The Digerati Life recently wrote about the finances of the average American family. The facts might surprise you…but then again, maybe not:
- The average American family has $3,800 in the bank.
- 50% of American households don’t have a retirement account.
- The 50% of households with retirement accounts only have $35,000 saved up (per family).
- The average family owns a house worth $160,000, $95,000 of which is their mortgage.
- Average income is $43,000 per year.
- Average credit card debt is $2,200.
- 40% of working Americans are not saving for retirement.
- $117,951 is the average American household’s debt.
- 25% of households have no savings whatsoever.
- 24% have postponed retirement.
- Only 18% are very confident about their retirement situation.
- $2 trillion is the combined amount of personal debt held by Americans.
- 7.7% don’t own a bank account!
Frankly, I thought the credit card debt would have been higher and the amount of savings would have been lower, so I was pleasantly surprised there.
But it is truly sad to me that 50% of Americans don’t have a retirement account, and half of those who do have one, have only $35,000 saved for retirement. I know many pastors fit into this category.
How do your finances compare with that of the average American? And what about the people in your congregation?