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Personal Financial Statistics

(Updated March 2021) 

The beginning of the year always brings about a time of reflection and resolution, with personal finances being one of the areas to consider for improvement. Some people resolve to get out of debt, save for retirement, or just get back to basics with a written budget. Looking at what others are doing via statistics is a good way to see where you stack up compared to your peers. Since money is often a taboo topic that doesn’t really get talked about in regular conversation, let’s look to the numbers.And while statistics can seem confusing & numbers vary depending on the source, we hope to break it down & provide some clarity to give you a way to gauge how you’re doing with your personal finances. 

Snapshot Stats

  • On average, 45-54 year olds earn more compared to those of other ages
  • Males tend to earn more money on average than females
  • Maryland has the highest average income compared to the rest of the United States at $78,916
  • On average, Asians tend to outearn all other racial & ethnic groups
  • On average, people ages 55-64 have the most amount of money in savings
  • Only 45% of Americans have a retirement account
  • On average, Americans are only saving 5% of their income
  • Most of Americans monthly spending is on housing (33%)
  • Only 41% of Americans have a budget
  • 40 Million Americans have student loan debt
  • Current collective student loan debt for Americans is $1.5 trillion – and women hold nearly 2/3 of it.

Income

Income by Age

The Bureau of Labor Statistics categorized the data into median earnings by age. As you can see, on average, the median annual income for those 45-54 years old is the highest, while those just entering the workforce at 16-24, earn the lowest income on average.

annual income level by age brackets

Income by Gender

Here we look at the annual income of similar age ranges by gender. While men and women both reach the highest median earnings from age 55-64, women, on average earn $15,392 less a year than their male counterparts. This could be because women tend to enter lower paying “caring” professions, like nursing or teaching for example. These stats don’t account for job seniority or education, they are just the data comparing two variables. Gender by age when it comes to average annual income. 

average annual income by gender and age bracket

Income by State

Which state you live in can vastly affect how the annual income you bring home. The U.S. median household income in 2018 was $63, 179 according to the U.S. Census. The cost of living, industries present in your state, and many other factors can influence your income for the same job. We looked at the median household income by State. Keep in mind this includes 1-income & 2-income households.

The state with lowest median income is Mississippi at $42,009 while the state highest median income is Maryland, ringing in at $78,916. Take a look below to see where your state measures up. 

State

Median Household Income

Alabama

$46,472

Alaska

$76,114

Arizona

$53,510

Arkansas

$43,813

California

$67,169

Colorado

$65,458

Connecticut

$73,781

Delaware

$64,036

Florida

$50,883

Georgia

$52,977

Hawaii

$74,923

Idaho

$50,985

Illinois

$61,229

Indiana

$52,182

Iowa

$56,470

Kansas

$55,477

Kentucky

$46,535

Louisiana

$46,710

Maine

$53,024

Maryland

$78,916

Massachussets

$74,167

Michigan

$52,668

Minnesota

$65,699

Mississippi

$42,009

Missouri

$51,542

State

 Median Household Income

Montana

$50,801

Nebraska

$56,675

Nevada

$55,434

New Hampshire

$71,305

New Jersey

$76,475

New Mexico

$46,718

New York

$62,765

North Carolina

$50,320

North Dakota

$61,285

Ohio

$52,407

Oklahoma

$49,767

Oregon

$56,119

Pennsylvania

$56,951

Rhode Island

$61,403

South Carolina

$48,781

South Dakota

$54,126

Tennessee

$48,708

Texas

$57,051

Utah

$65,325

Vermont

$57,808

Virginia

$68,766

Washington

$66,174

West Virginia

$44,061

Wisconsin

$56,759

Wyoming

$60,938

Income by Race

On average, Asians in the U.S. tend to earn more than any other race. 

Income level by race in America

Savings

Savings by Household

Below we look at the amount of savings the average household has divided by age group. These numbers show us the average savings regardless of your relationship status or whether you have children or not. This data includes savings information from single income earners, dual income earners with no kids, single parents and couples who have children. The age group with the most in savings on average is the group 55-64, possibly because they are gearing up for retirement and are at their greatest earning potential while nearing the end of their careers. They have more money to put away into savings. 

How much does the average household have in savings?

Saving for Retirement

Over half of Americans will rely on income in a standard (very low-yielding) savings account when they retire. And while 68% of Americans have a savings account, only 45% have a retirement savings account, and only 32% have investments beyond this. The age for retirement may continue to creep up due to lack of savings, along with the need for health insurance as medical care tends to be a bigger cost in the later years. On average, Americans are only saving 5% of their income, which is much lower than the 10-15% of income that financial professionals recommend. Financial professionals warn that 5% savings will not be enough to retire off, since Social Security benefits will be unlikely to cover expenses. People will have to keep on working into their golden years. Most financial experts recommend the 10-15% of income be put into a retirement account. If you bring home $5000 a month in take home pay, 10-15% of that number is $500-750/month which should be going toward retirement, while 5% (the average amount Americans save) is only $250 a month. Keep in mind, that 10-15% might include pretax contributions and employer matches. Currently only 35% of Millenials have a company 401k or other retirement account. 

Budgeting & Spending

What percent of people have a budget?

A budget is a written plan for your money. Those who keep a budget can see exactly where their money is going and then can make a plan to increase savings, pay off debt, and adjust spending. Any financial expert will tell you that a budget is absolutely necessary. However, in America, only 41% say they have a budget, while the others have no written, formal budget plan. 

  • Only 41% of Americans have a budget

What percent of the population lives paycheck to paycheck?

With 19% of Americans living paycheck to paycheck, and 40% Americans reporting they wouldn’t be able to cover an unexpected $400 expense, a budget is a crucial tool to work toward your financial health and goals. 10% of American adults have also admitted that they have had to receive financial help from someone outside their family. 

  • 19% of Americans live paycheck to paycheck
  • 40% of Americans would not be able to cover an unexpected expense of $400
  • 10% of adults admit to needing financial assistance from someone outside their families  
  • 25% of Millennials (adults under 30) are needing financial help from outside of their families. 

Credit card debt is also on the rise, and it’s no wonder. Americans turn to credit if they have no money set aside for unexpected expenses, like the ever-increasing out of pocket costs for healthcare and prescriptions. Unexpected medical expenses can significantly impact your personal finances.  In fact, in 2018, 1 out of 5 adults had a significant amount of medical bills to pay. The median cost of those ranged from $1,000 and $4,999. Of the adults with medical expenses, 40% of those have unpaid debt from medical bills. 

What are Americans Spending Their Money On?

When looking at personal budgeting statistics, you probably want to know where an average American’s money is going. The latest data at the time of this writing, the most recent data Bureau of Labor Statistics from 2017 show the average Americans’ spending. 

% of Spending

Spending Category

33%

 housing

15.9%

transportation – auto loans, repairs, maintenance & fuel

12.9%

 food – include groceries and restaurants

11.3%

 personal insurance & pensions – includes life insurance & social security

8.2%

 healthcare – includes health insurance and other costs

5.3%

 entertainment

4.5%

various other categories – reading, personal care, alcoholic beverages, etc

3.1%

 clothing and apparel

3.1%

 cash contributions

2.5%

 education

Housing accounts for the biggest chunk of spending at 33.1%. This number includes mortgage or rent, utilities, repairs, household operations, cleaning supplies & furnishings. 

Transportation is next biggest expense at 15.9%, which accounts for auto loans, repairs, maintenance and fuel. 12.9% of our budget is spent on food, which accounts for groceries and eating at restaurants. 11.3% goes toward personal insurance and pensions, so that includes things like life insurance & social security contributions. Healthcare, which includes health insurance & other costs, is up to 8.2% of our spending. The rest of the categories include entertainment, clothing, miscellaneous, clothing, cash contributions and finally, 2.5% on education. 

Another point to note is that data above does not account for paying credit card bills. With the national average household having over $5000 in credit card debt, it would be interesting to see what percentage of Americans’ income goes to repaying credit card debt.

 Debt – Mortgage, Credit Card & Student Loans

Just around 87% of American families are in debt. The majority of their average debt include mortgage debt, but can also include credit card debt and others. The median average as of December 2018 is $135,768 per household.

How much debt do most families have?

The average debt of families as of December 2018 is $135,768. The amount and type of debt varies between age groups. Here’s the median debt by age group

Age

Average Debt

Source of Debt

Under 35

$67,400

Credit cards & student loans

35-44

$133,100

Mortgage & credit card debt

45-54

$134,600

Mortgage debt

55-64

$108,300

Mortgages & student loans paid off

65-74

$66,000

Student loan are now paid off, credit card debt

75+

$34,500

Increasing medical bills & lack of savings

Student Loan Debt

Surprisingly, on average, we spend the least amount on our education per month, but student loan debt is second only to mortgage debt in America. Americans owe $1.5 trillion dollars in student loan debt, and women hold nearly 2/3s of it. In fact, there are many Americans over the age of 60 that have student loan debt, and that number is increasing.

Forty million Americans have student loan debt, and 14% of those owe more than $50,000. The percentage of Americans with student loans who default is at least 28%.Depending on who you ask, some will say the career afforded student debt is worth the expense. People with higher education carry more debt. And while on the surface it might seem that higher education is well worth it, if you can’t save for retirement or unexpected expenses due to student loan debt, you very well may be in the workforce long after “retirement age” if you are unable to save. Below you’ll find recent information from the Bureau of Labor Statistics on the average annual income by education.

Level of Education

Average Annual Income

Less than high school diploma

$25,636

High school education

$35,256

Some college

$38,376

2 year college degree

$41,496

College degree (4 year)

$61,828

Advanced degree (Masters or Doctorate)

$75,452

Right now the lifetime earnings of having a Bachelor’s degree is $1.8 million as compared to $900,000 with a high school diploma. With the increasing need for trade workers in the United States, it will be interesting to compare these numbers in the future.

Level of Education

Average Lifetime Earning

High school diploma

$900,000

Associates Degree

$1.1 Million

Bachelor’s Degree

$1.8 Million

Personal Finance statistics

downloads and resources

Data Resources

  • bls.gov
  • cnbc.com
  • census.gov
  • usbank.com
  • latimes.com
  • debt.com
  • prweb.com
  • federalreserve.gov
  • bankrate.com
  • cbsnews.com
  • cheatsheet.com

Resource Downloads

Download web optimized versions of our data charts and infographics.

Conclusion

If you’re just learning to budget and evaluating your money & financial health, take heart. These personal financial statistics are averages, and no matter where you compare, you can work to change them. There are many different financial programs out there to help you get out of debt, start saving for emergencies & the future, managing your spending to live within your means, raising your credit score, and investing for the future.

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Example of High Risk Merchants

  • 1-900 Phone companies – If you’re the type of company that charges people to have a chat on the phone, you’ll be considered high risk.
  • Adult Bookstores – Clearly a part of the adult entertainment industry, and an easy mark for the high risk tag.
  • Adult Entertainment – Any business labeled with the “adult” descriptor will automatically be assigned a high risk status.
  • Adult Toys – As “adult” is in the name, it’s an easy target for association with the adult entertainment market.
  • Airline Industry – Due to cancellations on high ticket purchases, this will put your airline company in the high risk category
  • Amazon Stores – By having a high rate of return, Amazon stores are seen as high risk.
  • Ammo Sales – Association with the weapons industry guarantees high risk status.
  • Annual Contracts – Any time an annual contract is involved it can be considered highrisk because most consumers forget they signed up and chance of chargeback can be high.
  • Antiques – With a high average ticket per item, antiques are considered a risky merchant type.
  • Astrology – The study of the celestial bodies and the influence on human affairs can be a chargeback target if customers feel like they aren’t getting the answers they want.
  • Auctions – Because of the nature of bidding on a product and not having a set price the risk level goes up.
  • Autographed Collectables – There is almost always a question as to whether an autograph is authentic, and therefore chargebacks are much higher in this industry.
  • Automotive Brokers – Brokers of automobiles have a very high average ticket are are therefore of higher risk.
  • Bankruptcy Attorneys – Since the people who are working with bankruptcy attorneys are usually in financial trouble, the odds that a payment would be charged back is higher.
  • Betting Services – In many states betting is illegal but for the legal states betting with a credit card has huge chargeback implications.
  • Brokering – When a third party is involved with selling a product the risk level goes up ten fold.
  • Business Loans (Merchant Cash Advances) – Loaning money is always risky, but with business loans and startup lending, high risk is present by the nature of the business.
  • Casino – Just like a betting service, if a customer gambles with their credit card the chargeback rate sky rockets.
  • CBD Products – CBD itself poses high chargebacks because of the legitimacy of the product and the health benefits promised.
  • CBD E commerce – CBD E Commerce has twice the charge back of retail CBD because many consumers don’t feel like the product they receive gives them the benefits promised.
  • Check Cashing (Check Processing) – The level of fraud in check cashing and cash advances is what gives this industry a higher risk consideration.
  • Cigarettes – With higher levels of risk for theft and criminal activity, cigarette sales are deemed high risk.
  • Collection Agencies (Collection Agency) – Many banks see collections as an unsustainable business model that is many times unreliable.
  • Collectible Coins – A higher level of chargeback in this industry gives it a high risk tag.
  • Collectible Currency – Due to the level of inauthentic collectibles, the risk of chargebacks are much higher with collectibles.
  • Copyrighted eBooks – When someone sells something copyrighted without permission many legal issues can arise.
  • Coupon Programs – With many coupon programs the coupons expire and once they expire the consumer wants the money back they spend.
  • Credit Counseling – Due to their clients usually being in financial problems, this industry is fraught with non-payment and fraud.
  • Credit Protection – Most people that need credit protection are bad with money so chargebacks abound.
  • Credit Repair – If a consumer needs credit repair then chances are they are a high risk for chargebacks.
  • Currency Sales – Many businesses that exchange currency do it at incorrect rates hence more chargebacks.
  • Dating Services – Dating is a volatile industry, and is also lumped in with the adult entertainment industry, making it a high risk account.
  • Debt Collection Services – As the collection of debt isn’t always possible, this industry retains the tag of risky.
  • Debt Consolidation Services (Debt Consolidators) – Consolidating debt is a challenging business and as debt is usually the problem, it’s seen as unsecure from a payment perspective.
  • Debt Repair Services – Since the clients of debt repair services are usually having financial challenges, it makes this industry seem a higher risk.
  • Discount Health Programs – Many people don’t feel they are really getting a discount so they try to get their money back and if they don’t the chargebacks sky rocket.
  • Discount Medical Care Programs – Just like the discount health programs if they don’t save the consumer wants their money back.
  • Drug Paraphernalia – Anything that is associated with the drug trade is considered high risk. Offshore merchant accounts are commonly used for this type of business.
  • E Commerce – As the source of the payment is unverifiable at the point of sale, any transaction without the card present has a higher risk of credit card fraud.
  • Ebay Stores – Many people sell items that aren’t as described so chargebacks can be an issue.
  • Electronic cigarettes – much like traditional cigarettes, e-cigarette sales are also deemed high risk.
  • Electronics – This industry has a much higher ticket compared with many other businesses. A chargeback for a $3,000 tv or two and your account can be in jeopardy rather quickly.
  • Escort Services – This is deemed a part of the adult entertainment industry and therefore needs a high risk merchant account and payment solution.
  • Event Ticket Brokers – If a customer buys a ticket and doesn’t use it they feel like they can charge the transaction back.
  • Extended Warranty Companies – Warranties are rarely used so people try to charge back the money that has been spent paying for them.
  • Federal Firearms License Dealers – Any organization associated with guns or firearms is automatically considered in this category.
  • Fantasy Sports Websites – Just like gambling, if a person starts to lose too often they try and charge back the transaction.
  • Finance Brokers – The entire financing industry is risky. By simply extending credit to other individuals, this business is betting that a majority of them will actually pay what they say they will.
  • Financial Advising/Consulting – The high risk tag on financial advisors isn’t about the advisors or their firm. It’s about the clientele and their current circumstances.
  • Financial Loan Modification Services – Due to a clientele in financial struggles, the high risk term is applied to any payments in this industry.
  • Financial Planning – Anything that includes risk for the consumer can have consumer implications with chargebacks.
  • Financial Strategy – Another risk and reward category, if money is lost, consumers try charging back making this a high risk industry.
  • Fortune Tellers – When a person doesn’t hear what they want to hear, or what is told doesn’t happen, the fortune teller can receive huge chargebacks.
  • Furniture Sellers – High risk only when its custom furniture.
  • Gambling – If money is lost the chargebacks rise.
  • Gaming – Chargeback levels skyrocket when consumers don’t win.
  • Get Rich Quick Programs – It’s rather common in this industry for an individual to purchase the training and then chargeback their purchase saying it didn’t deliver on what was promised.
  • Google Stores – With a high rate of return on their items, Google stores are considered high risk.
  • Gun Sales (Firearm Sales) – The gun and projectile industry is automatically associated with high risk credit card processing.
  • High Average Ticket Sales – With any high average ticket, just a couple of chargebacks can mean a massive shift in how risky the account is deemed by the processor.
  • Home/Vacation Rentals – Many issues with chargebacks can take place if the consumer decides not to travel.
  • Horoscopes – Many people believe this is hocum so will chargeback transactions.
  • How To Programs – A common practice in this industry is to purchase the program and charge it back with the description that it didn’t deliver what it promised.
  • Hypnotists – Many merchants will charge back these transactions if results they hoped for were not met.
  • Import/Export Business – Another example of taking goods over country borders which automatically brings in additional risk to any processing account.
  • Indirect Financial Consulting – When using a third party to consult, the high risk status gives the processor fraud protection.
  • International Cargo – Any time you introduce a multi-country element to credit card processing, the ability for fraud to be introduced skyrockets.
  • International Merchants operating in the US – Since the merchant isn’t operating from the United States, there are many unknowns about what is happening on the other side of their business, thus increasing the risk.
  • International Shipping – Transporting goods between countries is risky and introduces all sorts of elements to the financial stability of any transaction.
  • Investment Books – consumers get upset if the investor isn’t right which can lead to chargebacks.
  • Investment Firms – As investments are never a “sure thing” this is considered a risky industry for having a merchant account.
  • Investment Strategy – Anything with future promises can lead to chargeback.
  • Knife Sales – weapons of any kind are automatically given high risk status.
  • Kratom E Commerce – Accepting payments online is high risk, and Kratom is a substance in the health and wellness industry, which is also considered high risk.
  • Life Coaching – With no tangible goods involved in the transaction, life coaching is considered high risk.
  • Lingerie Businesses – Associated with the adult entertainment industry, chargebacks abound.
  • Lotteries – In most states you can buy lottery tickets with a credit card but if you’re allowed to and the ticket is not a winner, consumers try to chargeback the transactions.
  • Magazine Sales – Many magazine sales are recurring subscriptions, which can have issues with chargebacks.
  • Magazine Subscriptions – Same as magazine sales chargebacks can be huge when a recurring subscription happens. (often referred to as recurring billing.)
  • Mail Order Companies – When something is ordered through the mail chargeback risk can go up.
  • Marijuana Dispensaries – As marijuana isn’t a legal substance in every state, this is considered high risk due to the legality of the product. Cannabis credit card processing is available through Shift Processing.
  • Matchmaking Services – Another branch of the dating tree, and often associated with the adult entertainment industry.
  • Medical Devices – If a medical device doesn’t do what’s promised the purchaser may chargeback the transaction.
  • Membership Organizations – This is another instance of where the transactions don’t have any tangible product and are easily charged back to the merchant account.
  • Merchants on the MATCH list – If you are a merchant who has been reported to the MATCH list (Member Alert to Control High Risk Merchants) or the TMF (Terminated Merchant File) you are given high risk status.
  • Merchants with Poor Credit – Merchant accounts are given based on the credit score of the business owner. It’s assumed that the business owner is going to be making the financial decisions for the business, and a poor credit score reflects on the viability of any business transactions.
  • Modeling Agencies – At many agencies models are promised the world and it doesn’t happen. The consumer then wants their money back.
  • Movie Downloads – Transference of a digital product is considered of higher risk. Also, rarely is a physical card present at time of purchase.
  • Multilevel Marketing Sales – Often associated with pyramid schemes, MLM sales are considered a risky business.
  • Music Downloads – Purchasing any digital product is considered to be of higher risk than a physical transaction. Most of the time the card is not present in a digital transaction using a shopping cart.
  • Not A US Citizen Doing Business In The US – It’s possible to get a merchant account without a US social security number, but not having a SSN will increase the risk the processor will have in issuing a merchant account for your business.
  • Online Adult Membership Sites – If you’re running a website that is adult themed and requires payment for access, this is a highly volatile account and definitely high risk.
  • Offshore Corporations (Offshore Merchants) – The international element is what gives the high risk tag when looking for domestic merchant accounts.
  • Online Gambling (Online Gaming) – Without a card being present and gambling as the activity, there are two reasons why this would be on this list. Online payment alone is risky even without the gambling element.
  • Overseas Exporting Services – The introduction of the international element is what gains access to this list.
  • Pawn Shops – There’s a general stigma that goes along with pawn shops, and it’s reflected in their assignment to the high risk processors list.
  • Penny Auction Sites – Even though the customers are usually bidding at only a penny more per bid, users will commonly charge back the transaction when they don’t win.
  • Pepper Spray – Considered a type of weapon, pepper spray vendors are considered risky.
  • Points Programs – Points programs that cost money can cause chargeback issues if points are not used.
  • Pornographic Merchants – If you’re a part of the adult entertainment industry in any way, you’re considered high risk.
  • Precious Metals – Counterfeit metals can be a problem in this industry, making it more risky to accept payments for.
  • Prepaid Calling Cards – Anything prepaid that a consumer may not use increases chargeback issues.
  • Prepaid Debit Cards – When they expire or are lost consumers want their money back.
  • Psychic Services – “Honey, did you visit a psychic? No babe, I don’t remember visiting a psychic.” I’ll just reverse that charge then.
  • Real Estate – A common target for scams and identity theft is how real estate makes this list.
  • Replica Products (Watches, Handbags, Wallets, Sunglasses, Etc…) – As the product being sold isn’t authentic to the original manufacturer, the percentage of requests for refund is much higher than a traditional merchant.
  • Rewards Programs – If rewards are not spent, the consumer wants the money back.
  • Self-Defense – Since the payment provided is for instruction and not a physical product, the self-defense industry makes this list.
  • Self-Hypnosis Services – Yet another instance where the goods being transferred are of a service and not a physical product.
  • SEO Services – With a high rate of request for refund, SEO agencies make this list.
  • Social Networking Sites – Just like a dating site, if a consumer does not get what they want from it, they always like to chargeback.
  • Software Downloads – The software industry makes their way on to this list because of the digital nature of the goods being sold.
  • Sports Forecasting – An example of paying for information and not for a product, and usually not in person where the card would be present for the transaction.
  • Startups – Every startup is considered risky, and the percentage of startups that make it is quite small compared to the number that fail.
  • Student Loans – With the cost of a college education continually on the rise, so is the percentage of loans that default and never receive payment.
  • Strip Clubs – Associated with the adult entertainment industry gains the strip club access to this list.
  • Stun Gun Sales – considered a type of weapon, which makes it a high risk merchant.
  • Supplement Sales – The request for refund in this industry is quite high due to the nature of the product.
  • Sweepstakes – “Hey, I entered a sweepstake and I didn’t win. I’d like my money back please.”
  • Talent Agencies – “I paid thousands of dollars for headshots and glamorous outfits and I haven’t gotten any paid gigs. Pay me back my money please.”
  • Telemarketing Services – Telemarketing services many times do not have the results the purchaser would like to see, so the services are charged back.
  • Telephone Order Sales – Anything ordered over the phone has a increased risk of chargeback.
  • Timeshare Companies – When timeshares aren’t used, people want their money back.
  • Travel Agencies – If trips are not taken, consumers would like their funds returned.
  • Travel Clubs – Many travel club discounts aren’t what they were promised, increasing risk for chargebacks.
  • Vacation Rental Brokers – Third party brokers on prepaid vacation can have issues when customers cancel their trips.
  • Vape Shops – The level of criminal activity and theft is higher with vape shop merchants and therefore carries a high risk label.
  • Vitamin Sales – If the vitamins don’t provide the results the merchant would like to see they chargeback the transactions.
  • Web Designer – Because this service is prone to chargebacks, it has been classified as high risk.
  • Weight Loss – Considered risky because the results aren’t really up to the company, but rather the individual has to stick to the plan to get results, often resulting in chargebacks.
  • Yahoo Stores – Since the goods sold through Yahoo can easily be returned, they are considered a risky merchant.

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