Updated on 4 months by Jessica Green
Statistics are beneficial! They give us a better understanding and exact descriptions of events.
As a human, you have fallen part to certain statistics even without your knowledge.
Although this statistics have no overall effect on your life, it is beneficial that you are educated on some scary money statistics that you don’t want to be a part of.
Take a look at them below!
1. One-third of adults in the United States do not have any savings set up for retirement
According to the results of a poll conducted by GoBankingRates, an outstanding one-third of American adults have practically no savings for their retirement.
Many Americans are surviving from paycheck to paycheck, and thus, they have little money left over for savings.
Although the standard age for retirement in the United States is 62, a recent survey carried out by NerdWallet reveals that majority of graduates will not contemplate the idea of retirement until they reach the age of 75.
This is one scary statistics that you could be part of! When you’re youg, retirement might feel like it’s a long way off, but it isn’t!
So start making plans for your retirement.
2. The majority of people in the United States do not use a budget
According to the results of research conducted by Gallup.com, only one in every three people in the United States creates a thorough budget.
In other words, majority of Americans do not take their budgets seriously and this results in wasteful spending.
This statistics is one that you could be part of if you find yourself with insufficient funds at the end of every month.
3. Over the Course of Their Lives, Smokers Will Shell Out Between $1 to $2 Million
If you are a smoker, this is a statistics that you are part of.
According to studies conducted by the American Lung Association, a cigarette addict will end up spending a significant amount of his life wealth on cigarettes.
This study further stated that smokers spend over one million dollars on cigarettes during the course of their lives.
A research conducted by the National Cancer Institute states that a pack of cigarettes costs $6.28 on average. If you consume a pack in a day, you’ll spend roughly $188 per month or $2,292 per year.
This is a huge amount when multiplied by your years of smoking.
Solution: Quit Smoking!
Ending a smoking addiction is one of the hardest things to do. But doing it brings a lot of benefits.
Not only do you save money, you also save your health from complications that arise from smoking.
The Internet provides various tips on how to end a smoking addiction. Look it up!
A site that provides useful tips is “SmokeFree.gov”. This site provides support, strategies, daily challenge, and more.
4. 63% of people don’t have enough money to cover an emergency expense
What would you do if you found yourself in a situation that requires a huge amount of money?
A survey conducted BankRates.com discovered that over 63% of consumers do not have the financial means to deal with a fiscal crisis when it occurs.
If your savings isn’t enough to cover your school expenses or medical bills, you’re probably part of this statistics.
Solution: Be Proactive
Creating a budget is one of the best ways to stay on top your financial needs. With a budget, you can make plans for an emergency.
5. Only 21% of Adults in the United States Have a Bank Account
This statistics may come off as fake, but it is true!
A poll conducted by GoBankingRates researched over 5000 organizations and that over 21% of American adults do not own even a basic savings account.
Another survey conducted by the Federal Deposit Insurance Corp
also discovered that over 25% of Americans are unbanked or under banked.
Although this percentage of people do not use a bank, it is discovered that they use financial services other than the banking system.
Some of this people do not have enough money to save in a bank, while the rest do not trust a bank to keep their money.
Solution: Open One Today
It takes just a few minutes to open a bank account. If you can’t find a physical bank close to you, then open an online FDIC-insured bank.
Obtain one and make it a practice to save a part of your income, even if it’s only a few dollars every now and then. The most important thing is to incorporate savings into your weekly or monthly activities.
6. The average household in the United States owes $15,310 on their credit cards
Credit cards, when used in a good way, have the ability to open the door to a new level of business independence.
When it is used incorrectly, it leads you into a cycle of debt.
What is your credit score? If you have a credit card debt of over $1000, you are probably part of this statistics.
Do not seek a credit card loan unless you are financially stable to pay it off.
There are various content and guides on the internet that can help you reduce your credit card loan.
7. 30% – 40% of the Entire Wheat Supply in the United States Is Lost to Waste
According to WorldFoodDayUSA.org, the United States wastes over 40% of it’s entire food supply.
If you have ever thrown away a fresh food product, you are one of the reason for this scary statistics.
Solution: Create a Food Budget
One of the most effective ways to reduce this scary statistics is by creating a food budget. Always plan each meal and groceries you shop for.
8. More than half of all Americans are surviving from paycheck to paycheck
Statistics have shown that millions of Americans are surviving only from paychecks.
A recent article published by The Guardian revealed that wealthy Americans are also part of the millions surviving from paychecks.
This shows how important it is to cultivate the habit of saving.
Solution: Be Frugal
One way to remove yourself from this statistics, is to cultivate a frugal lifestyle.
9. Financial Concerns Continue to Plague the Lives of 64% of Americans
Have you ever stressed yourself about your financial status? According to a research carried out by American Psychological Association (ASA), you are not the only one who have been in this situation.
A staggering 64% of Americans are anxious about their financial life. This percentage includes both the poor and the rich.
More polls have shown that the feeling of being stressed about money tends to affect people of all income levels.
Solution: Learn to Accept Your Financial Situation
Life is full of ups and downs. You can’t always have what you hope for.
Learn to accept the fact your financial status may never get you all that you hope for.
Scary! Aren’t they? Regardless, it is important that make life plans that remove you from this scary statistics.