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These Financial Facts About Americans Would Blow Your Mind

  • 1/3rd of Americans have $1000 in retirement savings

Financial Facts About Americans

As per the study done by Employee Benefit Research Institute, 36% of Americans had only $1000 tucked away for retirement purpose.

  • Many Americans plan to work till last breath

Financial Facts About Americans

Quite alarming the fact being is that almost half of the Americans do plan to work till they die. This is due to the fact that majority of people do not have enough money saved for retirement, as per a survey conducted by Wells Fargo.

  • Students loan debt in trillions

Financial Facts About Americans

In total, students have borrowed loans anywhere from $900bn to whopping $1trillion dollars. Also, around 14% of the students who have taken out loans have atleast one past due student loan account.

  • Debts hold larger value than savings

Financial Facts About Americans

A great majority of Americans hold more debt value than the savings itself. About 30% of them say they have more debt in credit cards than what they have in their saving accounts; even for an emergency case.

  • Those who “manage” to save are still not saving enough

Financial Facts About Americans

Contrary to the belief, Americans are not so good at savings, if at all they manage to do so. They are not financially stable as you believe. As per a study conducted by Corporation for Enterprise Development, 44% of the citizens of America are not even having more than 3 months of savings.

  • Americans do not understand 401(k) retirement plans

Financial Facts About Americans

As per a survey organized by a big financial firm, 46% of the Americans do not know where to invest, and 34% are stressed while investing.

A 401(k) plan is a qualified employer-established plan to which eligible employees may make salary deferral (salary reduction) contributions on a post-tax and/or pretax basis.

So here is the catch, if people are unsure of what and where to invest, they how could they make firm decision on about retirement plans!

  • Just half of Americans have a will

Financial Facts About Americans

Only half of the Americans have a will!! So, if a family member dies, there is no telling how to disburse the money or the asset. It results in tension between the family members.

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