Published Tuesday, Feb. 22, 2022, 12:03 pm
Join AFP’s 100,000+ followers on Facebook
Purchase a subscription to AFP
Subscribe to AFP podcasts on Apple Podcasts, Spotify and Pandora
News, press releases, letters to the editor: [email protected]
Advertising inquiries: [email protected]
(© Panumas – stock.adobe.com)
If someone asks you about the average salary in your country, you will probably give some numbers in response. But what about personal finance? Do we all really know anything about the average income of those working in different industries, the extent of other people’s debts, and the wealth of people around us? Take a look at the statistics that might surprise you.
As many as 40% of student loan borrowers don’t pay it off
According to the Wall Street Journal, most people in the U.S. need a loan to get an education. But when you are 18 or 20, you cannot guarantee to be able to pay everything off later. According to the research performed by the Global Financial Literacy Excellence Center, 54% of student loan holders didn’t even try to calculate their future monthly payments before borrowing money from the banks. Interestingly, women in the US hold about two-thirds of the $1.54 trillion student loan debt.
Say you need money right now and are looking for same-day loans. There is no need to scour the net in search of lenders. With the help of platforms like GetCash, you can connect with lenders by filling out a secure application. What’s more, you can get money the same business day, provided you requested it early enough.
Around 18% of people earning $100,000+ don’t have savings
If you earn from two to five thousand dollars per month, spending it before the next payroll might be okay. But what if your monthly income is $100,000 or even higher? One in five people in the US manages to spend all the money during the next 30 days after getting a paycheck. Here is one more fact that might surprise you — about 58% of people with a monthly income of more than $100,000 said they are not saving enough for retirement.
Average American saves less than 5%
Take this fact as a reminder that you need to have savings for a rainy day. As much as 5% of your income is not enough to ensure a comfortable retirement or feel confident when bumping into an emergency. To be ready for unexpected expenses, you should save from 10% to 15% of your disposable income. You can also hire a personal financial advisor and ask him to calculate the amount you have to lay aside every month.
23% of Americans don’t have any retirement plan
While some people …….