Statistics Archives - FinMasters https://finmasters.com/statistics/ Master Your Finances and Reach Your Goals Tue, 06 Feb 2024 05:21:04 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 15+ Minimum Wage Statistics & Facts (2023) https://finmasters.com/minimum-wage-statistics/ https://finmasters.com/minimum-wage-statistics/#respond Sat, 22 Oct 2022 15:27:00 +0000 https://finmasters.com/?p=60713 We researched and collected the most interesting statistics and facts about minimum wage and minimum wage workers.

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The federal minimum wage has not increased in over ten years, despite continuous increases in the cost of living. How great is the impact of the stagnant minimum wage on American workers? We collected some interesting statistics and facts about minimum wage and minimum wage workers that could provide some answers.

Key Findings

  • The federal minimum wage has been $7.25 since 2009.
  • Adjusted for inflation, the minimum wage was highest in 1968.
  • The state of Washington has the highest minimum wage, at $16.28 per hour.
  • In 2022 141,000 Americans earned minimum wage, while 882,000 Americans earned below minimum wage.
  • 45% of minimum wage workers are below 25 years of age.
  • 75.4% of minimum wage workers are White.
  • Over a third of minimum wage workers (33.6%) are high school graduates with no college experience.
  • Louisiana is the state with the highest percentage of workers who are paid minimum wage (2.8%).
  • 66.5% of minimum-wage workers are single and have never been married.
  • The leisure and hospitality industry employs the highest number of minimum-wage workers.

What Is the Current Federal Minimum Wage?

The current Federal minimum has been $7.25 since 2009.[1]✓ ✓ Trusted source
The U.S. Department of Labour
The United States Department of Labor is responsible for the administration of federal laws pertaining to wage and hour regulations, reemployment programs, unemployment compensation, occupational safety and health, and periodically economic data.

Minimum Wage Adjusted for Inflation

In 2024, the federal minimum wage is still $7.25, the same as in 2009. The value of the dollar is falling as prices for everything, from food to fuel, rise. That implies that workers are experiencing a decline in the purchasing power of their earnings.

Adjusted for 2024 dollars, the minimum wage was highest in 1968. Even though the minimum wage has increased steadily over the past century, the purchasing power of the minimum wage has been on the decline since the 60s.

Data show that the minimum wage should be increased to $10.01, to compensate for price increases and prevent the loss of purchasing power of low-income workers.[1]✓ ✓ Trusted source
The U.S. Department of Labour
The United States Department of Labor is responsible for the administration of federal laws pertaining to wage and hour regulations, reemployment programs, unemployment compensation, occupational safety and health, and periodically economic data.[2]

Minimum Wage by State

Some states impose minimum wages above those mandated by the federal government.

At $17.00, the District of Columbia has the highest minimum wage. Washington, with a $16.28 /hour minimum wage, is the second-highest paying state overall.

Although the minimum wages in the District of Columbia and Washington appear to be high, both states have higher than average cost of living indices. In 2022, the District of Columbia has an index of 145.3 and Washington has an index of 115.7. The average cost of living in the US represents a 100 value on the cost of living index.

30 states have a minimum wage above the federal level, 2 states have a minimum wage below the federal level (but the federal one still applies) and 5 states have no minimum wage.[1]✓ ✓ Trusted source
The U.S. Department of Labour
The United States Department of Labor is responsible for the administration of federal laws pertaining to wage and hour regulations, reemployment programs, unemployment compensation, occupational safety and health, and periodically economic data.

StateCost of living indexMinimum Wage
West Virginia 85.2$8.75
Mississippi86.7$7.25
Oklahoma86.8$7.25
Kansas87.4$7.25
Alabama88.2$7.25
Missouri88.3$12.30
Arkansas88.5$11.00
Iowa89.9$7.25
Tennessee90.4$7.25
Louisiana90.7$7.25
Georgia90.9$5.15*
Nebraska91.0$12.00
Michigan91.0$10.33
Indiana91.1$7.25
Illinois91.8$14.00
South Dakota91.8$11.20
Ohio 92.2$10.45
Texas93.0$7.25
Wyoming93.2$5.15*
Kentucky93.2$7.25
New Mexico 93.9$12.00
South Carolina94.3$7.25
North Dakota94.3$7.25
Minnesota94.4$10.85
Pennsylvania 94.8$7.25
Wisconsin95.4$7.25
North Carolina 96.2$7.25
Idaho99.0$7.25
Delaware100.8$13.25
Florida101.0$12.00
Nevada101.1$11.25
Virginia 101.4$12.00
Montana103.1$10.30
Utah104.5$7.25
Colorado 106.9$14.42
Arizona 110.0$1.35
New Jersey110.3$15.13
Maine110.7$14.15
Rhode Island 112.0$14.00
Connecticut113.9$15.69
Oregon114.7$14.20
Maryland114.8$15.00
Vermont114.9$13.67
New Hampshire115.6$7.25
Washington115.7$16.28
Alaska126.4$11.73
New York126.5$15.00
California136.4$16.00
District of Columbia 145.3$17.00
Massachussets148.0$14.25
Hawaii170.2$14.00
*Employers subject to the Fair Labor Standards Act must pay the Federal minimum wage of $7.25 per hour.

How Many People Make Minimum Wage or Less?

882,000 Americans earned below minimum wage in 2022, while 141,000 earned minimum wage. That’s an improvement compared to ten years ago. In 2011 2,152,000 were paid below minimum wage, and 1,677,000 were receiving minimum wage.[3]✓ ✓ Trusted source
Bureau of Labor Statistics
The Bureau of Labor Statistics is the primary fact-finding body for the U.S. Federal Statistical System and the U.S. government in terms of labor economics and statistics.

Who Makes Minimum Wage?

Minimum Wage Workers by Age

20-24-year-olds represent 26.9% of all minimum wage workers, according to the Bureau of Labor Statistics. Many people in this age group are still in school or just starting their working lives.[4]✓ ✓ Trusted source
Bureau of Labor Statistics
The Bureau of Labor Statistics is the primary fact-finding body for the U.S. Federal Statistical System and the U.S. government in terms of labor economics and statistics.

Minimum Wage Workers by Gender

70.6% of minimum wage workers are women, while only 29.4% of minimum wage workers are men. The number of female minimum wage workers is almost double the number of men who earn minimum wage. Service jobs are most likely to pay minimum wages, and these jobs are often held by women.[4]✓ ✓ Trusted source
Bureau of Labor Statistics
The Bureau of Labor Statistics is the primary fact-finding body for the U.S. Federal Statistical System and the U.S. government in terms of labor economics and statistics.

Minimum Wage Workers by Race

67.7% of minimum wage workers are White. 17% are Black, 23% Hispanic, and 5% are Asian.[4]✓ ✓ Trusted source
Bureau of Labor Statistics
The Bureau of Labor Statistics is the primary fact-finding body for the U.S. Federal Statistical System and the U.S. government in terms of labor economics and statistics.[8]

Minimum Wage Workers by Education

According to the Bureau of Labour Statistics, 33.6% of minimum wage workers are high school graduates, while only 0.4% of minimum wage workers hold a professional degree. Workers who went to college but have no degree make up 24.7% of minimum-wage workers.[4]✓ ✓ Trusted source
Bureau of Labor Statistics
The Bureau of Labor Statistics is the primary fact-finding body for the U.S. Federal Statistical System and the U.S. government in terms of labor economics and statistics.

Minimum Wage Workers by Marital Status

76.5% of the minimum wage workers have never been married, while 12.7% are married and 10.8% are widowed, divorced, or separated. The younger workers who make up the largest share of the minimum wage workforce are less likely to be married or divorced.[4]✓ ✓ Trusted source
Bureau of Labor Statistics
The Bureau of Labor Statistics is the primary fact-finding body for the U.S. Federal Statistical System and the U.S. government in terms of labor economics and statistics.

Minimum Wage Workers by State

Louisiana is the state with the highest percentage of workers who are paid minimum wage (3.2%). Oregon is the state with the lowest percentage of minimum wage workers, with 0.3%.[4]✓ ✓ Trusted source
Bureau of Labor Statistics
The Bureau of Labor Statistics is the primary fact-finding body for the U.S. Federal Statistical System and the U.S. government in terms of labor economics and statistics.

What Jobs Pay Minimum Wage?

The following section offers an overview of the sectors and industries with the highest number of minimum wage workers as well as other common characteristics of minimum wage earners.

Public vs. Private Sector

95.1% of minimum wage earners work in the private sector, whereas only 4.9% of minimum wage earners have a job in the public sector.[4]✓ ✓ Trusted source
Bureau of Labor Statistics
The Bureau of Labor Statistics is the primary fact-finding body for the U.S. Federal Statistical System and the U.S. government in terms of labor economics and statistics.

Minimum Wage Workers by Industry

In 2021, the leisure and hospitality industry had the most significant proportion of employees whose hourly salaries were at or below the federal minimum wage (6.7%). This industry employed over two-thirds of all workers earning at or below the federal minimum wage, primarily in bars, restaurants, and other food services. Many of these workers may get tips in addition to their hourly pay.[4]✓ ✓ Trusted source
Bureau of Labor Statistics
The Bureau of Labor Statistics is the primary fact-finding body for the U.S. Federal Statistical System and the U.S. government in terms of labor economics and statistics.

Minimum Wage Workers by Full and Part-Time Status

46.8% of minimum wage earners work part-time instead of full-time jobs. Again, this can be influenced by the young age of those working in part-time jobs while they go to school. [4]✓ ✓ Trusted source
Bureau of Labor Statistics
The Bureau of Labor Statistics is the primary fact-finding body for the U.S. Federal Statistical System and the U.S. government in terms of labor economics and statistics.

Which Retail Companies Employ The Highest Number of Low-Wage Workers?

Based on a survey of 66 major food service and retail firms by the Economic Policy Institute, 25% of Pizza Hut’s employees earn $10/hour or below. McDonald’s and Subway fall second with 23%. GAP, SpeedWay, and Starbucks have the lowest number of employees paid $10/hour or below, with percentages falling in the 1% to 4% range.[5]

Minimum Wages by Country

Among the countries listed on the map, Luxemburg has the highest hourly rate at $13.4, followed by Australia, France, and Germany, which fall in the $12.8-$12.2 range. The country with the lowest hourly rate is India at $0.35. The hourly rate paid in the U.S. ($7.3) is generally below those paid in other highly developed countries.[6]

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]]> https://finmasters.com/minimum-wage-statistics/feed/ 0 How Many Millionaires Are in the US? 2024 Millionaire Statistics https://finmasters.com/millionaire-statistics/ https://finmasters.com/millionaire-statistics/#respond Wed, 14 Sep 2022 16:00:34 +0000 https://finmasters.com/?p=56223 Americans are fascinated by wealth, but how much do we know about it? These millionaire statistics tell us more.

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What would you do if you had $1 million? The possibilities are endless, but how do actual millionaires spend their money, and how do they get it? These millionaire statistics offer answers.

Key Findings:

  • 22,710,000 people in the U.S. have a net worth of $1 million or more. 
  • Among all states, New Jersey has the most millionaire households.
  • Only 3% of American millionaires received an inheritance of $1 million or above.
  • China, Japan, Germany, the U.K., and France, added together, have fewer millionaires than the U.S.
  • The typical American millionaire owns just one property (43%).

How Many Millionaires Are There in the US?

Data from the Credit Suisse Global Wealth Report shows that in 2023 there were just under 30 million millionaires in the US.

The number of millionaires decreased by 1.8 million just from 2021 to 2022.[1]✓ ✓ Trusted source
Credit Suisse Research Institute
Credit Suisse Research Institute studies long-term economic trends with a global impact.

Is a Millionaire in the Top 1% of Americans by net worth?

Having a net worth of $1 million will not put you in the top 1%. You’ll need a minimum net worth of around $11.0 million to get into the 1% of Americans by wealth.[2]

Which State Has the Most Millionaires?

New Jersey has the highest rate of millionaires, with 9.76% of households showing a net worth of $1 million or above. That means that 246,058 New Jersey households are millionaires.[4]

How Millionaires Make, Grow, and Spend Their Money

Let’s take a look at how people got to become millionaires and how they choose to invest and spend their money.

How Many Millionaires Inherited Their Wealth?

21% of millionaires received some inheritance, but only 3% received an inheritance of $1 million or above. 79% of millionaires did not receive any inheritance from their family or relatives. 8 out of 10 millionaires come from low-income families.[3]

Percent of millionaires that inherited their wealth

Did Millionaires Get Rich Thanks to Their Income?

The majority of millionaires didn’t become wealthy because of their six-figure wages. In fact, 93% of millionaires polled by Ramsey Solutions claimed they did not become rich due to their salary but rather by working hard and avoiding debt. Only 31% of respondents surveyed had a $100,000 annual income at some time in their careers. One-third never made $100,000 a year at any point in their career.[3]✓ ✓ Trusted source
Ramsey Solutions
Ramsey Solutions, founded by personal finance personality and radio show host Dave Ramsey, is a media company offering financial education and guidance.

Percent of millionaires with six-figure income at some time in their careers

How Do the Very Rich Invest Their Money?

Stepping above mere millionaires, here’s how Americans with a net worth of $30 million or above allocate their wealth. The data come from a survey of more than 500 private bankers, family offices, and wealth managers who handle investments for high-net-worth individuals.

Asset TypeAverage Percentage of Total Wealth
Primary and Secondary Residences32%
Equities18%
Commercial Property14%
Bonds12%
Private Equity/Venture Capital6%
Commercial Property Funds5%
Commercial Property REITs3%
Investments of Passion (Art, Wine, Collectibles, etc)3%
Gold2%
Cryptocurrencies1%
Other5%
Source: Visual Capitalist

How Many Properties Does the Average American Millionaire Own?

Although many people imagine millionaires owning various properties, the average American millionaire prefers to own only one property (43%), with only 8.5% of the millionaires in the U.S. owning four properties or more.[7]

Which Country Has the Most Millionaires?

Research done by the Credit Suisse Research Institute states that the country with the highest number of millionaires is the U.S., with nearly 30 million millionaires and 17 million people with wealth up to $5 million! To put numbers in perspective, China, Japan, Germany, the U.K., and France, added together, have a total of 17 million millionaires![1]✓ ✓ Trusted source
Credit Suisse Research Institute
Credit Suisse Research Institute studies long-term economic trends with a global impact.

Is a Millionaire Rich?

For most of us – especially those of us who aren’t millionaires – the word “millionaire” conjures up images of spectacular wealth. But is a millionaire really rich?

Most Americans don’t think so. The 2023 Charles Schwab Modern Wealth Survey found that Americans see a net worth of $2.2 million as the minimum to be considered “wealthy”, and that a net worth of $560,000 is needed to be “financially comfortable”.

Those figures get even higher in major urban areas.

Being a millionaire doesn’t necessarily mean you have a great deal of disposable wealth, especially if you live in a high-cost environment. If your net worth is primarily in your primary residence you could even be financially stressed despite being a millionaire, especially if your property taxes are high and your income is limited!

“Millionaire” is a convenient term to describe wealthy people, but wealth isn’t just about net worth, especially when inflation is high. Income, debt, and cost of living all make a difference in defining whether a person can be considered “rich”.

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]]> https://finmasters.com/millionaire-statistics/feed/ 0 US Homeownership Rate by Age, Race, State and Year (2024) https://finmasters.com/home-ownership-statistics/ https://finmasters.com/home-ownership-statistics/#respond Mon, 28 Nov 2022 17:00:30 +0000 https://finmasters.com/?p=68694 These homeownership statistics give us a closer look at the demographic breakdown of home ownership in the US.

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Buying a house can be quite stressful, especially if you’ve never done it before. Knowledge helps relieve that stress, so we come up with a list of Home Ownership Statistics and Facts for 2024 to give you a better picture of what you’re getting into. Let’s dive in and look at what homeownership looks like today.

Key Findings:

  • The homeownership rate is 65.8% in 2022.
  • 79% of people aged 65 and over are homeowners.
  • More single women own houses than single men.
  • West Virginia has the highest percentage of homeowners, 79%.
  • 40,518,000 of the owner-occupied housing units have three bedrooms.
  • Hawaii is the state with the highest average price for a house ($910,349).
  • The average sale price of a house reached an all-time high in 2021, at $240,600.

The U.S. Homeownership Rate

The US homeownership rate reached 65.8% in 2022. The homeownership rate peaked in 2004, at 69.2%, but it dropped to the 63%-68% range during and after the 2008 recession. [1]✓ ✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country's population and economy.

Homeownership Rate by Country

Romania has the highest homeownership in the world, with 96% of the houses being occupied by the owner. The U.S. has a homeownership rate of 66%, similar to the rates found in France (65%), Australia (66%), and Canada (67%). Those rates might seem low compared to Romania or Slovakia (92%). Many ex-communist countries have high homeownership rates because, after the fall of the communist regime, people bought the homes they lived in from the government at low prices.[2]

Who Are American Homeowners?

The following section offers details regarding age, gender, race, family income, marital status, and education level, as well as insights on homeownership by house type, state, and country.

Homeownership Rate by Age

79% of people aged 65 and over are homeowners, compared to only 39% of those under 35 years old.

The low number of young homeowners makes sense, as younger Americans are still working towards a steady and higher income and building their creditworthiness. Another important factor to be taken into consideration is that the average price of a house has increased considerably over the years.[1]✓ ✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country's population and economy.

Homeownership by Marital Status

In 2021, there were 48,425,000 married homeowners, while just 19,456,000 were single. It’s possible that the modest number of single owners is due to the fact that most people buy homes after getting married and saving up money for the purchase. Single people often prefer to rent. [1]✓ ✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country's population and economy.

Single Homeowners by Gender

More single women in the US own houses than single men. Data shows there were 11,222,000 single female-owned homes in 2021, and only 8,235,000 single male-owned homes.[1]✓ ✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country's population and economy.

Homeownership Rate by Race

The White community has the greatest homeownership rate, with 75% of them being homeowners. The Asian, Native Hawaiian and Pacific Islander community has the second highest rate of homeownership (61%), followed by the Hispanic community (48%) and the Black community (45%). The low rate reported by the Hispanic and Black communities may be a result of the community’s experience with various inequities, such as income gaps, lower credit scores, higher interest rates, and mortgage denials.[1]✓ ✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country's population and economy.

Homeownership by Family Income

79% of the people with a family income greater than or equal to the median family income own a home, whereas only 53% of those with a family income less than the median family income are homeowners.[1]✓ ✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country's population and economy.

Homeownership by Education Level

High school graduates are the heads of 33,267,000 households. Owners of 20,670,000 households have a bachelor’s degree, while 13,697,000 have a graduate or professional degree. The lowest number of owners has been recorded among those who did not complete high school, with only 1,957,000 of them owning a home. In order to offer you a better overview, we also added the number of adult population for each education level.[1]✓ ✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country's population and economy.

Homeownership by House Size/Type

Most owner-occupied homes have three bedrooms (40,518,000), followed by homes with four or more bedrooms (27,097,000). Small owner-occupied homes are less common: two-bedroom homes (13,043,000) and one-bedroom homes (1,809,000).[1]✓ ✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country's population and economy.

Homeownership Rate by State

Data from the U.S. Census Bureau shows that West Virginia has the highest percentage of homeowners, reaching 79%. New York comes last with the lowest homeownership rate at 53.6%.[1]✓ ✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country's population and economy.

Average Home Price in the U.S.

The next section provides information on the average home price by state and an overview of the historical U.S. home prices as well as a comparison of homes available for sale from 1986 to today.

Average Home Price by State

Who wouldn’t want to move to Hawaii and live the tropical lifestyle life? Well, you might want to think twice before doing that as Hawaii is the state with the highest average price for a house ($910,349). The main reason for the high price tag is the land use and zoning regulations of the state and counties. The state with the lowest price is West Virginia ($114,640), which also has the highest homeownership rate among all states. The reason behind this might be the low levels of median income and the high levels of poverty, mostly caused by the decline of the coal and mineral industry. This also contributed to population decline as well as a higher rate of unemployment.[3][4][6]

Historical U.S. Home Prices

Average home prices have increased significantly from 1988 ($53,000) to the present ($240,600). The prices fluctuated a bit over the years, growing rapidly between 2000 to 2007, then decreasing from 2007 to 2012 ($135,400). Ever since 2012, household prices have been growing steadily, reaching an all-time high in 2021. House prices keep rising faster than wages, a challenge for young buyers entering the market.[1]✓ ✓ Trusted source
U.S. Census Bureau
The U.S. Census Bureau, a principal organization in the U.S. Federal Statistical System, is in charge of producing data on the country's population and economy.[5]✓ ✓ Trusted source
The Federal Reserve Bank of St. Louis
The St. Louis Fed works to support the U.S. Treasury's financial operations, nurture a healthy financial system, advance economic education, community development, and equitable access to credit. It also promotes stable pricing and economic progress.

How Many Homes Are Up for Sale in the U.S.?

The number of homes listed for sale has been continuously getting lower, from 1,236,254 active listings in 2016 to only 445,784 listings in 2021. However, the number of listings grew to 308,061 active listings in 2022. [7]✓ ✓ Trusted source
The Federal Reserve Bank of St. Louis
The St. Louis Fed works to support the U.S. Treasury's financial operations, nurture a healthy financial system, advance economic education, community development, and equitable access to credit. It also promotes stable pricing and economic progress.

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]]> https://finmasters.com/home-ownership-statistics/feed/ 0 What Is the Average Student Loan Debt? 2024 Student Loan Debt Statistics https://finmasters.com/student-loan-debt-statistics/ https://finmasters.com/student-loan-debt-statistics/#respond Wed, 31 Aug 2022 10:00:12 +0000 https://finmasters.com/?p=54571 How bad is the student loan debt crisis? These student loan debt statistics shed some light on the problem and put it in perspective.

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Student loans can be a way to get the education you need to pursue your dream career, but paying them off can take a long time. Most borrowers will be paying them off for over ten years and they can be extremely stressful for fresh graduates looking for their first jobs.

How bad is the student loan debt crisis? These student loan debt statistics shed some light on the problem and put it in perspective. We data that will show how much borrowers owe, the types of loans and schools that run up the highest debt balances.

Key Findings

  • Approximately 1 in 8 Americans (12.8%) has student loans.
  • The average federal student loan debt per borrower in 2023 is $37,718.
  • The highest number of borrowers are aged 25-34.
  • 1.7 million Americans in their 60s and older are still paying off student loans.
  • The District of Columbia has the highest average student loan debt at $54,668.
  • 7.8% of all student loan debt is in default, and one in ten Americans have defaulted on a student loan.
  • Most borrowers need up to 20 years to pay off their student loans.
  • Less than 30% of applications for student loan forgivenss get approved.
  • Northwestern University has the most student debt.

How Much Student Loan Debt Is There?

The total student loan debt in the United States in 2023 is $1.76 trillion dollars. That’s higher than the total GDP of Australia ($1.67 trillion), South Korea ($1.66 trillion), or Spain ($1.39 trillion).

Total student loan debt has been on a fast rise ever since 2006 when The Fed started tracking the data, rising on average by 1.17% per year. The good news is that the growth has been slowing down in the past couple of years, with an overage year-over-year increase in the last five years being 0.66%.[1]✓ ✓ Trusted source
The Fed
The United States of America's central banking system is called the Federal Reserve System. The Federal Reserve Act specifies three primary goals for monetary policy for the central banking system: increasing employment, preserving price stability, and lowering long-term interest rates.

How Many Americans Have Student Loan Debt?

Approximately 1 in 8 Americans (12.8%) have student loan debt.
43.6 million borrowers have federal student loan debt.

How Much Federal Student Loan Debt Is There?

Federal student loans account for $1.64 trillion dollars of the total student loan debt[1]. This includes both outstanding principal and interest balances. These loans are held by 43.6 million borrowers.

How Much Private Student Loan Debt Is There?

The remaining 121 billion dollars are held by private lenders. This means that only 6.9% of the total student loan debt is held by private lenders.[1]

Student Loan Debt by Type of Loan

The Stafford Unsubsidized Loans have the highest balance of debt among all federal loans, $585 billion. The second highest balance, $536 billion, is held in consolidation loans, followed by $295 billion in Stafford Subsidized loans.[2]

Total Student Loan Debt By Type Of School

Public schools account for the largest share of student loan debt, with a total of $652.1 billion owed. Foreign schools registered the lowest amount of student loan debt with $19.6 billion.[2]

What Is the Average Student Loan Debt?

The average federal student loan debt per borrower in 2023 is $37,718.[1]

Most student debt is held in large loans, but most borrowers have small loans. The chart illustrates that discrepancy by showing the percentage of the total student loan debt by loan amount and the percentage of borrowers by loan amount. This indicates that a relatively small number of borrowers accounts for a large percentage of the total student debt.

Average Student Loan Debt by Type of Loan

Average Debt By Type Of School

While the average student debt for a person attending a public school is $27,884, the loan amount that a person attending a foreign school has to pay off totals an astonishing $106,000. Even if you decide to pay it off over the next 20 years, your payments would be around $440/month. The amounts may be so high because people that leave to study in another country usually do that for their Master’s Degree or PhD.[2]

Who Has the Most Student Loan Debt?

Approximately 1 in 8 Americans (12.8%) have student loan debt. Next, we look at who owes all that student loan debt.

Average Student Loan Debt By State

The District of Columbia has the highest average student loan debt at $54,668. Data shows that 17.2% of the DC residents have student loan debt, some of them owing more than $200,000.[1]

Average Student Loan Debt By Age

Data shows that the 25-34 age group has the highest number of borrowers (14.8 million) among all five categories, closely followed by people in the 35-49 age group (12.2 million).

There are over 1.7 million Americans in their 60s, or even older, that are still paying off student loans.[2] In some cases, these may be students who went back to school later in life.

Average Student Loan Debt By Gender

Statistics show that women owe on average $1654 more than men for their student loans.

If that doesn’t seem like a big difference, keep in mind that women graduating with a bachelor’s degree expect to earn an average of $35,338 as a starting wage. That’s 19% less than what men anticipate earning.[3]

Average Student Loan Debt By Race

With an average student loan debt of $36,612, statistics show that members of the black community have the highest levels of debt. Asians appear to have the lowest amount of student debt, with an average loan balance of $25,380.[3]

Student Loan Debt By Income

Studies show that people with an annual income above $173,001 have the highest loan balances with an average of $60,519.

Those with an annual income of $27,001 – $52,000 and $52,001 – $97,000 have similar loan balances, the $27,001 – $52,001 income bracket being only $648 away from the latter.[1]

How Many People Default On Their Student Loans?

7.3% of student loan holders were in default in 2022. Student loan defaults were frozen as part of the COVID-19 student debt relief package, which has been extended multiple times.[1]

How Long Does It Take to Pay Off Student Loans?

Although the ideal timeline for a borrower to pay off the loan debt would be 10 years, most borrowers need up to 20 years to pay it off, while some take over 45 years to repay student loans. There are people that are 65+ still paying off student loans, though some went back to school later in life.[1]

How Many People Get Student Loan Debt Forgiveness?

Out of a total of 779,785 received applications for forgiveness, 190,869 have been approved while 464,724 of them are still pending. A total of 109,373 applications have been denied, and 14,819 have been closed.[2]

Which University Has the Most Student Debt?

Northwestern University has the most student debt among the top 20 universities in the U.S. with an average of $35,129 per student.[4]

An Intractable Crisis

The student debt crisis has been growing for decades. It’s rooted in a simple historical fact: the cost of education has increased much faster than average earnings, especially for young people. While the workforce increasingly demands higher levels of education, the rewards tend to be delayed.

Source: Georgetown University Center on Education and the Workforce

The soaring cost of education makes it essentially impossible for most American high school students to attend college without debt.

Georgetown University’s Center on Education and the Workforce notes in a recent report that “It takes longer today than in the past for young people to latch on to good jobs. That’s because young people need more education and training than they once did to get a job that pays middle-class wages.”

Despite this reality, federal student loans begin accruing interest immediately upon graduation. That means that by the time many young graduates achieve their earning potential, their loans have mushroomed to unmanageable proportions.

This situation is clearly unsustainable. With the workforce demanding ever-higher levels of training, pricing young people out of higher education is a one-way road to economic disaster.

Policy solutions are needed. The current proposals for debt relief are a start but do not address the fundamental imbalance between education costs and earnings in the first decade of work.

For individual students or recent graduates, of course, policy solutions are not likely to come in time. All we can do is arrange our affairs as well as we can and make the most of a bad situation. If you are starting college or have a child who is starting college, start with this guide to college without debt. If you’re struggling to pay student debt, try these 13 Tips for How to Pay Off Your Student Loan Debt.

The post What Is the Average Student Loan Debt? 2024 Student Loan Debt Statistics appeared first on FinMasters.

]]> https://finmasters.com/student-loan-debt-statistics/feed/ 0 The Average Credit Score by Age, Race, State, and Income (2024) https://finmasters.com/average-credit-score/ https://finmasters.com/average-credit-score/#respond Mon, 05 Sep 2022 10:06:51 +0000 https://finmasters.com/?p=58314 Take look at data on demographic trends in credit scores and see what the average credit score looks like by age, race and state.

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In 2022, the average credit score in the US, determined by the FICO scoring model, stood at 714, which is classified as ‘good’ by FICO[1]✓ ✓ Trusted source
Experian
Experian is a consumer credit reporting company that collects and aggregates information on 235 million individual U.S. consumers and more than 25 million U.S. businesses..

Intrigued by demographic trends, we delved into data to examine how average credit scores vary across age, race, and state.

Credit Score Distribution

FICO® Scores range from 300 to 850 and they are grouped into six categories:

  • Very poor: 300-579
  • Poor: 580-669
  • Fair: 601-660
  • Good: 670-739
  • Very good: 740-799
  • Exceptional: 800-850

Most Americans’ credit scores fall into the ‘Good’ and ‘Very Good’ categories. Over 46% of Americans have a credit score of 750 or higher, while only around 15% have a credit score below 600[2]✓ ✓ Trusted source
FICO
FICO originally Fair, Isaac and Company, is a data analytics company focused on credit scoring services..

FICO® score distribution in the US

Credit Scores By Year

The average American credit score has been on the rise over the past decade, with the biggest increase happening from 2019 to 2021. In this three-year period, the average credit score increased by 12 points. Despite the pandemic, most Americans have managed to keep their credit scores in good standing. Federal relief programs, like stimulus checks and student loan payment freeze, have played a key role as well.

YearAvg. Credit Score
2022714
2021714
2020710
2019702
2018701
2017699
2016699
2015695
2014693
2013691
2012693
2011689

Credit Scores By Age

Data from Experian, one of the three major credit reporting agencies, shows that average credit scores tend to increase with age. This is not surprising since older people have greater incomes, more credit history, and far more experience in managing credit.

Here’s a summary of the conclusions drawn from the data:

  • Generation Z (18-24) has the lowest average credit score of 679, indicating that younger individuals are typically still building their credit histories.
  • Millennials (25-40) show a slight improvement in their average credit score at 687, as they gain more experience managing credit and establishing a longer credit history.
  • Generation X (41-56) has an average credit score of 706, reflecting a stronger credit profile due to long credit histories and better credit management as they age.
  • Baby boomers (57-75) display a higher average credit score of 742, suggesting that they have well-established credit histories and have demonstrated responsible credit behavior over time.
  • The Silent Generation (76+) has the highest average credit score of 760, indicating that older individuals have the most experience managing credit and have maintained a good credit standing throughout their lives.
AgeAverage Credit Score
Generation Z (18-24)679
Millennials (25-40)687
Generation X (41-56)706
Baby boomers (57-75)742
Silent Generation (76+)760

Credit Scores By Race

In 2021, the highest average score was recorded by White communities with 727, followed by Hispanic communities with 667, and Black communities with 627.

Native American communities recorded the lowest average score with a 612 average.

RaceAverage Credit Score
White727
Hispanic667
Black627
Native American612

Average Credit Score By State

The state with the highest average credit score is Minnesota (742).

The state with the lowest credit score is Mississippi (680).

Although the credit scores have been rising in all states, that rise has been slowest in the Southern states. Midwestern states on the other hand have maintained the highest scores.

StateAverage Credit Score
Alabama691
Alaska723
Arizona712
Arkansas694
California721
Colorado730
Connecticut725
Delaware714
District of Columbia716
Florida707
Georgia694
Hawaii732
Idaho727
Illinois719
Indiana712
Iowa729
Kansas721
Kentucky702
Louisiana689
Maine728
Maryland716
Massachusetts732
Michigan718
Minnesota742
Mississippi680
Missouri712
Montana731
Nebraska731
Nevada702
New Hampshire734
New Jersey724
New Mexico699
New York721
North Carolina707
North Dakota733
Ohio715
Oklahoma693
Oregon732
Pennsylvania723
Rhode Island723
South Carolina696
South Dakota734
Tennessee702
Texas693
Utah730
Vermont736
Virginia721
Washington735
West Virginia700
Wisconsin735
Wyoming723

American credit scores have held up even under stress from inflation and a generally declining economy. There are still some signs of stress.

Recent data from FICO indicate that average credit utilization is up from 29.6% to 31%, indicating higher balances. Young people in particular seem to be under stress. from 2010 to 2021, 33% of 18-to-29-year-olds in majority Black communities, 26% in majority Hispanic communities, and 21% in majority white communities saw their credit scores decline.

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]]> https://finmasters.com/average-credit-score/feed/ 0 15+ American Savings Statistics to Know in 2024 https://finmasters.com/savings-statistics/ https://finmasters.com/savings-statistics/#respond Wed, 21 Sep 2022 16:00:33 +0000 https://finmasters.com/?p=54143 Are Americans saving money? These savings statistics provide a picture of American saving habits and the impact of inflation.

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As economic uncertainty looms and recession concerns mount, the need to save for a rainy day – or perhaps a rainy year or longer – comes into sharp relief in 2024. Indeed, the need to save is more starkly evident now for American individuals and families than it’s been in quite a while. These savings statistics will give you an idea of how Americans are responding.

Are Americans actually saving their money in 2024, though? It’s a crucial question as the health of the economy depends not only on spending activity but also on people having enough cash to cover basic expenses and life’s unexpected calamities. With that in mind, consider the following 21 fascinating facts – plus a couple of bonus stats thrown in for good measure – as America grapples with an under-reported yet nonetheless critical savings crisis.

Essential Savings Data

% of Household with No Emergency Savings
  1. 23% of households self-reported having no emergency savings at all[1]. That’s down from 25% last year, and it’s among the lowest levels recorded during the 12 years that Bankrate has conducted this poll.
  1. Compared to older generations, Millennials (ages 26-41) have significantly less in savings. 62% of Baby Boomers (ages 58-76) have the ability to cover three months’ worth of expenses, while 47% of Generation X-ers (ages 42-57) and only 40% of Millennials have this ability[1].
  1. The most recent data available from the Federal Reserve Board’s Survey of Consumer Finances found that the median savings balance of Americans under the age of 35 was just $3,240, while the average was $11,200. From ages 55 to 64, the median increased to $6,400 while the average rose to $57,800[2].

🤔 Average and Median: What’s the Difference?

What are averages and medians, and why are they so different?

The average is calculated by adding up the individual values and then dividing by the number of individual values. It can be skewed upwards by a small number of very large values.

The median is the mid-point value of the set, where half the values in the set are smaller and half are higher. It is less likely to be distorted by a few very large or small values.

% of Americans Who Would Not Be Able to Cover An Unexpected $1,000 bill
  1. Bankrate-sourced data from January of 2022 revealed, shockingly, that 56% of Americans would be unable to cover an unexpected $1,000 bill with their savings at that time[2].
  1. Northwestern Mutual’s 2022 Planning & Progress Study determined that the average personal savings, not including investments, was $62,086[2].
  1. The U.S. personal savings rate – or the percentage of disposable income consumers save – dipped to 5.1% in June 2022, according to the St. Louis Federal Reserve. That figure was 8.7% in December 2021, and 14% in December 2020[3].
Image of two people with three to six months' worth of savings and eight to twelve months' worth of savings
  1. Ted Rossman, senior industry analyst at Bankrate, recommends having three to six months’ worth of expenses stored for emergency savings. Personal savings expert Suze Orman says eight to 12 months’ worth is better.
  2. Vanguard’s “How America Saves 2022” report states that Americans, on average, have approximately $141,542 saved in the company’s retirement funds[4]. But again, averages can be deceiving: the median balance was found to be just $35,345.

Takeaway: Certain stats might be skewed in a more positive-sounding direction, but make no mistake about it: Too many Americans are woefully under-saved and under-prepared for a financial emergency.

Americans’ Dwindling Savings

  1. Stimulus efforts from the U.S. government in the wake of COVID-19 likely had a positive effect on Americans’ ability to save money. That effect may have worn off by 2022. In January, Americans saved only 6.4% of their after-tax income; the pre-pandemic level was 7%[5].
  1. In February of this year, only 16% of survey respondents said they had more in savings than before the COVID-19 pandemic. Even worse, 50% said they had less saved up than they did pre-pandemic[5].
    The stats were even more startling for lower-income U.S. households. Among them, only 9% said they had more in savings than they did prior to the pandemic, and 64% actually said they had less.
  2. It seems that many Americans, for better or for worse, are dipping into their savings. A GOBankingRates study of 1,000 adults determined that 35.54% of respondents had tapped their savings as their purchasing power diminished due to the impact of inflation[6].
    Not everyone tapped their savings equally, though. While 18% of study participants aged 55-64 had dipped into their savings in order to deal with high inflation, a whopping 52% of 18- to 24-year-olds did so.
Shape of a person that is sad due to inflation

Takeaway: Stimulus measures from the government can help in the short term, but ultimately, Americans must rely on their own proactive savings habits to get through financially challenging times.

Perceptions and Issues Among U.S. Savers

  1. A nationwide survey of 1,025 adults, courtesy of Bankrate, found that 58% of the respondents said they’re concerned about the amount they have in emergency savings. That figure is up from 48% in 2021 and 44% in 2020. Out of the 58% in the most recent survey, 32% said they’re “very uncomfortable” with their level of savings[1].
  1. Overall, Millennials aren’t very comfortable with their current savings. Thus, the level of comfort with one’s savings amount stands at 49% for Baby Boomers, 41% for Generation X-ers, and just 38% for Millennials[1].
  1. A February poll from The New York Times and Momentive determined that 35% said they were just managing to make ends meet financially[7]. Meanwhile, 12% were drawing on their savings, and 13% were running into debt. Only 9% of the participants self-reported saving “a lot”, while 29% were saving “a little.”
  2. Education apparently makes a difference, as 53% of college graduates self-reported to be savers, compared to 31% of those who have attended some college or earned a high school diploma.
  3. Gender might play a role, as well, with 43% of men reporting that they’re saving, compared to 34% of women.

Takeaway: Many Americans aren’t ultra-comfortable with their savings, and some of those who should be saving the most are, unfortunately, saving the least.

Savings and Retirement Planning

% of Americans who are saving for retirement
  1. A survey, courtesy of TransAmerica Center, revealed that 77% of American workers were saving for retirement through employer-sponsored retirement plans and other options.
Rich old man who saved up to $1 million for retirement
  1. Experts suggest that to continue living at or near the lifestyle you’ve had while working, you’ll need between $500,000 and $1 million saved to finance your retirement years.
% of Americans who don’t know exactly how much they need to save for retirement
  1. Perhaps we’re not thinking about specific savings calculations like we ought to. The Retirement Industry Trust Association reports that 43% of workers only guess how much savings they’ll need to retire[8], instead of basing it on their current expenses or using a retirement calculator.

Takeaway: It’s never too early or too late to save for your golden years, and informed calculation is almost always better than mere guesswork or simply ignoring the topic altogether.

If these savings statistics are startling, then let them inspire you to plan and prepare for life’s challenges, and for a more comfortable retirement, by saving more whenever it’s feasible. There’s no need to wait for the U.S. Congress to come to the rescue if you’re able to build a cash cushion over time, and thereby help ensure a more secure future for yourself and your family.

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]]> https://finmasters.com/savings-statistics/feed/ 0 10+ TikTok Statistics for 2024: Users, Engagement & Revenue https://finmasters.com/tiktok-statistics/ https://finmasters.com/tiktok-statistics/#respond Tue, 21 Feb 2023 17:00:22 +0000 https://finmasters.com/?p=119601 TikTok has emerged as a dominant social media platform. These TikTok statistics will give you a closer look at what makes TikTok tick.

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Since its launch in 2016, TikTok has built a mass following of over 1 billion users, redefining modern culture and media consumption with short-form videos curated by a proprietary algorithm.

Want to know more about TikTok and its adoption across the world? We’ve compiled a list of the most recent TikTok statistics to answer all your questions about the ByteDance-owned platform. 

Key Findings 

  • TikTok has 1 billion active users accessing the platform at least once per month across 171 markets. 
  • 94.1 million Americans use TikTok at least once a month. 
  • Nearly 2 in 4 US TikTok users are adults under 34 years old. 
  • TikTok has hit 4 billion in all-time downloads across iOS and Android devices. 
  • TikTok users in the US spend an average of 28.7 hours on the app. 
  • 29% of TikTok users on Android phones use the app every day. 

How Many People Are on TikTok?

TikTok has 1 billion monthly active users across 171 countries[1, 2]. 

Only 6 social media platforms crossed the threshold of 1 billion active users, including Facebook, Youtube, and Instagram. 

It took 5.1 years for TikTok to build an engaged audience of 1 billion monthly active users, making it the 2nd fastest growing social media service after Facebook Messenger (which took 4.9 years). 

How Many Americans Use TikTok?

TikTok has 94.1 million active users in the United States accessing the social media platform at least once per month. That’s a 2.64x increase since 2019.[3]

TikTok is expected to surpass 100 million monthly active users in the US alone by 2024.

YearUS TikTok MAUs
201935.7 million
202066.9 million
202186.9 million 
202294.1 million
202397.6 million 
2024100.7 million
2025103.3 million

TikTok User Base in the UK 

TikTok has amassed a monthly active user base of 17.5 million in the United Kingdom, adding 2 million new users since 2021. For perspective, nearly a third (28.9%) of British internet users use the TikTok app at least once per month.[4]

YearUK TikTok MAUs
202115.5 million 
202217.5 million
202318.7 million
202419.6 million
202520.4 million
202621.1 million

TikTok Users by Age & Gender

Over a quarter (25.2%) of American monthly active TikTok users are aged 25-34, while nearly half (49.1%) are adults younger than 34. 

Only 13.7% of the TikTok user base in the US are aged 45 and older.[5]

Age group % of total 
0-112.5%
12-1717.7%
18-2423.9%
25-3425.2%
35-4417.1%
45-546.7%
55-645.2%
65+ 1.8%

TikTok’s advertising audience insights show that the global user base skews slightly female with a 53.1% share, while the remaining 46.9% are male.[6]

TikTok Statistics
Click To Tweet

TikTok All-Time Worldwide Installs

TikTok (including Douyin on iOS in China) reached 4 billion cumulative installs globally as of November 2022.[7]

TikTok Global Downloads By Quarter

TikTok gained 173 million installs in the third quarter of 2022 across App Store and Google Play combined, reaching 611 million downloads from the beginning of 2022 through November.[8]

TikTok saw a record 318 million quarterly installs worldwide among iOS and Android users in the first three months of 2020. 

DateInstalls 
Q1 2018111M 
Q2 2018156M
Q3 2018184M
Q4 2018206M
Q1 2019188M 
Q2 2019157M
Q3 2019176M 
Q4 2019201M 
Q1 2020318M 
Q2 2020301M
Q3 2020188M 
Q4 2020174M
Q1 2021178M 
Q2 2021205M
Q3 2021186M
Q4 2021173M 
Q1 2022175M 
Q2 2022160M 
Q3 2022173M 

What’s The Average Time Spent on TikTok? 

TikTok users worldwide spent an average of 22.9 hours per month (45.1 minutes per day) using the platform’s app on Android phones in the second quarter of 2022.[9] For perspective, that’s nearly double (1.96x) of time spent on the Instagram app.

Social appTime per month
Youtube23.4 hours 
TikTok22.9 hours
Facebook19.7 hours
Whatsapp17.3 hours
Instagram11.7 hours
Line11.0 hours
Twitter5.5 hours
Telegram4.0 hours
FB Messenger 3.1 hours
Snapchat3.1 hours

Android users in the United States spent an average of 28.7 hours per month on TikTok in 2022, or 57 minutes per day, based on Data.ai estimates. Active usage per user has increased by 25.9% since 2021. [10]

For comparison, Facebook US Android users spend 15.5 hours per month on the app, while Instagram users engage with the platform for 7.8 hours per month. 

Social network Time per month
TikTok 28.7 hours (22.8 hours) 
Facebook15.5 hours (16.8 hours) 
Instagram7.8 hours (7.6 hours) 
Snapchat6.1 hours (5.8 hours) 

eMarketer analysis suggests TikTok adult users in the United States spent an average of 45.8 minutes per day, surpassing Youtube at 45.6 minutes and Twitter at 34.8 minutes.[11]

Social media platform Time per day
TikTok 45.8 minutes
YouTube45.6 minutes
Twitter34.8 minutes
Snapchat30.4 minutes
Facebook30.1 minutes
Instagram30.1 minutes
Reddit23.8 minutes

TikTok User Engagement 

29% of Android users worldwide with the TikTok app on their phones used the ByteDance-owned social platform every day in Q2 2022, SensorTower analysis suggests.[12]

Share of the power users is 2nd highest among social apps, after Instagram, with 39% of active installs. 

Share of active installs that opened app every day in Q2 2022, worldwide among Android users 

Social App% of Users
Instagram39%
TikTok29%
Facebook27%
Snapchat26%
Youtube20%
Twitter18%

Advertising on TikTok: Advertisers, Buyers & Revenue

Based on Pathmatics data, Amazon is the largest advertiser on TikTok by US Ad Budget in Q3 2022, with nearly $25 million in ad spending in 3 months of 2022 alone.[13]

Google, Disney, Hulu, and Samsung took the remaining spots in the top 5 ranking of largest advertisers on TikTok in the US in Q3 2022. 

Over 20 advertisers had a quarterly advertising budget of over $5 million on TikTok in the United States in Q3 2022. 

Largest Advertisers by US Ad Spending on TikTok

#Advertiser
1Amazon
2Disney
3Hulu
4Samsung
5DoorDash
6HBO
7Apple
8Yum! Brands
9P&G
10L’Oreal
11Uber
12McDonald’s
13RiverGame
14Take-Two Interactive
15PepsiCo
16Hershey
17American Eagle
18Bumble
19Meta Platforms

US TikTok Social Buyers

23.7 million American TikTok users are estimated to have made at least one purchase via the TikTok social platform, accounting for 27.3% of total TikTok users in the country.[15]

YearUS TikTok Social Buyers
20203.5 million
202113.7 million
202223.7 million
202333.3 million
202435.8 million
202537.8 million
202639.5 million

More US TikTok users are embracing social commerce on the platforms, with an annual buyers increase of 72.3% in 2022 over 2021. 

To compare, Meta-owned platforms – Instagram and Facebook are estimated to reach 41 million buyers and 63.5 million buyers in 2022, respectively. 

TikTok Net Advertising Revenue

TikTok is estimated to generate $9.89 billion in net advertising revenue in 2022, that’s a 2.55x increase over the past year and accounts for 1.7% of total digital ad revenues.[14]

YearTikTok net ad revenues
2020$1.41 billion
2021$3.88 billion
2022$9.89 billion
2023$14.15 billion
2024$18.49 billion 

While having a modest 1.7% share, TikTok’s global ad revenues are expected to surpass Twitter’s ad business by 2.12 times (with $4.67 billion in worldwide ad revenue) in 2022. 

TikTok is forecasted to bring in annual revenue of $18.49 billion by 2024, increasing its share in the global digital ad market to 2.7%. 

The post 10+ TikTok Statistics for 2024: Users, Engagement & Revenue appeared first on FinMasters.

]]> https://finmasters.com/tiktok-statistics/feed/ 0 30+ Job Satisfaction and Employee Engagement Statistics for 2024 https://finmasters.com/job-satisfaction-and-employee-engagement-statistics/ https://finmasters.com/job-satisfaction-and-employee-engagement-statistics/#respond Wed, 22 Mar 2023 16:00:36 +0000 https://finmasters.com/?p=165352 How happy are Americans at work? With all the talk of "quiet quitting", these job satisfaction statistics may come as a surprise.

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Worker satisfaction has been in the spotlight lately. From the “Great Resignation” of 2021 to the “Quiet Quitting” trend of 2022, we’ve seen what worker dissatisfaction can do, and in a tight labor market, that matters to employers.

But what do American workers really think of their jobs?

We’ve collected these recent statistics to give a better overview of job satisfaction and employee engagement in the US and globally, how it has changed, and how it differs by generation, region, qualifications, and more. 

Key Findings

  • 49% of American employees say they are completely satisfied with their jobs.
  • Only 21% of employees globally are engaged in their work.
  • Nearly 7 in 10 (66%) of American workers say they are completely satisfied with their job security.
  • 41% of American workers are very satisfied with their health insurance benefits.
  • 36% of employees in the US report being completely satisfied with their salaries. 

Job Satisfaction Statistics

Job Satisfaction in the US

Based on recent Gallup survey findings, 49% of employees on a full-time or part-time basis in the US claim to be completely satisfied with their job.

Nearly 9 in 10 (88%) of American employees say they are at least somewhat satisfied with their current job.

The share of American employees completely satisfied with their job has decreased from an all-time peak of 56% in 2020 to 49% in 2022.

Job Satisfaction and Employee Engagement Statistics
Click To Tweet

Only 4% of employees in the US claimed to be completely dissatisfied with their workplace in 2022[1].

Note: Table excludes “No opinion” responses.

Job Satisfaction By Characteristics

When asked to rate job satisfaction by specific characteristics, American employees reported the highest satisfaction with physical safety standards, with 75% reporting “complete satisfaction”, and the lowest with on-the-job stress: only 36% were completely satisfied with the amount of stress at their workplace[1].

Note: Table excludes “No opinion” responses.

Job Satisfaction Among Digital Workers Worldwide

Digital workers are professionals who use digital technology at their work daily. Digital skills are categorized as:

  • Basic (email, word processing)
  • Intermediate (data analysis, drag-and-drop applications)
  • Advanced (application development, artificial intelligence)

Based on the AWS Global Digital Skills study, advanced digital workers reported higher job satisfaction (72% of respondents ranked their job satisfaction as an 8 or higher on a 10-point scale) than their peers with a lower level of digital skills (48% for intermediate, 43% for basic)[2].

Employee Engagement Statistics

Global Employee Engagement by Year

Employee engagement refers to “the involvement and enthusiasm of employees in their work and workplace”.

In 2021, 21% of employees worldwide reported that they are engaged at work, a 1 percent point increase over the past year.

The share of engaged employees globally has been rising steadily since 2009, from 12% up to an all-time peak of 22% in 2019[3].

Employee Engagement by Region

According to Gallup research, 33% of employees in the United States and Canada are engaged at work, 12 percentage points higher than the global average, the highest figure among regions[4].

Employees in Europe are reported to have the lowest share of engaged employees, at 14%.

Employee Engagement in the US

In 2022, 32% of US full-time and part-time employees said they were engaged at work, while 18% of American employees said they are actively disengaged in the workplace.

Through the survey period from 2020 to 2022, the share of engaged employees ranged between 26% and 36% of employees, meaning the vast majority of employees in the US do not consider themselves to be engaged at their workplace[5].

Employee Engagement in the US by Generation

Baby Boomers (born between 1946 and 1964) are the generation group with the highest share of engaged employees among the American working population at 33%, 1 or 2 point percent higher than employe in other generation groups.

Over half (54%) of Generation Z and Younger Millennials (born in 1989 or after) claim to be not engaged at their workplace, with a similar share among other generations[6].

Worker satisfaction is a real concern for employers. Recruitment and training are expensive, and in a tight labor market, it’s not always possible for employees to replace workers that leave or scale down their efforts. Understanding the basic patterns of worker satisfaction and dissatisfaction can help employers plan for the future and retain the people they need to succeed.

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]]> https://finmasters.com/job-satisfaction-and-employee-engagement-statistics/feed/ 0 Personal Bankruptcy Statistics for 2024: States, Causes & Cost https://finmasters.com/personal-bankruptcy-statistics/ https://finmasters.com/personal-bankruptcy-statistics/#respond Fri, 24 Mar 2023 16:00:15 +0000 https://finmasters.com/?p=172625 How common is bankruptcy in the US and where is it most common? These bankruptcy statistics help build a clearer picture.

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Bankruptcy is usually a last resort for people who owe more money than they can possibly afford to pay.

Bankruptcy rates are also an important economic indicator. A rise in bankruptcy rates is a sign that economic stress is rising and more people have their backs against the wall.

Let’s look at some data on bankruptcy in America and see what the numbers show us.

Key Findings

  • Total bankruptcies in the US have largely declined over time.
  • The record peak of personal bankruptcy filings was in 2010, with 1,538,033 cases filed in just one year.
  • In 2019, Chapter 7 filings accounted for 62% of total filings, while Chapter 13 filings accounted for the remaining 38%.
  • On the federal level, filings per capita in the US is 0.12%.
  • Alaska boasts the lowest bankruptcy rates, while Alabama has the highest rate of bankruptcy.
  • 46% of bankruptcies are related to medical bills.

Total Bankruptcies in the US

Total bankruptcies in the US have largely declined over time.

Total Personal Bankruptcy Cases Filed Between 2008 and 2022

The latest data from the United States Courts indicate that 370,685 bankruptcy cases across all chapters were filed between January and September 30, 2022. This is the country’s lowest number of bankruptcy filings over a similar period in the past decade[1].

The record peak of personal bankruptcy filings was in 2010, with 1,538,033 cases filed in just one year.

Bankruptcies often spike during economic downturns. Recessions typically bring elevated levels of unemployment, and job loss can dramatically decrease an individual’s ability to pay debts. This often leads to bankruptcy.

The number of bankruptcy filings grew rapidly in 2008, peaking in 2010. This period is noted for an economic recession that led to millions of job losses. Bankruptcy filings declined as the economy recovered.

During 2019, more than 750,000 personal bankruptcy petitions were filed; about 733,000 petitions involved predominantly consumer-related debts. Approximately 62% of the petitions sought bankruptcy protection under Chapter 7 and 38% for Chapter 13.

The 2019 BAPCPA Report noted that consumer debtors seeking bankruptcy protection reported holding $83 billion in total assets and $113 billion in total liabilities. Total assets reported by consumer debtors rose 11 percent from 2018. Total liabilities for the same set of debtors fell 12 percent from 2018. The growth in assets in 2019 was primarily due to several debtors who reported total assets above $1 billion[2].

Impact of Covid-19 on Personal Bankruptcy Filings

The Covid-19 emergency intensified in March 2020, causing unemployment in the country to spike. The unemployment rate jumped from 3.5% in February to 4.4% in March 2020. The rate skyrocketed to 14.7% in April 2020[3].

Despite the skyrocketing unemployment, there was minimal change in the number of personal bankruptcy filings in the US during the quarter that ended on March 31, 2020, and June 30, 2020.

Consumer Bankruptcy Cases by Quarter

Quarter EndedChapter 7Chapter 11Chapter 13Total
06/30/2090,99310328,145119,241
03/31/20109,18020965,757175,146
12/31/19106,46521068,337175,012

For example, a total of 175,146 petitions were filed in the three months that ended March 31, 2020, a 0.08% increase from the three months that ended December 31, 2019. The next quarter (the three months ended June 30, 2020) saw the number of petitions fall 31.92% despite a record-breaking unemployment rate recorded in April 2020[1].

A similar scenario occurs when we zoom out and examine the bankruptcy filings from an annual perspective. One would have expected bankruptcy filings to increase exponentially in 2020 because of the coronavirus (COVID-19) pandemic. As stated earlier, higher rates of bankruptcy filings often coincide with periods of economic recessions.

The primary reason for this was the combination of stimulus payments and payment moratoriums that were implemented as a response to the pandemic. The US government suspended student debt payments, a major burden on many American households, and many private creditors showed an unusual willingness to reorganize debt payment schedules.

State-By-State Bankruptcy Statistics

On the federal level, the filings per capita in 2021 – the most recent year with complete personal bankruptcy filing information – was 0.12%.

Bankruptcy filings per capita in most states lie below the national average.

Bankruptcy Filings per Capita at State Level

On the federal level, the filings per capita in 2021 – the most recent year with complete personal bankruptcy Filings per capita in 29 states fall below the national average.

Wyoming has the lowest number of filings for every person who is a resident of the state, at 0.01%.

Alabama has the highest rate of personal bankruptcy filings in the country, at 0.30%.

State-by-state bankruptcy data
StateTotal Filings (December 31, 2021)Population (July 1, 2021)Median Household Income (2019)Filings per Capita (%)
Alabama149405039877505360.30
Alaska218732673776400.03
Arizona98847276316589450.14
Arkansas54933025891475970.18
California4097239237836752350.10
Colorado64625812069723310.11
Connecticut30183605597784440.08
Delaware16671003384682870.17
Florida3154121781128556000.14
Georgia2119610799566587000.20
Hawaii12121441553812750.08
Idaho20001900923557850.11
Illinois2094412671460658860.17
Indiana144876805985563030.21
Iowa28463193079605230.09
Kansas35212934582595970.12
Kentucky90944509394505890.20
Louisiana60494624047494690.13
Maine6541372247579180.05
Maryland83236165129848050.14
Massachusetts34926984723812150.05
Michigan1692210050811571440.17
Minnesota57545707390713060.10
Mississippi61662949965450810.21
Missouri97376168187554610.16
Montana6541104271549700.06
Nebraska25891963692614390.13
Nevada69953143991603650.22
New Hampshire7531388992767680.05
New Jersey104469267130825450.11
New Mexico15102115877497540.07
New York1473419835913684860.07
North Carolina657710551162546020.06
North Dakota531774948648940.07
Ohio2081811780017566020.18
Oklahoma59323986639529190.15
Oregon47714246155628180.11
Pennsylvania1038212964056617440.08
Puerto Rico39773263584205390.12
Rhode Island9921095610671670.09
South Carolina33765190705531990.07
South Dakota599895376582750.07
Tennessee154396975218533200.22
Texas1976229527941618740.07
Utah55763337975716210.17
Vermont273645570619730.04
Virginia124488642274742220.14
Washington60077738692737750.08
West Virginia16751782959467110.09
Wisconsin92795895908617470.16
Wyoming5615578803640490.01
Washington DC309670050864200.05
National Level399269331893745628430.12

Relationship Between Average Income in the State and the Rate of Bankruptcy

States with a low median household income experience higher rates of personal bankruptcy filings.

For example, Alabama has the highest rate of bankruptcy filings, more than twice the national average, and its median household income is more than $10,000 less than the national average.

On the other hand, states with extremely high median household income report very low personal bankruptcy rates.

For example, Washington, DC, has the highest median household income, more than $20,000 above the national average. The rate of bankruptcy filings (i.e., bankruptcy petitions per capita) is among the lowest (42% lower than the national average). 

The chart below provides the clearest illustration of the relationship between average income in the state and the bankruptcy rate. The average income in the state has an inverse association with the bankruptcy rate: bankruptcy rates go up when average income reduces.

Correlation Between Average Income and Personal Bankruptcy Rates by State

State Bankruptcy Rates by Chapter

Alabama has the highest bankruptcy rate across Chapters 7 and 13, with around 297 residents per 100,000 population petitioning bankruptcy courts for protection.

Next are Missouri and Nevada, with about 252 and 223 residents per 100,000 population, respectively.

Alaska boasts the lowest bankruptcy rates across Chapters 7 and 13; only about 30 residents filed for bankruptcy per 100,000 people.

Chapter 7 Bankruptcy Filing by State 2021

California recorded the highest number of Chapter 7 bankruptcy filings in 2020 and 2021, 42,663 and 34,855, respectively.

Alaska is on the opposite end of the scale, with 272 Chapter 7 filings in 2020 and 188 in 2021.

However, this ranking changes when we consider the number of filings per 100,000 people. Using this approach, Nevada has the highest bankruptcy rate, with approximately 197 petitions under Chapter 7 bankruptcy per 100,000 people. It is closely followed by Indiana (approximately 149 filings per 100,000 people), Ohio (approximately 142 filings per 100,000 people), and Michigan (around 133 filings per 100,000 people).

Wyoming reports the lowest bankruptcy rates, with approximately ten petitions under Chapter 7 bankruptcy per 100,000 people. Others at this level are Alaska (around 26 filings per 100,000 people), North Carolina (around 29 filings per 100,000 people), and South Carolina (around 31 filings per 100,000 people)[5].

Chapter 13 Bankruptcy Filing by State 2021

A similar scenario plays out when considering petitions under Chapter 13 bankruptcy. Focusing primarily on the number of Chapter 13 bankruptcy filings puts Georgia ahead with 10,985 petitions in 2021. Washington, DC shows the lowest numbers, with 31 Chapter 13 petitions filed in court for the calendar year 2021.

As with the previous analysis, the ranking dramatically flips when we shift the focus to the rate of Chapter 13 bankruptcy filings per 100,000 people. Alabama once again has the highest rate, with approximately 180 petitions per 100,000 people. Tennessee follows closely with around 110 filings per 100,000 people, Georgia (around 102 filings per 100,000 people), Mississippi (around 90 filings per 100,000 people), and Arkansas (around 86 filings per 100,000 people).

Wyoming boasts the lowest number of petitions under Chapter 13 per 100,000, with less than one. Other states in this category include Alaska, with approximately four filings per 100,000 people, Washington DC (around 5 filings per 100,000 people), North Dakota (around 6 filings per 100,000 people), and Maine (around 7 filings per 100,000 people)[5].

What Is the Number One Cause of Bankruptcies in America?

Most Americans petition the courts for bankruptcy protection due to financial strains emanating from medical bills – 46% of personal bankruptcies are related to uninsured medical expenses[6].

Other regularly cited reasons (especially after the 2007/08 Great Recession) include:

  • Job loss 
  • Reduced income
  • Divorce
  • Credit card debt

Many bankruptcies involve two or more of these factors in combination.

How Much Does It Cost to File Bankruptcy?

The filing fee for a Chapter 7 petition is $338, and the filing fee for a Chapter 13 petition is $313. You can apply to pay these fees in installments, and if your income is low enough, you may qualify for a fee waiver[7].

Bankruptcy courts are administered by the federal government, so the filing fees are the same in every state.

Most bankruptcy filers hire attorneys to help them through the process. The forms are complex, and any mistake can lead to a case being dismissed.

Attorney fees for a Chapter 7 bankruptcy typically range from $500 to $3500, depending on the complexity of the case. The average is $1,450. Attorney’s fees for Chapter 13 bankruptcy typically range from $1500 to $6000, with an average of $3,000.

Attorney fees vary with the complexity of the case and the location. Costs are typically higher in urban areas.

The post Personal Bankruptcy Statistics for 2024: States, Causes & Cost appeared first on FinMasters.

]]> https://finmasters.com/personal-bankruptcy-statistics/feed/ 0 How Much Do Americans Spend On Pets? Pet Spending in 2024 https://finmasters.com/pet-spending-statistics/ https://finmasters.com/pet-spending-statistics/#respond Fri, 17 Jun 2022 10:00:45 +0000 https://finmasters.com/?p=47419 We take a look into pet spending statistics to see just how much money Americans spend on their pets each year.

The post How Much Do Americans Spend On Pets? Pet Spending in 2024 appeared first on FinMasters.

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How much money do Americans spend on their furry friends each year? We crunched the numbers, and here’s what we found.

The American love of pets is legendary, so it won’t come as a surprise to anybody that Americans spend more on their pets than the citizens of any other country in the world. The numbers also suggest a warning: pet ownership comes with great responsibility and can involve a considerable financial cost.

Key Findings

  • 1 out of 2 U.S. households own a pet.
  • $136.8 billion was spent on our furry friends in the U.S. – the equivalent of 171,214 houses in New York City.
  • An average U.S. pet owner will spend $912 a year on their dog and $653 on their cat.
  • Both cat and dog owners spend most on vet visits, food and OTC medicine.
  • Highly educated people aged 55-64 with an income of $200,000 or more spend most on their four-legged friends.
  • More and more people insure their pets. The number of insured pets in 2022 was 21.7% higher than in 2021.

How Many Pets Are There in the U.S.?

Studies show that 1 out of 2 U.S. households own a pet, which equates to 86.9 million homes.[1]

It’s not surprising that dogs outnumber all other species by far. Also not surprising is that the second most kept pet is a cat. It might come as a surprise that 6.0 million U.S. households own a reptile. In fact, there’s one reptile for every 11 dogs. [1]

How Much Do Americans Spend On Their Pets?

In total, Americans spent $136.8 billion on pet products and services in 2022. This is equal to buying 2,824,247 new cars. The average dog owner spent $912 and the average cat owner spent $653.[1]

Total Pet Spending

As mentioned above, Americans spent 136.8 billion in total on pets in 2022.

This represents a 10% increase in spending on pets compared to 2021 and a whopping 50% increase compared to 2018.[1]

Pet Spending by Products & Services

Data from AVMA shows that, unsurprisingly, the costliest items of owning both a cat and a dog are vet visits and pet food. The third most expensive item is grooming for dogs and toys for cats, as cats require much less grooming than dogs. A dog owner spends, on average, $99 a year on grooming, while cat owners only spend $18.[4]

Cost Of Owning A Dog Vs Cat

U.S. pet owners reportedly spend on average $912 every single year on their dogs and $653 a year on their cats.[4] On average, this comes out at around $76/month per dog and $54/month per cat.

Annual cost of owning a dog vs. a cat

The total amount includes items and services ranging from food and treats to vet visits and grooming.

Money Spent On Gifts For Pets

When it comes to toys and treats, dog owners spend $79 a year on gifts for their four-legged friends, while cat owners spend $50 a year on their cat companions.[4]

Gifts for pets image

Who Spends Most on Their Pets?

Next, let’s take a look at pet spending by demographics. We’ll look at differences in pet spending by income, age and education level.

Pet Spending by Income

Pet spending statistics show that pet owners of almost all income levels spend roughly 1% of their annual earnings on their pets.

The 2022 Consumer Expenditure Survey data shows that pet owners in the $200,000 or more income bracket spend the most on their pets – $1,455 annually.

People earning less than $15,000/year still spend $365 a year on their pets.[2]

Pet Spending by Age

Pet spending statistics show that people aged 55-64 spend the most money on their pets: $900/year.[2]

Pet owners aged 75+ spend the least of all age groups: $351/year.

Low pet spending in the <25 and 74+ age groups correlates to fewer people either owning pets at that age or being financially responsible for them.

Pet Spending By Educational Level

Pet spending statistics show (with one exception) that the more educated pet owners spend more money on products & services for their pets. This correlates to the spending by income level we’ve seen above since people with higher education are more likely to earn more.

The one exception seems to be pet owners who did not graduate high school. They spend on average $564/year on their pets.[2]

How Many Pets Are Insured?

Over the course of 2022, the number of insured pets in the United States increased by 22.1%.

Dogs represent 80.1% of the insured pets, while cats account for only 19.9%.

The reason behind the small number of insured cats could be due to the fact that cats mostly stay indoors and they rarely travel with their owners.[3]

Pet Spending FAQs

How much do Americans spend on pets?

Studies show that Americans spend a total of $136.8 billion on pet products and services. This is the equivalent of buying 2,824,247 new cars.

How much do pets cost per month?

Average dog owners spend $76 a month on their dogs and average cat owners spend $54 a month on their cats.

How much does pet insurance cost?

The average price that a pet owner has to pay for pet insurance (accident & illness) amounts to $640 a year for dogs and $387/year for cats.

How much does pet microchipping cost?

The average price of microchipping a pet ranges between $50 and $70 for both cats and dogs.

How much does pet vaccination cost?

The average cost for vaccinating a dog is between $75 and $100, while for cats the cost is around $65 and $110.

How much does pet boarding cost?

Pet boarding costs amount to $228 a year for dogs and $78 a year for cats.

How much does pet teeth cleaning cost?

The average cost of cleaning your dogs’ teeth is between $300 and $700 for a basic cleaning routine.You’ll spend around $50 to $300 for your cat.

How much does pet spaying cost?

Costs of spaying a dog usually run between $100 and $600 depending on various factors, while costs for spaying a cat typically run from $50 to $500.

What are the one-time costs of owning a pet?

One-time costs of owning a pet usually include a crate, carrier bag, spay, leash, pads, litter box (for cats), training classes (for dogs), and toys. The first year of owning a pet is usually the most expensive one.

How much does pet grooming cost?

Pet grooming can cost between $30 and $99 for dogs and around $18 to $70 for cats. Keep in mind that the price can vary widely based on what the grooming session includes.

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