The Facts: 14 Money Statistics

The Facts: 14 Money Statistics

Approximately 26% of adults have no savings set aside for emergencies, while another 36% have yet to start socking away money for retirement

 

As of 2013, the average bank account balance hovered around $4,436

I don’t know whose bank account they looked at but its not mine!

Approximately 7.7% of American households function without a bank account.

An estimated 38 million households in the U.S. live hand to mouth, meaning they spend every penny of their paychecks. Surprisingly, two-thirds of them earn a median income of $41,000, which puts them well above the federal poverty level.

Sure wish the government knew this

Around 75% of Latino and African American households have less than $10,000 saved for retirement, and nearly two-thirds of minority households don’t have anything set aside for the future

WE GOT TO DO BETTER!!!

Through 2014, Baltimore made the top of the list, with a median household income of $73,816 and median expenses of $49,566.

Almost half of Americans would not be able to cover an unexpected expense of $500 or less. Almost a quarter would not be able to cover even $100. An estimated 22.9% of men and 22.7% of women say they don’t have at least a Benjamin in their emergency fund.

Having $500 in the bank for emergencies can give you a sense of financial security but for 41% of adults

17% of Americans have a three month emergency fund

59% say that running out of money is their number one fear.

If you make more than $15,000 (roughly the annual salary of a minimum-wage employee working 40 hours per week), you earn more than 32.2% of Americans.

If you make more than $30,000, you earn more than 53.2% of Americans

If you make more than $50,000, you earn more than 73.4% of Americans.

If you make more than $100,000, you earn more than 92.6% of Americans.

 

Sources: Credit Monkey  The Huffington Post

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