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?
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I found the women statistic really shocking. However, even if they are less likely to have retirement savings, I give so much props to women and the impact they are having on the workforce. They sure know how to compete very smartly and be nimble and creative enough to beat a lot of the competition that are out there!
Yes!
Some seriously scary stats there! i used to be so guilty of wasting food until I started making meal plans and batch cooking. It has saved me around £150 a month since January this year. Ashamed to say that I only started to save towards my retirement this year, however, I have put a significant portion of my wage towards it since I started. It’s so important to have a retirement and emergency fund, I honestly can’t imagine not having any savings to fall back on now just 9 short months in!
Meal planning is so helpful 🙂
Very interesting stats. $18,000 for a used car? My last new car wasn’t even that much. Then again I’ve been shocked to learn how much larger trucks and SUVs go for these days. I’ll just stick with my little sedan 🙂
Yeah, that’s a crazy amount for a used car!
I started cooking at home recently and it’s been a game changer. I always told myself I wouldn’t save that much since it’s just me, but I guess I just had blinders on. I’ve also brought a few take out meal leftovers home which also saves money. I used to just toss it. So wasteful.
The statistics are scary, though it’s pretty humbling to read them.
The used car loan statistic is crazy. I paid less than $18k for my new Civic.
Great job on cooking at home!
Yes!
Yes, for sure!
I am definitely one to not waste food but fall into some of the other categories. I have been wanting to get a better car as mine is a 92 gas guzzler but it’s crazy to think that for some $27k is even an option. I have a hard time wasting a dollar. Lessons have definitely been learned the older I get and experience. Thank you for sharing these stats as it really puts things into perspective.
Thank you!
I am happy to report that my gym membership is not wasted! As a stay-at-home mom, our family membership includes up to two hours per day per kid of childcare. This is great motivation for me to go to the gym, even if I end up just chatting with other adults! (But I do exercise too, I promise!)
The food waste is something I’m trying to work on. It is mostly vegetables that I get overzealous about at the grocery store.
That is a great benefit of a gym membership, for sure!
That car loan statistic is crazy. A $27,000 car loan is ridiculous. It’s not worth it at all. Use cars for the win!
These stats are frightening … never knew how bad things really were before reading this!
Some of this Stats are really shocking!! Imagine wasting 40% of food when their are people in developing countries dying of starvation
The money stat that wows me the most is how many Americans couldn’t survive if they had an emergency of $500. That is just plain scary. Even when I was in credit card debt and owned a house I couldn’t afford, I still could come up with $500.
Here’s another statistic I found interesting… Only 5% of people actually love their job.
I used to be one of them. I can’t own up to loving my job now but I do enjoy it to some extent. At least i’m not dragging myself out of bed in the mornings anymore.
We don’t do any of the above. No debts, no mortgage, no food waste (we implemented the meal planning 4 years ago, and have gone better and better at taming the waste). No gym memberships
Plus once a week we have a meal like a frittata that requires a lot of leftover food to be added to it, like a few slices of lunchmeat, salami slices, some veggies, spinach leaves before they go bad – sort of a “clean your fridge” meal. It does feel good to know that this way you lower the waste.
We do the casino date, about once a year. With a very strict rule of 5$, plus a cost of 2 glasses of wine. We have so much fun. Gamble on penny machines, cash out frequently to keep an eye on the total number. And always, ALWAYS come out ahead. Last time we put 5$ in and left the room with 5.35$. It wouldn’t be so much fun if it was more than once a year. We make it sound like we’re rolling for millions, all of the emotions we put in it… haha it is a good way to tame down the gambling needs. Nothing close to 220$ per year. Ouch.
It’s humbling today to strive for “side hustle millionaire” status. If one knows how to do it, why settle for a regular job that holds back your full entrepreneurial potential? Yes, everyone needs a job to keep a roof over their head while you work on your side hustle. That’s realistic. But working a job for 20-30-40 years and never trying your hand at “side hustle entrepreneurship” is robbing oneself of financial freedom. Then you’ll be looking back years later in regret thinking and twiddling your thumbs on “what if.” Not me. I’d rather try and fail along the way up the ladder to success. Is there such a thing as “failing your way to side hustle millionaire status?”