Personal Finance Statistics: How Do You Stack Up Against the Rest of America?

The following is a guest post. Enjoy! 

Managing your personal finances day-to-day has become routine, but many do not know how they stand against the rest of America. Are you better off than the rest or are you spending more than most of the country? Here are some statistics to help you determine if it is time to rethink your finances.

Finances and Credit Scores:

• 76% of America lives paycheck to paycheck.
• 77 million Americans have debt that averages to about $5,200 per person.
• A 700 score is considered a good credit score and the average credit score is 692.
• In 2015, between business and non-business, 911,086 Americans filed for bankruptcies. This is the lowest it has been in the past four years.
• 25% of middle-class households have less than three months savings.
• When using credit cards, Americans spend 12-18% more.
• In 2014, 48% used credit cards to pay for online purchases, while 30% use a debit card.
• Only 30% of Americans plan long-term savings and financial plans.

Ethnicity:

• Two in three households of color do not have three months of savings accrued.
• The home ownership rate for white households is 72% while the ownership for households of color is 46%.
• African-American households have interest rates at least 2% higher than that of white households.
• 50% of white households and 71% of African-American households have received calls from debt collectors.

Retirement and Gender Differences: 

• When it comes to knowing financial literacy (knowing how money works in the world, how to invest money and manage money, and how to earn money) women consistently score lower than men.

• There are no differences between men and women who have strong financial literacy.
• 50% of working Americans have less than $2000 saved for retirement.
• 24% of Americans have postponed their retirement at least once during the past year.
• 17% of retirees report that their current level of debt is higher than it was five years ago.
• 50% of today’s American families are at risk of not being able to maintain the standard of living once they retire.