• A new study by LifeUpswing.com reveals a fascinating insight into American’ personal finances.
• The study identifies that the majority of Americans personally rate their finances as above average – with 74% of Americans actively maintaining a household budget and 56% also having an emergency fund.
• The report underscores the need for future developments in wider personal finance issues – with only 58% of Americans actively saving into a 401(k) or IRA and 43% having more than $1000 worth of credit card debt.
Read the full report here: Study: 15+ Personal Finance Statistics You Need To know 2021
The Current State Of American Personal Finances Varies Across Income, Budgets, and Savings.
This research study focuses on how individual American’s manage their wealth, pay their bills, maintain a budget and earn additional income. It also looks at tactics that are employed in order to maximize savings on consumer purchases as well as reduce costs and save for retirement.
The survey results also show a significant willfulness to engage in income-generating activities outside of traditional full-time income. And it is this extra-curricular wealth generation that is allowing so many Americans to save more money and at a faster rate than ever before.
Concerns of debt levels are highlighted in certain aspects of consumer credit and borrowing – with significantly higher levels being prominent in the older generations. However, debt repayment is clearly a high priority for most respondents – and making significant headway towards financial freedom appears to be significantly more important.
The use of technology and online platforms also appears to be playing an increasingly more vital role with personal finance – and the uptake of this has significantly increased across the board. The future of further integration is beyond the scope of the survey but many Americans show a willingness to adapt and incorporate as part of their wider financial strategy.
The research shows that there are significant positive relationships between the average American and the active management of their wealth and its continued stability. There are, however, some areas that could cause concern for the long term health of their finances.