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Shocking facts about America's finances

Shocking facts about America's finances
Three-quarters of middle-class Americans are struggling to keep up with inflation
35% of US families struggle to afford food and housing
Americans are forced to eat into their pandemic savings
12.6 million American children are living in poverty
US national debt has roughly doubled since 2000 and now stands at over 129% of GDP
US national debt currently equates to $223,892 per taxpayer
US household debt is hitting record highs
Yet CEO salaries are growing faster than ever
A third of Americans are planning to retire later due to COVID
The majority of Americans have cried over money
1 in 3 Americans are still paying off last year's holiday debt
Almost a quarter of Americans have put off medical care due to the costs
More than two-thirds of US bankruptcies are caused by medical-related debt
Almost 13 million Americans know someone who died because they couldn't afford medical care
Homes are overvalued in 97% of cities
The cost of childcare has increased by 70% since 1985
Giving birth now costs $3,000... even if you have insurance
More than a quarter of Americans have more credit card debt than emergency savings
1 in 20 US households are
One in 10 US adults are
The US boasts 724 billionaires yet 11.4% of the population are living in poverty
The top 1% hold nearly a third of America's wealth
The racial wealth gap in America has persisted and is actually growing
Women in the US earn over 18% less than men on average
America's millennials are 10 times poorer than Baby Boomers and earn 20% less at the same stage in life
40% of older Americans depend entirely on Social Security for retirement income
The median wealth of upper-income families is now 6.6 times that of middle-income families
Over a third of Americans have gone to sleep hungry
12% of Americans have stolen something they couldn't afford
96% of Americans believe at least one money myth
The underground economy represents as much as 12% of US GDP
44% of American adults hide money secrets from their partner
More than two-thirds of Americans don't have a will
The minimum wage should be $26
Almost 60% of Gen Z traders have made trades while drunk
$1 billion has been lost in cryptocurrency scams since 2021
Americans have $21 billion in unused gift cards
The average American underestimates monthly subscriptions by $100
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Shocking facts about America's finances

America is known as the land of plenty. But scratch beneath that shiny surface and you'll find a country living on credit, drowning in debt, and plagued by stark inequalities that the COVID-19 pandemic has exacerbated. From 40-year-high inflation rates to the eye-watering cost of giving birth, read on for some shocking facts about America's finances today.
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lovemoney staff

12 September 2022

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