Here are some crazy money statistics that I want to share with you.
Everything from massive student loan debt (which I can commiserate with!) to crazy credit card debt (which I’ve never had) and a few fun facts in between.
I’m curious to see where you fall in with these numbers, so share in the comments below.
- 46% of Americans say they cannot afford a $400 emergency (stating they’d have to finance it, sell something, or borrow from friends and family. Report on the Economic Well-Being in 2015.
- 29% of American workers have less than $1,000 in savings. Motley Fool
- Millennials have a savings rate of negative 2%. Motley Fool
- The median retirement savings for people in their 20s is $16,000 and for those in their 30s it’s $45,000. TransAmerica Study
- Roughly 65% of home buyers put down less than 20%. NY Times
My tip: Start saving money now. First, save an emergency fund of 3-6 months worth of living expenses, then start saving for retirement.
- There are almost 1.9 billion active credit card accounts in the U.S., across 199.8 million cardholders (i.e. almost 10 per consumer). Motley Fool
- The average household that carries a credit card balance does so at the average rate of $16k. 2016 American Household Credit Card Debt Study
- For households paying off their balances every month, the mean credit card debt of U.S. households is $5.7k. Average Credit Card Debt in America: 2016 Facts & Figures
- 38.1% of all households carry some sort of credit card debt. Average Credit Card Debt in America: 2016 Facts & Figures
My tip: Don’t use a credit card at all if you can’t pay it off in full monthly.
- In 2016, the U.S. student loan debt reached $1.26 trillion, which is attributed to 44 million borrowers. Student Loan Hero
- The average graduate in 2016 has $37,172 in student loan debt, up 6% from last year. Student Loan Hero
- The average monthly student loan payment for people 20-30 years old is $351. Student Loan Hero
My tip: Find a way to repay your student loans asap! This may mean getting a higher paying job, or starting a business on the side to increase your income. If you don’t repay them, you may interfere with your likelihood of building wealth.
Related: Which Student Loans To Repay First
- The average car loan is $30,032 (this is the first time surpassing the $30k mark). CNBC
- The average monthly payment is $503 (this is the first time surpassing the $500 mark). CNBC
- The average loan term is 68 months (the highest ever seen). CNBC
My tip: If you need a car and cannot buy it outright, finance it for three years and put at least 10% down.
Related: 10 Dos And Don’ts For Buying A Car
So, I’m curious… how do you match up? Credit card debt, savings, cars, student loans?!