Fiscal
- Page 7
American finances: By the numbers
According to a 2018 Financial Capability Study from FINRA Investor Education Foundation, a nonprofit dedicated to financial education and empowerment, only 31% of Americans are very satisfied with their money situations.

Following are some additional statistics from the FINRA study to help shed light on the average American family and its earning and spending habits:

• One in five Americans experienced an income drop in the last year, and half can comfortably meet their monthly obligations.
• Asked if they could come up with $2,000 in emergency savings in a month, 43% of Americans were certain they could, while another 22% said they probably could.
• Only 58% of Americans have a retirement account; half worry they may run out of money while retired.
• Even though Americans can make ends meet, the percentage spending less than their income has stayed nearly unchanged over the decade. Almost half haven’t set aside money to cover expenses for three months.
• 37% of Americans surveyed say they have too much debt.

Following are a few more statistics from various sources underscoring the need for stronger personal finance education for American citizens:

• Twenty percent of Americans don’t save any of their annual income at all (CNBC), with the average American saving less than 5% of his or her disposable income (Los Angeles Times).
• More than 40% of Americans have less than $10,000 saved for when they retire (GOBanking Rates).
• 56% of millennials don’t have any money saved in a retirement account (PurePoint Financial).
• Only 24% of millennials demonstrate basic financial literacy, according to a study from the National Endowment for Financial Education.
• A recent report found that half of American households live paycheck to paycheck (MarketWatch).

— Green Shoot Media