Coaching Sessions are FREE to Residents of Pittsfield, MA and the Surrounding Areas
We will discuss some staggering facts about personal finance challenges faced by most people.
Below are some facts about saving levels, retirement planning, debt levels, and financial skills in America.
Saving and Emergency Preparedness:
Many households have little or no savings to handle unexpected expenses:
78% of U.S. workers live paycheck to paycheck (81% of women, 75% men) (1)
30% of Americans do not have enough cash to cover a $500 emergency, and about 45% cannot cover a $1,000 emergency. (2)
25% of families have no emergency savings at all (3)
Only 55 % of U.S. adults have enough savings to cover three months of expenses in an emergency fund—a common financial benchmark. (4)
Retirement Readiness:
Planning for retirement remains a significant challenge:
Nearly 40% of Americans are not saving for retirement (5)
48% of people over the age of 55 have no retirement savings at all. (6)
Those who do have retirement savings have an average balance of only $85,000, which is not nearly enough to retire comfortably. (5)
Debt Levels:
Many households carry significant debt across multiple areas:
38% of households have credit card debt with high a interest rate (16%+) (7)
Credit card debt: $15,800 average (8)
Mortgage debt: $150,000 average (8)
Student loan debt: $32,500 average (8)
Auto loan debt: $13,100 average (8)
Budgeting, Spending, and Financial Confidence:
Gaps in budgeting and financial knowledge affect many people:
65% of adults do not have a household budget (9)
75% of adults report making money decisions they regret (10)
2 in 5 adults give themselves a low grade on personal finance knowledge (11)
The average person spends over $200 a month on unnecessary expenses (12)
Only 1 in 4 Millennials have a basic understanding of budgeting and saving (13)
The numbers and facts listed above demonstrate that financial challenges are common—and not a sign of personal failure.
Additionally, they suggest that Americans across all income levels struggle with saving, managing debt, and long-term financial planning. These challenges are common and underscore the importance of money management skills.
Most people were simply never taught any practical money management skills.
Programs like this one focus on building knowledge, habits, and confidence to help people make better decisions, one step at a time.
Americans—across income levels—struggle with saving, debt, and long-term financial planning.
Financial challenges are common - not a sign of personal failure.