Explore key personal finance statistics on income, debt, savings and retirement. Learn trends to improve budgeting, investments and financial decisions.
At a time when 7 in 10 U.S. adults1 view the nation's economy as poor, understanding personal finance has never been more critical. While economic uncertainty persists, having clear insights into financial trends can help you make more informed decisions about your future. Here's what we found:
Key personal finance statistics at a glance
- 41% of U.S. adults have credit card debt, followed by 24% with a mortgage.
- Inflation is a top concern for 41% of Americans in 2024, up from previous years.
- While 45% of Americans feel confident managing investments, 55% remain uncertain about their financial decisions.
Income and earnings
Income forms the foundation of personal finance, but earnings vary significantly across American households. While there's no single definition, exploring the average middle-class American household income can provide a helpful starting point. Let's examine how most Americans perceive their income and earnings in today's economic climate.
- 1.
In the third quarter of 2024, median weekly earnings in the U.S. were $1,165, according to the U.S. Bureau of Labor Statistics (BLS)2.
- 2.
The Consumer Financial Protection Bureau (CFPB) reports in 20243, 31% of households experienced some or significant monthly income fluctuations, unchanged from 2023.
- 3.
According to Gallup4, 46% of Americans rate their personal finances as excellent or good, similar to the past two years but lower than ratings from 2017 to 2021.
- 4.
The CFPB5 reports that 42% of households would be able to cover expenses for a month or less if they lost their main source of income.
- 5.
National Endowment for Financial Education (NEFE)6, a nonprofit organization, reports high prices for essential goods (59%) topped the list of financial stressors for Americans. Rent/mortgage payments (41%) and insufficient income (40%) followed closely.
- 6.
According to the Federal Reserve Board (FRB)7, 72% of adults reported being at least "okay" financially in 2024, slightly lower than 73% in 2022 and notably below the recent peak of 78% in 2021.
- 7.
In 2023, the FRB reported8 34% of adults reported an increase in household income; however, an even greater proportion (38%) experienced a rise in monthly spending.
- 8.
The NEFE9 reported individuals with higher household incomes (over $100,000) generally feel secure in fulfilling major financial goals like car purchases.
- 9.
In 2023, the FRB10 reported 94% of adults held a bank account. Among those with incomes of $100,000 or more, nearly all had a bank account, whereas only 77% of adults earning less than $25,000 possessed one.
Investment behavior
Long-term investing remains a powerful strategy for building wealth and securing retirement. Despite market volatility and economic uncertainty, many Americans see the stock market as a path to financial security. Let's explore how Americans view and approach their investment decisions.
- 1.
According to the Moneywise11: Investment Portfolio Survey, 28% of adults report having retirement funds like a 401(k) or IRA in their investment portfolio, alongside high-yield savings accounts (21%), individual stocks (21%) and Certificates of Deposit (CDs) or mutual funds (18%).*
- 2.
According to the Moneywise12: Investment Portfolio Survey, 32% of adults report having retirement funds like a 401(k) or IRA in their investment portfolio, alongside individual stocks (19%), high-yield savings accounts (15%) and Certificates of Deposit (CDs) or mutual funds (15%).**
- 3.
The FRB13 reported 45% of adults feel mostly or very comfortable managing their investments, but 55% remain only slightly comfortable or not confident at all.
- 4.
5% of adults feel mostly or very comfortable managing their investments, but 55% remain only slightly comfortable or not confident at all.
- 5.
According to Gallup's annual update14, 62% of U.S. adults have investments in the stock market, including individual stocks, stock mutual funds or retirement accounts.
- 6.
NEFE15 reports only 25% of U.S. adults feel somewhat or completely confident about purchasing a home, while 55% are not confident.
- 7.
Gallup16 reports 31% of upper-income Americans see stocks as the best investment, compared to 14% of lower-income Americans, who prefer gold (23%) or savings accounts (20%). Only 7% of upper-income Americans favor savings accounts.
Financial literacy
Financial literacy empowers people to make informed decisions about managing, investing and protecting their money. Let's explore how Americans rate their financial knowledge and their confidence in making sound financial choices.
- 1.
Findings from the 2024 TIAA Institute-GFLEC Personal Finance Index17 revealed that:
- 2.
Men outperformed women in financial literacy by 10 percentage points, indicating a persistent gender gap.
- 3.
Financial literacy levels are roughly equal among Asian and White Americans, while Black and Hispanic Americans report lower but similar levels of financial literacy.
- 4.
Financial literacy remains low across all generations, with Generation Z lagging significantly—on average, Gen Z correctly answered only 37% of the financial literacy index questions in 2024.
- 5.
According to the Pew Research Center (PEW)18, 54% of U.S. adults report knowing a great deal or fair amount about personal finances.
- 6.
PEW reports19 that adults aged 50 and older are more likely (63%) than those aged 18 to 49 (45%) to report being knowledgeable about personal finances.
- 7.
When it comes to knowledge of personal finances and demographics, PEW reports20:
- White adults (58%) are more likely to report knowing a great deal or a fair amount.
- Black adults (50%) report similar levels of financial knowledge.
- Hispanic adults (41%) are less likely to report this level of knowledge.
- About half of Asian adults (49%) say the same.
Retirement preparedness
Retirement planning remains a critical financial priority for Americans, with workers nationwide using various approaches to secure their future. Let's examine how the nation prepares for retirement and explore key financial planning statistics.
- 1.
Progress toward retirement savings goals saw a slight improvement in 2023, as FRB reports21 34% of non-retirees claim their retirement savings plan was on track, up from 31% in 2022 but down from 40% in 2021.
- 2.
According to the National Institute on Retirement Security (NIRS)22, about one-third of Americans report that their vision of retirement has changed due to inflation and the rising cost of living.
- 3.
The FRB23 also reported 80% of retirees reported being at least okay financially, a higher percentage than the overall U.S. adult population.
- 4.
NEFE24 reports 38% of U.S. adults are confident in their ability to invest or save for retirement in 2025, while 36% are not confident.
- 5.
NIRS25 found that 34% of working Americans say debt is a significant barrier to saving as much as they believe they should for retirement.
- 6.
The FRB26 reported 67% of adults had retirement assets, including 60% with tax-preferred accounts (401(k), IRA or Roth IRA) and 29% with a defined benefit pension.
Budgeting and savings
Want to see how your financial habits stack up against other Americans? Understanding national savings and budgeting statistics can provide valuable perspective on your financial journey and savings goals. Here's what the data reveals.
- 1.
In 2024, CFPB27 reported 44% of consumers felt their finances "control their life" always or often.
- 2.
In 2023, the FRB28 reported 63% of adults said they could cover a hypothetical $400 emergency expense entirely with cash or equivalents. This figure had remained unchanged from 2022 but declined from the 2021 high of 68%.
- 3.
The CFPB29 reported 33% of consumers reported rarely or never had money left at the end of the month in 2024.
- 4.
In 2024, 36% of consumers described their financial situation as 'just getting by,’ according to CFPB30
- 5.
According to a survey conducted by PEW31, smaller majorities expressed similar confidence in:
- Creating a monthly budget (59%).
- Creating a debt repayment plan (57%).
- Saving money (56%).
Debt landscape
Many individuals and households are becoming increasingly concerned about the weight of personal debt. Factors such as inflation, stagnant wages, and easy access to credit have contributed to a significant increase in debt levels.
The following key debt financial stats provide a clearer picture of the challenges faced by Americans and the potential consequences of high debt burdens.
- 1.
According to the Moneywise: Types of Debt Survey, when asked about current household debt, 41% of U.S. adults reported having credit card debt, the second-highest being 24% with a mortgage (excluding HELOCs).***
- 2.
Student loans are a major financial stressor for younger generations, as NEFE32 reports one in five of 18-29-year-olds identifying their elimination as their top concern.
- 3.
According to the PEW33, 57% of Americans feel confident in their ability to create a plan to pay off debt.
- 4.
The Education Data Initiative34 reports that an average of 8.15% of student loan debt is in default at any given time.
- 5.
The PEW35 revealed that a strong majority (75%) of Americans feel extremely confident about finding their credit report.
- 6.
In 2024, the CFPB36 reported that 80% of consumers owned a credit card. Among credit card holders, the proportion with revolving debt slightly decreased from 53% in 2023 to 49% in 2024.
- 7.
According to the Education Data Initiative37, approximately 471,000 students default on their loans annually by the end of their second year of repayment.
- 8.
NEFE38 indicates that 45% of U.S. adults expressed confidence in paying down debt or credit in the next year, focusing on financial stability.
- 9.
The CFPB39 reports the share of families experiencing difficulty paying bills or expenses increased from 38% in 2023 to 43% in 2024.
- 10.
However, the NEFE40 did reveal 29% of Americans feel confident about their ability to pay down debt in the next year.
- 11.
According to Gallup41, 41% of Americans cited inflation or the high cost of living as their most pressing financial issue in 2024, up from 35% in 2023 and 32% in 2022.
- 12.
According to NEFE42, 21% of Latino/Hispanic respondents express they are completely unconfident in their ability to pay down debt in 2025, compared to 13% of non-Latino/Hispanic respondents.
Future trends and predictions
As economic indicators, public sentiment and financial facts offer valuable insights into Americans' financial outlook, let's explore how personal finances may evolve in 2025. While the future remains uncertain, examining current trends and consumer attitudes can help us understand what lies ahead.
- 1.
NEFE43 found 35% of U.S. adults do believe they will be better off financially four years from now.
- 2.
According to the NEFE44, younger adults (18-29) are the most optimistic, with 45% expecting to be better off financially in the future, compared to 27% of those aged 65+.
- 3.
The NEFE45 also found Individuals with lower incomes (<$30K) and lower levels of education (less than a high school diploma) are more likely to anticipate a decline in their financial situation.
- 4.
The PEW46 reports younger adults are more likely than older adults to have learned about personal finances from the media (29% vs. 21%).
- 5.
Adults ages 18 to 49 are more likely than those 50 and older to have learned about personal finances from the internet (50% vs. 19%), according to NEFE47.
- 6.
Among U.S. adults knowledgeable about personal finances, the PEW48 reports that 49% say they learned a great deal or a fair amount from family and friends.
Shape your personal finances with Moneywise
Understanding personal finance statistics offers valuable insights into spending habits, budgeting strategies and financial planning for a more secure future. By staying aware of these trends, you can make informed choices that align with your goals.
Empower yourself with Moneywise—your go-to resource for smarter financial decisions.
*All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2004 adults. Fieldwork was undertaken between 6th - 12th September 2024. The survey was carried out online. The figures have been weighted and are representative of all US adults (aged 18+).
**All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2332 adults. Fieldwork was undertaken between 9th - 13th August 2024. The survey was carried out online. The figures have been weighted and are representative of all US adults (aged 18+).
***All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2527 adults. Fieldwork was undertaken between 3rd - 5th September 2024. The survey was carried out online. The figures have been weighted and are representative of all US adults (aged 18+).
The Moneywise Editorial Team is a group of passionate financial experts, seasoned journalists, and content creators who are deeply committed to providing unbiased, relevant, and accurate financial information. With years of combined industry experience, our team is dedicated to maintaining the highest journalistic standards and delivering informative and engaging content. From personal finance and investing to retirement planning and business finance, we cover a broad range of topics to suit the financial needs of our diverse readership. You can trust the Moneywise Editorial Team to empower you with the knowledge and tools necessary to make wise financial decisions.
Explore the latest articles
Does Disney still have (affordable) magic?
The ‘Happiest Place on Earth’ isn’t so happy for middle-class American families.
Disclaimer
The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.
†Terms and Conditions apply.