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No matter where you are in your personal financial journey, learning the latest facts and figures can help you broaden your knowledge. Although the Internet is an endless source of information, it’s not easy to sort through it all or verify accuracy. When you need to reference credible financial statistics, who wants to spend hours scouring the web?

Below we’ve compiled 40 financial statistics across eight categories, from financial literacy to the stock market, to boost your high-level financial knowledge. Although these numbers don’t provide a complete picture, they offer a peek into the story of America’s complex economic landscape in 2020.

Financial Literacy Statistics

Being financially literate is crucial to establish a strong foundation for handling money. Fifty-five percent of Americans give themselves a grade of A or B on their personal finance knowledge. Ideally, teaching financial literacy should start when you’re young, but even adults need a refresher to stay sharp when it comes to the basics. The stats below provide some insight into the current state of financial literacy.

  • According to a 2020 Mint data study, West Virginia ranked as the least financially literate state while Michigan ranked the most financially literate.

    http://blog.mint.com/

  • Young adults who receive financial education are less likely to carry credit card debt, and more likely to apply to and receive grants and financial aid.

  • Less than 17% of students were required to take at least one semester of personal finance in high school.

  • About 55% of adults are financially literate in the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom.

  • One in four parents reported that they never or almost never talk to their kids about household finances.

Budgeting Statistics

Although experts are doubtful that the rise in people saving due to the pandemic will last, it’s encouraging to see how people have reprioritized budgeting. Are Americans becoming more skilled at saving and budgeting, or is the majority of the population still living paycheck to paycheck? Check out the budgeting statistics below to understand how budgeting has improved and declined in 2020.

  • In 2018, 61% of American households said they would pay for an unexpected $400 expense with cash, savings or a credit card.

    http://blog.mint.com/

  • 18% of workers earning a salary greater than $100,000 are living paycheck to paycheck.

  • 59% of adults in the U.S. admitted to living paycheck to paycheck in 2019.

  • As of July 2019, 28% of U.S. adults had no emergency savings.

    http://blog.mint.com/

  • As of January 2020, 41% of Americans would cover a $1,000 car repair or emergency room visit with savings.

    http://blog.mint.com/

  • 29.2% of Americans don’t save any of their income.

Credit Card Statistics

How many Americans are using and abusing their credit cards? For example, many consumers don’t realize that frequently applying for new credit cards can hurt their credit scores. With billions of credit cards in circulation and the national level of credit card debt rising, it’s important to keep an eye on the trends. We’re sharing the stats below to make sure people are on the same page.

  • From 2015 to 2029, Americans’ consumer credit card balances have nearly doubled, growing from $72 billion to $143 billion.

    http://blog.mint.com/

  • The state with the highest average credit card debt per person in 2019 was Alaska.

  • The state with the least amount of average credit card debt per person in 2019 was Iowa.

  • Every household in the United States with a credit card carries an average of $8,398 in credit card debt.

  • Credit card loans crossed the $1 trillion mark, reaching $1.08 trillion in Q3 of 2019.

  • By the end of 2019, the number of credit inquiries within the past six months was at 137 million.

Debt Statistics

Most Americans are appalled by the fact that the U.S. is over $26 trillion in debt. Starting by fixing personal spending habits is a solid way to help enact change. Take a look at the current state of debt statistics.

  • American household debt rose to $14.3 trillion through the first three months of 2020.

    http://blog.mint.com/

  • Consumer debt in the U.S., including mortgages, auto loans, credit cards, and student loans, is at $13.86 trillion.

  • In 2019, total auto debt in the U.S. was $1.3 trillion, increasing $59 billion since 2018.

  • Approximately 202,000 consumers had a bankruptcy notation added to their credit reports in the fourth quarter of 2019, an increase from the 195,000 in Q4 2018.

    http://blog.mint.com/

  • Americans owe a collective $1.54 trillion in student debt.

  • Of $1.54 trillion in U.S. student loan debt, women hold nearly two-thirds of the debt.

  • 54% of student loan holders didn’t attempt to figure out their future monthly payments before taking out their loans.

    http://blog.mint.com/

Employment Statistics

Financial statistics related to employment have been top of mind for millions of Americans in 2020. In a time when unemployment is common, people are turning to additional income streams and joining the gig economy to capitalize on flexible jobs. Check out the financial stats we gathered related to employment and unemployment in the U.S.

  • Payroll employment rose by 4.8 million in June 2020, and the unemployment rate declined to 11.1 percent.

  • The Bureau of Labor Statistics found that total employment increased by 4.9 million to 142.2 million in June 2020.

    http://blog.mint.com/

  • The lowest median household income of around $42,000 per year is found in Alabama.

  • Maryland residents enjoy the highest median household income of just over $78,000.

  • The U.S. median household income was $63,179 in 2018.

Stock Market Statistics

Whether you’re constantly checking stocks or barely pay attention, these stock market statistics will give you a strong sense of what investors are looking for in 2020. Keeping a finger on the pulse of the general trends in the stock market is crucial in the financial wake of COVID-19 to make sure your money is headed in the right direction.

  • 55% of American adults invested in the stock market in 2020.

    http://blog.mint.com/

  • As of 2019, over 80% of the stock market is automated.

  • The U.S. represents about 40% of the total global stock market capitalization.

    http://blog.mint.com/

  • Of those with incomes less than $35,000, the median amount invested in the stock market is less than $10,000.

  • In 2019, active funds lost $90 billion of inflows while passive funds attracted $39 billion.

  • Among those with incomes of more than $100,000, the median amount invested is more than $130,000.

    http://blog.mint.com/

Average Retirement Savings Statistics

http://blog.mint.com/

Study after study has shown that many Americans are well behind where they should be in terms of retirement savings, and if they don’t take steps today to fix this, they could end up running out of money or working far longer than they planned. We put together the top statistics about Americans’ retirement savings and some advice on how you can get yours back on track.

http://blog.mint.com/
  • The number of Fidelity 401(k) plans with a balance of $1 million or more in 2019 increased 35% year over year.

  • The average 401k annual contributions of plan participants totaled just $8,788.

  • 66% of millennials don’t feel on track when it comes to saving for retirement, mostly due to the burden of housing costs.

  • When asked if their savings, investments, and Social Security benefits would be enough to fund their retirement, 59% of Americans said it was “somewhat likely” to “not at all likely”.

    http://blog.mint.com/

  • Only 28% of retirees work for pay in retirement, while 80% expect that they’ll be able to work.

Even if you already consider yourself financially savvy, there’s always more to learn, especially in an ever-changing financial landscape. We hope you found these financial statistics useful, whether you’re hunting for specific information or simply want to be as informed as possible. Sometimes reminding ourselves of the current state of financial affairs is the nudge we need to reevaluate our own budgeting and savings goals. Taking small steps in the right direction, like using Mint’s free app to track your financial goals, can make a huge difference.

The post 40 Financial Statistics for 2020 appeared first on MintLife Blog.

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