Published: May 27, 2015
Have you ever wondered how much money the average American family makes? After all, the U.S. is considered to be the country of indulgences, compared to areas around the world that work for survival. These numbers may surprise you.
The average family has $3,950 tucked away into their family savings account. That amount may seem like a lot to some and very little to many. 40% of working Americans are not saving for retirement, choosing to risk the future instead of stuff some money into the bank. 25% of Americans have no savings at all.
So how much do Americans usually save for retirement? A whopping $35,000. On average, however, the American household is $117,951 in debt. This can be caused by many factors, including college debt, mortgage rates and bank interests. Oh, and living. That costs quite a heavy dollar. The average American family has a home that values about $160,000. However, the average amount owed on home mortgage is $95,000, a huge chunk of that value. The income of an average family is less than half of the amount owed on home mortgage, at $43,000. The average amount of credit card debt isn’t too bad, at $2,200.
So how have these financials effected individuals? 24% of American workers have postponed their retirement age this year, while only 18% are very confident about having enough money for retirement. There is a minority in the population of American adults who do not have a bank account (7.7%). However, 38% of American adults have an emergency fund to fall back on.
Did these stats scare you into opening up a bank account? Or do you feel secure with the way you’ve handled your money?