The Finances of the Average American … Pastor?

Finances of the Average American Family


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?

About the author

Rich Rich writes on personal finance from a pastor's perspective here at Money Wise Pastor. He loves In-N-Out Burger (and has the t-shirts to prove it), urban living, homeschooling, Gungor concerts, helping people succeed in life and work, camping, dreaming with his wife, and equipping his five children to become financially faithful and free. Find him on Twitter and Facebook.


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