April 8, 2020
With 70 percent of Americans saying that the COVID-19 pandemic poses a major threat to the nation’s economy, money is a top concern for many of us. For National Financial Literacy Month in April, let’s take a closer look at some top facts about Americans and their money — based on data from 2017-2019.
Sixty-one percent of adults said they would cover the $400 expense using cash or its equivalent, and 27 percent would sell something or borrow to pay for the expense.
Among those who were not retired, 36 percent said their retirement saving was on track and 44 percent said it wasn’t, and the rest were not sure. Black (25%) and Hispanic (23%) non-retirees were less likely to view their retirement saving as on track than white non-retirees (42%). Learn more.
In comparison, 27 percent of American adults rented their home, and 9 percent had some other arrangement. Learn more.
Out of all average annual household expenditures in 2018, the three largest categories were housing (33% of expenditures), transportation (16%), and food (13%). Learn more.
In comparison, one-quarter (26%) said they carried a balance once or some of the time in that year and the remaining 27 percent said they carried a balance most or all of the time. Learn more.
Of those with children under age 18, unmarried parents were much less likely to say they’re in good financial standing (52 percent) than married parents (78 percent).
Americans across four generations name the five most significant historic events in their lifetimes
See how the Arapaho and Shoshone Indians of Wyoming took matters into their own hands to get connected
The housing crash took away a large share of Generation X’s wealth. But, unlike other generations, Gen Xers eventually regained it