How much do you know about the average American's finances?
About This Quiz
The media loves to focus on the one percent or the working poor, but have you ever wondered about the finances of the average American? Take our quiz to see if you know how much a typical American earns, owns and owes!
What is the median household income in the U.S., according to the 2015 Census?
The median household income is around $55,775 nationwide, but can vary dramatically by region. In high cost-of-living states like Washington or New York, median income hovers above $60,000. In Mississippi, Alabama and Arkansas, it's less than $45,000 annually.
How much credit card debt does the average American carry?
The average American carries just $3,600 in credit card debt. Not bad, right? It is when you consider that around 60 percent of Americans carry no credit card debt, so the average is actually MUCH higher among those that actually have a balance.
If you have $16,000 in credit card debt, how long will it take you to pay it off if you only make the minimum payment?
If you have a typical $16,000 balance at 16.1 percent, it'll take you 14 years to pay it off if you stick with the minimum payment. Even worse, you'll pay a total of $40,000, thanks to interest. And that's only if you don't use the card at all to rack up extra charges.
How much total debt does the average household owe?
When you add up mortgages, credit cards and other debts, the average American household is in the red to the tune of $90,000. Remember, though, that some households have no debt. Among households that do owe money, the average debt soars to $130,000.
What is the median retirement savings in the U.S.?
The median amount of retirement savings is $5,000 for working families. The average retirement savings is $95,000. The difference between these two figures reflects the fact that super savers sock away a huge amount of money, while most people put away very little.
What percentage of Americans have no retirement savings at all?
About half of Americans have nothing saved for retirement. Among the lowest 20 percent of income earners, only one in ten has a retirement savings account. Among the top 20 percent of earners, nine out of ten have a retirement savings account.
What percentage of Americans take out a loan to buy a car?
Around two out of three Americans take a loan when purchasing a vehicle. Half secure financing from a bank or credit union, while the other half take a loan from the dealer -- often at a higher rate of interest.
What percentage of Americans actually have a budget?
Just about one-third of Americans actually have a budget to plan where their money will go, according to a Gallup poll. The people most likely to have a budget are those earning more than $75,000 per year.
What percentage of minimum wage workers have more than one job?
Fifty percent of people earning minimum wage have more than one job to cover expenses. A full 75 percent of those earning minimum wage are living paycheck to paycheck, compared to half of all Americans at all levels of income.