Having all the information in front of you is a great way to level up your financial plan.
We pulled dozens of personal finance statistics to help you keep track of your finances. You can use these statistics to identify areas of your finances that need improvement and to plan for the future.
Whether you’re curious about how your money management stacks up to national trends or you’re just looking for some fascinating facts, take a deep dive into the numbers. Understanding the personal finance trends of 2022 can help you make better decisions for yourself and your family, and it’s never too early to start getting your finances in order.
General Personal Finance Statistics
The average household bank account in the US has $41,600.
The average bank account balance for American households was $41,600, down from $42,580 in the 2016 survey. The financial security of many Americans is highlighted by the decrease in average household bank account balances. The household’s bank account balance is $5,300.
The median net worth of American households is $121,760.
The Federal Reserve reported that the median net worth of American families was $121,760.
The average net worth is significantly higher, at $746,820, because of outlying multi-millionaires and billionaires.
61% of American adults and their partners earned non-labor income in 2020.
The Federal Reserve reports that more than half of US adults and their partners received non-labor income in 2020, which can come from sources like investments, interest, social security, and unemployment.
More than 70% of adults and their partners received income from work they did. The majority of the work was done remotely.
The number of people considered to be financially healthy declined by 3% between 2021 and 2022.
The percentage of Americans who were considered financially healthy decreased by 3% in the financial health network’s annual financial health pulse report. Many Americans faced economic hardship due to the COVID-19 Pandemic, and this decrease in financial health is concerning.
The percentage of people considered to be financially vulnerable increased from 15% to 20%. This is indicative of a larger trend of improved financial stability.
Stress over money is at an all-time high, especially among young adults.
Money is a significant source of stress for 65% of Americans according to a study published by the American Psychological Association.
Gen Z seems to be the most affected by financial anxiety. Financial literacy education should be implemented in schools to help alleviate some of the financial anxiety felt by Gen Z. Money is a significant stress point in the lives of many Americans, according to a survey by the APA. 45% of Americans from all age groups reported being very stressed about money in the last month.
Financial Literacy Statistics
The majority of Americans believe financial education classes should be mandatory.
PR Newswire reports that 86% of Americans believe personal finance classes should be required in K-12 schools. That is not the reality of most schools in the US.
Only 17% of high schoolers are required to take a personal finance course.
Only 17% of high school students nationwide are required to take a semester of personal finance education according to financial statistics from the Council for Economic Education. Personal finance skills are important for making sound financial decisions in adulthood.
Only 21 states require students to take a personal finance course. The financial literacy skills students need to succeed in life are provided by this requirement.
Most Americans turn to their parents before other sources to learn about personal finance.
When it comes to seeking advice on money management, these are the first places people turn, based on Country Finance’s survey:
But 46% of parents would give themselves a C or lower in financial literacy.
Nearly half of parents with children under 21 rated their own financial literacy at a grade of C or lower, according to a survey. Many parents may not be well-equipped to give financial guidance.
Here’s the percentage of parents who feel confident managing different areas of their personal finances:
- Planning for retirement: 61%
- Taking out/repaying student loans: 55%
- Managing a 401k: 53%
- Investing: 33%
Spending, Saving, and Budgeting Statistics
Nearly 2/3 of American adults live paycheck to paycheck.
According to the Paycheck to Paycheck report from PYMNTS and LendingClub, 61% of adult consumers in the US live paycheck to paycheck, a 9% increase from 2021.
Over 1/3 of high-income earners live paycheck to paycheck.
Individuals with a higher annual income are also affected by this trend. People with higher incomes are more likely to spend their money. 34% of people who earn $250,000 or more live paycheck to paycheck. Many of these individuals struggle to make ends meet due to the rising cost of living.
22% of people who live paycheck to paycheck struggle to pay their monthly bills.
While the majority of people who live paycheck to paycheck are able to pay their bills with little difficulty, nearly a quarter say they live paycheck to paycheck and find it difficult to make all their monthly payments. Many people living paycheck to paycheck have had to make hard financial decisions in order to make ends meet because of this.
60% of Americans say they’ve focused on building up their savings over the last two years.
The pandemic shook up the economy and people’s personal finances, leading millions of Americans to take stock of their spending and saving habits and make adjustments in the midst of all the uncertainty.
60% of Americans have built up their savings account since 2020. More than 70% of adults said they have improved their personal finance habits since the pandemic.
The average amount of personal savings in 2022 is $62,000.
The average personal savings level is $62,000, down 15% from the previous year. This shows a drop in the amount of savings people are able to accumulate. As pressures from the Pandemic have died down, people have become less disciplined. Many experts are concerned that this lack of financial discipline could lead to financial hardship for some people in the future.
35% of Americans have committed to reducing their cost of living and spending in 2022.
The top financial behaviors people adopted over the last two years were looked at by the Planning and Progress Study. The study shows that people are more focused on long-term financial planning and security than on short-term gains. In 2022, 35% of individuals said they’ve worked to lower their cost of living and cut down on spending to improve their financial plan.
Over 2/3 of Americans say they could pay an unexpected $400 bill with cash or its equivalent.
According to 2021 data from the Federal Reserve, 68% of adults say they’d have the means to pay a $400 expenseout of the blue with cash, a debit card, an emergency fund, or a general savings account.
Fourteen percent of people said they would put the expense on a credit card, while eleven percent said they couldn’t afford it. An emergency fund is important to cover unforeseen expenses.
75% of American adults say they’re at least doing okay financially.
The Federal Reserve’s The study found that 1/3 of Americans thought they were doing okay or living comfortably in 2020. Many households are still struggling with their finances due to the economic effects of the Pandemic.
18% said they were getting by, while 7% said they were having a hard time. 75% of them reported that they were doing well.
Minorities, single individuals, people with limited education and income, and those who suffered from job losses all reported lower levels of financial well-being. The need for increased access to financial and economic resources is emphasized by these findings.
Around 1/3 of the average American’s budget goes towards paying their rent or mortgage.
According to data from the Bureau of Labor Statistics, the biggest chunk of Americans’ paychecks goes to their mortgage or rent.
Here’s a breakdown of the average US household’s annual budget from 2020:
Credit Statistics
The average credit score in the US in 2021 was at a record high of 714.
The average credit score for the year was 712, up four percentage points from the year before. This is the highest average score since 2005. In all 50 states, the average credit score increased. Financial literacy and responsibility is on the rise in the US.
Americans carry an average of four credit cards.
The average person has four credit cards, according to a recent CNBC report. New Jersey residents average 4.1 credit cards per person. The American average is 2.6 credit cards per person. Alaska residents have the lowest average number of cards per person. Alaskans still make the most of their spending power despite having fewer cards.
Credit card debt hit an all-time high of $93 billion in the US in 2019.
According to the New York Fed, credit card debt maxed out in 2019. This is the highest amount of credit card debt ever recorded. The total has gone down to $89 billion. According to experts, the decrease in total revenue will continue into the future.
Gen X has the highest amount of credit card debt, and Gen Z has the lowest.
The Fed’s According to Consumer Credit Report, Generation X has the highest credit card balances. The difference between Generation Z and the other end of the spectrum can be attributed to their young credit history and limited access to credit. They prefer to pay for purchases in cash due to their proclivity towards budgeting, thriftiness and the desire to avoid debt.
4 out of 5 adults in the US carried a credit card in 2020, but there are some disparities.
According to the Fed, 83% of Americans had at least one credit card in 2020, with some races being more likely to have a card than others.
Here’s a breakdown of the percentage of people who had credit cards in 2020 by race:
- Asian: 92%
- White: 87%
- Hispanic: 76%
- Black: 72%
Loan Statistics
National student loan debt currently totals more than $1.6 trillion.
Over 45 million people have student loan debt, according to the White House. The student loan debt balance is high.
Young attendees of private for-profit colleges and universities are most likely to be behind on their student loan payments.
In 2020, the Federal Reserve Bank reported that 26% of individuals 40 and younger who went to private for-profit institutions were not up to date on their student loan payments, compared to 10% of public school students in the same age range. The economic impact of the Pandemic has caused a strain on student loan repayment for those attending private for-profit institutions.
Delinquency rates on student loans are lower for individuals with higher degrees.
The Fed’s The study found that students with no degree struggled the most with student loan repayments.
Here’s the breakdown:
| Degree Level | % of Individuals with Delinquent Student Loans |
| Less than an Associate’s degree | 31% |
| Associate’s degree | 22% |
| Bachelor’s degree | 9% |
| Graduate degree | 8% |
It is easier for individuals with higher-level degrees to pay off their student loans if they have more earning power. This leads to higher levels of financial security in the long run.
The average monthly mortgage payment in the US is $1,100.
One of the most significant sources of consumer debt is mortgage debt. It is important to stay on top of mortgage debt by making regular payments, so that interest does not accumulate over time and increase the total amount owed. The Census Bureau’s The average monthly mortgage payment is $1,100 according to the American Housing Survey. According to the survey, the average amount of mortgage debt is over $200,000.
In 2020, the nationwide mortgage balance was $9.71 trillion.
At the beginning of 2020, the total mortgage balance from all consumer credit reports in the country was $9.71 trillion, up from the previous quarter. The Federal Reserve reported the highest level of mortgage debt ever.
Mortgage rates hit an all-time low in 2021 and increased sharply in 2022.
Mortgage interest rates were at an all-time historic low in 2021, according to data from Freddie Mac. Freddie Mac began tracking mortgage rates in 1971. The annual average rate is five percent. The rate is projected to increase over the next 5 years.
Here’s a look at the average 30-year mortgage rates over the last five years:
Retirement Statistics
In 2020, 27% of American adults considered themselves to be retirees.
27% of adults considered themselves retired in the 2020 survey. In the same survey conducted last year, 22% of adults identified as retired. 4% of retired adults are still working. Even after leaving their full-time jobs, retirees are still active and engaged in the workforce.
48% of people chose to retire so they could do other things, like spending time with loved ones.
45% of people said their decision to retire was based on their age. Many respondents said their decision to retire was based on financial stability, while others cited health reasons as a major factor in their decision. Health problems were listed as a factor that affected their decision to retire.
36% of adults say they’re on track for retirement.
The Financial Wellbeing Survey also polled working adults about retirement, finding that just over one-third of adults feel confident that their retirement goals are on track. 26% of adults who are not retired have no retirement savings. Many people are not adequately prepared for retirement, which can lead to serious financial difficulty in the future.
Most people start saving for retirement because they reach a certain age or they’re offered an employer match.
In a Statista survey of 1,000 retirees, these were the top 10 reasons people started saving for retirement:
| Reasons to Start Saving | % of Retirees |
| Reached a certain age | 29% |
| Offered an employer match | 24% |
| Offered an employer-sponsored plan | 22% |
| No particular reason | 17% |
| Automatic enrollment in a workplace plan | 16% |
| Started a family | 15% |
| Started first job | 12% |
| Purchased first home | 9% |
| Earned a promotion or raise | 9% |
| Moved to a new job | 9% |
25% of people say the pandemic pushed back their retirement timeline.
According to Northwestern Mutual’s 25% of people plan to delay their retirement because of the Planning and Progress Study, COVID-19. The economic uncertainty caused by the Pandemic has forced many people to rethink their retirement plans, as they work to adjust their financial goals and create a sustainable plan for the future. 15% said the Pandemic encouraged them to accelerate their retirement.
The range of different motives is the reason for the divide. If not addressed properly, this divide can cause a lot of tension in the past. 45% of people prolonging their working years are concerned about rising healthcare costs. When planning for retirement, it is important to have adequate health insurance coverage. 42% of people who are racing to retire sooner want to spend more time with their families. These individuals may use their retirement savings to travel or spend more time with their family.
Americans plan to retire at the average age of 64 and want $1.25 million to live comfortably.
According to the survey, respondents plan to retire at 64. A majority of people feel unprepared for retirement according to the survey. Most adults think they will need at least $1.25 million in savings, up 20% from the previous year. How much more financial security is needed to ensure a comfortable retirement is shown by the increase in desired savings.
The average retirement savings amount in 2022 for US adults is $86,869.
The average retirement savings amount is $86,869. The average American had $98,800 saved for retirement in 2021. The average American should have at least $1 million saved for retirement.
Bottom Line
You are not alone if you feel overwhelmed by your financial situation. The data shows that you can improve your finances with some time, effort, and determination.
Sources:
Survey of the States, Council for Economic Education
Parents and Financial Guidance Survey by Country Financial, PR Newswire
Survey of Consumer Finances, Federal Reserve
Financial Health Pulse 2022 US Trends Report, Financial Health Network
Planning and Progress Study, Northwestern Mutual
Economic Wellbeing of US Households, Federal Reserve
2020 Consumer Expenditures Survey, Bureau of Labor Statistics
Average Credit Score in the US, Experian
Average American Credit Card Report, CNBC
Household Debt and Credit Report, New York Fed
Student Loan Fact Sheet, The White House
American Housing Survey, United States Census Bureau
Household Debt and Credit Report, New York Fed
30-year Fixed Rate Mortgages Since 1971, Freddie Mac
Reasons to Save for Retirement, Statista
