Over one year ago, I published the blog post Money Statistics That May Scare You. In case you missed it, here is a refresher:
- 68% of people live paycheck to paycheck.
- 26% have no emergency savings.
- The median amount saved for retirement is less than $60,000.
- The average household has $7,283 in credit card debt.
- The average student loan debt is $32,264.
Since then, I have come across other money statistics that have surprised me.
I do a lot of research as a personal finance writer. I come across money statistics that surprise me, make me sad, and some that make me worried.
The money statistics in this blog post might surprise you, but I want you to be aware of them so that you can be better than “normal.”
However, I do want to note that even if you are doing better than the average person, you can still improve even more.
You should always strive to do your best as sometimes “average” is not good enough for you to live a financially successful life. Keep in mind that the average person is not the greatest with money, and many are wrecked with stress and hardship due to their unfortunate financial situation.
Below are some other money statistics that will hopefully whip you into financial shape. Enjoy!
Annually, an average of $220 per person is spent on the lottery.
In 2014, more than $70 BILLION was spent on the lottery. That’s around $220 per person, including children!
However, in states such as Rhode Island, it’s way above $220, at nearly $800 per person spent on the lottery on an annual basis.
That is a ton of money spent on the lottery.
40% of food is wasted.
This is a crazy statistic.
Just think about it: What if you spent $100 on food each time you went to the grocery store, but when you got home from the grocery store you immediately threw away $40 of it.
That’s pretty much what is happening here.
The average person who takes out a new car loan takes out $27,000.
Plus, the average used car loan is almost $18,000.
To add to all of this, the people with the largest car loans actually had the worst credit scores.
One last car loan statistic, the average monthly payment for a new car loan is $471 and $352 for a used car loan.
The average person wastes their gym membership.
If you have a gym membership, I highly recommend that you figure out whether or not it is worthwhile. According to Statistic Brain, the average monthly cost of a gym membership is $58. Yet, 67% of people never use their gym memberships.
That is a ton of wasted money.
The average student loan debt is approximately $30,000.
Plus, according to US News:
- Only 41% of college students graduate in four years.
- The three-year student loan default rate is 15% for recent graduates.
- Borrowers older than 60 owe $43 billion in student loan debt.
These are some crazy money statistics.
Learn more about how I paid off my student loan debt at How I Paid Off $40,000 In Student Loan Debt.
Women are 27% more likely than men to have no retirement savings.
I found this statistic on Go Banking Rates.
To change this money statistic, please read The Smart Woman’s Guide To Investing Success. Here’s a quick snippet from that blog post:
“Women face different obstacles than men do when it comes to investing in the stock market. Right off the bat, they tend to have less in savings because women often take time off to raise children. With years of not earning a salary, there is no money being saved and compounded upon.
In addition to this, women typically outlive men by close to 10 years on average. Therefore, it is important as a woman to invest in the stock market.”
What money statistics surprised you? How do you compare?