Regardless of where you are on your personal financial journey, learning the latest facts and figures can expand your knowledge. Although the Internet is an endless source of information, it is not easy to sort everything or verify that it is correct. When you need to point to credible financial statistics, who wants to spend hours searching the internet?
Below we've compiled 40 financial stats in eight categories, from financial literacy to stock market, to help improve your high-level financial literacy. While these numbers do not provide a complete picture, they do provide a glimpse into the history of the complex American economic landscape in 2020.
According to a 2020 Mint data study West Virginia ranked as the least financially literate state Michigan ranked most financially.
Young adults who receive financial education They are less likely to have credit card debt and more likely to apply for and receive grants and financial assistance.
Less than 17% of students were required to take at least one semester of personal finance in high school.
over 55% of adults are financially savvy in the US, Canada, France, Germany, Italy, Japan, and the UK.
One in four Parents reported that they never, or almost never, speak to their children about household finances.
In 2018 61% of American households said they would pay an unexpected $ 400 expense in cash, savings or a credit card.
18% of workers earning more than $ 100,000 in salaries live from paycheck to paycheck.
59% by adults in the US who were admitted to live paycheck to paycheck in 2019.
As of July 2019, 28% of adults in the US had no emergency savings.
From January 2020 41% of Americans would cover a $ 1,000 auto repair or emergency medical visit with savings.
29.2% of Americans save nothing on their income.
From 2015 to 2029, Americans' credit card balances nearly doubled $ 72 billion to $ 143 billion.
Was the state with the highest average credit card debt per person in 2019 Alaska.
Was the state with the lowest average credit card debt per person in 2019 Iowa.
Every household in the United States with a credit card has an average of $ 8,398 in credit card debt.
Credit card credits crossed that $ 1 trillion Mark and reached $ 1.08 trillion in the third quarter of 2019.
By the end of 2019, the number of loan requests within the last six months was at 137 million.
American household debt soared $ 14.3 trillion through the first three months of 2020.
US consumer debt, including mortgages, auto loans, credit cards, and student loans, is in $ 13.86 trillion.
In 2019, the total US auto debt was $ 1.3 trillionThat's an increase of $ 59 billion since 2018.
About 202,000 Consumers had a bankruptcy notice on their credit reports in the fourth quarter of 2019, up from 195,000 in the fourth quarter of 2018.
Americans owe a collective $ 1.54 trillion in student debt.
From $ 1.54 trillion When it comes to US student loan debt, women hold nearly two-thirds of the debt.
54% the student loan holders did not attempt to determine their future monthly payments before taking out their loans.
The number of employees increased 4.8 million in June 2020 and the unemployment rate dropped to 11.1 Percent.
The Bureau of Labor Statistics found that total employment was around 4.9 million to 142.2 million in June 2020.
The lowest median household income of around $ 42,000 per year is found in Alabama.
Maryland residents enjoy the highest median household income of just over $ 78,000.
The median household income in the United States was $ 63,179 in 2018.
55% of American adults invested in the stock market in 2020.
As of 2019, over 80% the exchange is automated.
The USA represent about 40% the total global market capitalization.
Of those with incomes less than $ 35,000, the median amount invested in the exchange is less than $ 10,000.
In 2019 active funds lost $ 90 billion of inflows while passive funds attracted $ 39 billion.
Among those with incomes of more than $ 100,000The median amount invested is more than $ 130,000.
The number of Fidelity 401 (k) plans with a balance of $ 1 million or more increased in 2019 35% Year for year.
The plan participants' average annual contributions of 401,000 were just under $ 8,788.
66% of Millennials feel they are not on the right track when it comes to saving for retirement, mainly due to the burden of housing costs.
When asked if their savings, investments and social security benefits would be sufficient to fund their retirement, 59% of Americans said it was "somewhat likely", "not at all likely".
Just 28% of retirees working for pay while retired 80% expect that they can work.
Even if you already consider yourself financially savvy, there is always more to learn, especially in an ever-changing financial landscape. We hope that you found these financial statistics useful, whether you are looking for specific information or just want to be as informed as possible. Sometimes the urge to recall the current state of financial affairs is to reassess our own budgeting and savings goals. Small steps in the right direction, like using Mint's free app to track your financial goals, can make a big difference.