spend less than $20 per month on coffee at a coffee shop. (Source: Statista)
Average American Debt Statistics
Debt is an integral part of personal finance statistics as it affects nearly every aspect of a person’s life.
18. On average, 30% of American adults’ income goes towards paying off debt (excluding mortgages).
After mortgages, the top source of debt is to carry credit card debt at 19% of income. Car loans average 8% of income, and student debt is 7%. (Source: Northwestern Mutual)1
19. 66% of people with household debt have a plan and timeline for paying it off.
Of debt holders, 45% expect to be in debt for only 1-5 years, 20% for 6-10 years, 14% for 11-20 years, and 9% expect to be in debt for the rest of their lives. (Source: Northwestern Mutual)
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20. 29% of Americans report delaying significant purchases because of debt.
About 7% of people delayed marriage, 8% delayed having children, 14% delayed buying a home, and 18% delayed saving for retirement (Source: Northwestern Mutual)
21. 34% of people with debt say it’ll take more time than expected to pay off debt due to the pandemic.
Meanwhile, 23% believe they will pay their debt off sooner. (Source: Northwestern Mutual)
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Student Loan Debt Statistics
Student loans significantly affect one’s personal finance statistics. Many consider student loan debt to have a lasting impact on their finances.
22. Collectively, Americans have $1.54 trillion in outstanding student loan debt.
Students loans can be from federal or state governments, banks, credit unions, or other financial institutions. (Source: Federal Reserve Bank of New York)
23. 82% of bachelor’s degree holders who received payment deferrals or reductions from the CARES Act reported being “at least financially okay.”
In comparison, only 77% of borrowers who didn’t receive any payment relief considered themselves at least financially okay during the same time. (Source: Federal Reserve)
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Average Credit Card Debt
While many people fear credit card debt, having credit cards is beneficial to people’s credit scores when used responsibly.
24. On average, Americans have four credit cards.
New Jersey residents have the most credit cards on average (4.1), while Mississippi and Alaska residents have the fewest (2.8). (Source: CNBC)
Related: Top Debit Card Options for Kids
25. 711 is the average credit score in the United States.
The average credit score has been rising over the last decade and is currently at an all-time high. (Source: Forbes)
Related: Best First Time Credit Cards [Beginners’ First Time Credit Cards]
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26. Generation X has the highest average credit card debt out of all generations.
The average credit card debt among Generation X members is $7,155. (Source: Federal Reserve)
Related: Best Credit Cards for Kids to Build Credit & Money Habits
27. Generation Z consumers have an average credit card balance of $1,963.
Generation Z has the lowest credit card debt, at least partially due to young cardholders’ lower credit limits. (Source: Federal Reserve)
Related: Best Credit Cards for Students with No Credit
Retirement Savings Statistics
Personal finance statistics about retirement can help people understand how much they need to save for the future.
28. Compared to men, women with a bachelor’s degree are about half as likely to feel comfortable investing in self-directed retirement savings.
60% of men with a bachelor’s degree or more feel mostly or very comfortable investing in self-directed retirement savings. Only 31% of women with the same education feel comfortable doing so.
The less education completed for both men and women, the less likely they were to feel comfortable investing self-directed retirement savings. (Source: Federal Reserve)
Related: Best Investments for Roth IRA Accounts [Target High-Growth]Â
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Related: Tax-Advantaged Investments & Accounts to Build Wealth
29. The average IRA balance was $134,700 in Q3 of 2021.
According to data from Fidelity, this is a slight increase from both the previous quarter and Q3 from 2020. (Source: Business Wire)
Related: Roth IRA for Kids: Can I Open a Custodial Roth IRA for a Child?
30. 35% changed their retirement timeline due to Covid-19.
About 24% plan to retire later than initially planned, and 11% plan to retire earlier. (Source: Northwestern Mutual)
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Financial Literacy Statistics
Financial education can significantly help people build their wealth. Still, it isn’t always easy to access basic financial literacy information at a young age.
Personal finance statistics show that most people believe in the importance of financial literacy. Still, there are few school requirements to learn about finance.
31. More than two-thirds of the U.S. requires a personal finance course in high school.
Thirty-five states required students to take a course in personal finance to graduate as of 2024, which is up 12 states from 2022. (Source: Council for Economic Education)
32. More than half of states require a high school economics course to graduate.
Between 2022 and 2024, three schools added a high school economics requirement, bringing the national number up to 28 state. (Source: Council for Economic Education)
33. 61% of Americans believe their parents are a vital influence in managing their finances.
More Americans turn to their parents for financial advice than they turn to their spouse/partner, internet websites and blogs, financial advisors, or school classes. (Source: PR Newswire)
Related: Teaching Kids About Money Management [Budget. Save. Spend]
34. 46% of parents with children under age 21 would give their financial literacy a grade of C or lower.
55% of parents reported feeling confident about taking out student loans and paying off student loan debt, 61% about retirement planning, and 53% about managing a 401K. Only 33% felt confident investing in the stock market. (Source: PR Newswire)
35. Only 52% of Americans report having had personal finance education in K-12 or college.
Personal finance stats also show only 15% of students felt “very prepared” to manage personal finance after college. (Source: PR Newswire)
36. 86% of Americans think financial education classes in K-12 schools should be mandatory.
Only 9% of parents had discussed managing student loans with their children, and only 13% talked about planning for retirement. Classes teaching financial statistics and strategies could help educate more children. (Source: PR Newswire)
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Citations:
Federal Reserve Survey of Consumer Finances (https://www.federalreserve.gov/econres/scf/dataviz/scf/chart/#series:Net_Worth;demographic:all;population:all;units:mean;range:1989,2019)
Federal Reserve Changes in U.S. Family Finances (https://www.federalreserve.gov/publications/files/scf23.pdf)
Statista Personal Savings Rate in the United States (https://www.statista.com/statistics/246234/personal-savings-rate-in-the-united-states/)
PR Newswire Savings (https://www.prnewswire.com/news-releases/average-american-has-17-135-in-a-savings-or-investment-account-according-to-new-state-by-state-survey-findings-from-slickdeals-301171993.html)
Statista Mortgage Interest Rates (https://www.statista.com/statistics/500056/quarterly-mortgage-intererst-rates-by-mortgage-type-usa/)
Statista Home Prices (https://www.statista.com/statistics/184857/sales-price-of-existing-single-family-homes-in-the-us-since-2000/)
Statista Mortgage Debt (https://www.statista.com/statistics/274638/mortgage-debt-outstanding-on-us-family-residences/)
Federal Reserve Report on Economic Well-Being (https://www.federalreserve.gov/publications/2021-economic-well-being-of-us-households-in-2020-income.htm)
Statista (https://www.statista.com/statistics/1327834/average-amount-spent-on-coffee-by-us-consumers/)
Willis Towers Watson (https://www.wtwco.com/en-US/News/2020/02/despite-improvement-in-their-financial-wellbeing-US-workers-remain-worried)
Northwestern Mutual (https://news.northwesternmutual.com/planning-and-progress-2021)Federal Reserve Bank of New York (https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/HHDC_2020Q1.pdf)
CNBC Credit Card Numbers (https://www.cnbc.com/select/how-many-credit-cards-does-the-average-american-have/)
Forbes (https://www.forbes.com/advisor/credit-cards/how-do-you-measure-up-average-credit-score-by-age-and-location/)
Federal Reserve Bank (https://www.federalreserve.gov/releases/g19/current/)
Business Insider (https://www.federalreserve.gov/econres/scf/dataviz/scf/chart/#series:Net_Worth;demographic:all;population:all;units:mean;range:1989,2019)
Business Wire )
Council for Economic Education (https://www.councilforeconed.org/wp-content/uploads/survey-of-states-2024.pdf)
PR Newswire Financial Guidance (https://www.prnewswire.com/news-releases/parents-just-dont-understand-finances-3-in-5-americans-rely-on-uncertain-parents-for-financial-guidance-300920509.html)
