Disturbing Facts about the Average American
“In America Broke is Normal”
70% live paycheck to paycheck –Wall Street Journal
- Typical household debt totals more than $38,000 – Consumer Reports Money Book
- 24% of take home pay is wasted on non-mortgage debt.
- 64% can’t cover groceries for one month with savings
- 52% of Americans have less than $10,000 saved for retirement
- 68% don’t prepare a detailed budget
- 49% have more debt than savings
- 71% of Americans say debts are making their home lives unhappy –Consolidated Credit Counseling Services
- Money problems are the number one reason for divorce
- 55% of Americans admit to “always or “sometimes” worrying about money-Wall Street Journal
- Stress is the number one cause of chronic health issues and money issues are the number one stress in one’s life.
- 43% of American families spend more than they take home. They spend $1.26 to every $1.00 earned. – U.S. Commerce
- We live in one of the richest countries in the world, and yet the average family does not have over $1,000 in the bank. The awful truth is that the U.S. Department of Commerce reports that the typical American saves 2.2 percent of after-tax income; while NLI Research says the average Japanese saved 27.9 percent of after-tax income.