Finances are a priority for many Americans right now. With inflation and an uncertain economy, there is a lot of instability, and it seems like a lot of people are unprepared for it.
Our new survey of more than 1,000 Americans asked people to look closely at their bank accounts. We found that more than half (51%) are currently living paycheck to paycheque. While some people have their finances under control, many others seem to be betting on their future.
America’s Personal Finances
Currently, more than 2 in 5 Americans (42%) would not be able to cover an unexpected expense of $1,000. That said, more than half (56%) have emergency funds.
On average, Americans have about $8,500 set aside for a rainy day, and for many, that day has already arrived. Nearly half (48%) used money from an emergency fund, and more than 1 in 5 (21%) withdrew from a 401K or IRA.
96% of people manage their own finances. Despite this, 1 in 4 (26%) is not confident in their ability to manage their money. Only 1 in 10 (12%) said they currently have a financial advisor.
While 85% are open to financial advice from others, 15% would prefer people keep their recommendations to themselves.
Others don’t monitor their bank accounts at all and don’t pull out the calculator regularly to work out their budget. In fact, nearly 1 in 3 people (27%) don’t budget at all. Gen Z is the worst (31%), followed by Gen X (26%), baby boomers (26%) and millennials (25%).
To save or not to save
Almost half (46%) say the pandemic has impacted the way they manage their personal finances. More than half (54%) stopped spending so much money and 1 in 4 (26%) started saving more.
More than 3 in 5 Americans (64%) say they are good at saving money, but 47% are not currently saving for retirement. Asked specifically about saving for retirement, 57% admitted that they were not confident in their ability to save for retirement.
Only 1 in 10 think they can retire at 60. About 1 in 5 think they can retire at 65 and 16% don’t think they can retire for at least 70.
More than 4 in 5 people (84%) are worried about the current state of the economy. Currently, more than half (54%) do not feel confident about the financial future. The most affected are Gen Xers (59%) followed by Millennials (54%).
For this reason, 49% said they are not taking any financial risk at the moment. Only 1 in 3 (32%) have taken a financial risk in the past 12 months. The generation that takes the most risks is Generation Y (35%).
Currently, more than 3 in 5 people (64%) have debt. On average, Americans are in the red by about $25,139. In addition to saving and working with financial planners, some have taken a riskier route to trying to get out of debt.
Almost 1 in 10 (8%) admitted to having tried to get out of debt by playing the lottery. Nearly 1 in 6 people (15%) buy a lottery ticket every time there is a major jackpot, and 13% buy tickets several times a year! On average, people have spent $46 on lottery tickets over the past year and won an average of $156.
Whether you’re trying your luck at the lottery or carefully budgeting for every penny you win, finances are tricky. Spend your money wisely and we hope 2023 will be a prosperous year for all.
As the state considers the possibility of legalizing online casinos in New York, it’s important to keep in mind how people in the shadows of Wall Street view their personal finances.
In October 2022, we surveyed 1,001 Americans about their financial habits. Survey respondents ranged in age from 18 to 83 with an average age of 38. 49% are male, 49% are female, and 2% are non-binary. Respondents’ household income ranged from $22,000 or less (13%), $20,000 to $40,000 (22%), $40,0001 to $60,000 (21%), $60,001 to 80 $000 (15%), $80,0001 to $100,000 (10%), $100,001 to $200,000 (15%) and $200,001 and over (4%).
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