Personal finance is a broad term often used when talking about subjects like investing, budgeting, business, or income for oneself. Today we will be looking at the 15 most unbelievable personal finance statistics in 2022.
Since personal finance encompasses so much, we’re going to be talking about everything from income stats for Gen Z, millennials, Gen X, and baby boomers to the percentage of Americans that own crypto.
Your perception of personal finance could certainly change after reading about a couple of these surprising stats.
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Top 15 Personal Finance Statistics in 2022
Here is a complete list of the top 15 need-to-know personal finance statistics in 2022.
1. 51% of Generation Z are Optimistic About Their Financial Future
Source: Bankrate
In 2022, 51% of Gen Z believe that their finances are going to improve. Out of all the age demographics surveyed, Gen Z ranked highest in financial optimism. Compared to millennials, there was a 9% increase in Gen Z that are financially optimistic.
There are many factors that could play into this statistic. One is Gen Z receiving an increase in income.
Other factors could be that Gen Z is more financially aware of their future and takes advantage of the tools at their disposal. One financially smart decision you could start making today is reducing the number of fees you pay on your savings account.
With CIT Bank, you can enjoy a savings account with no service or monthly fees. This means instead of stashing your money away with a bank that offers low interest rates, you could be using CIT Bank and get higher interest rates the more you save!
2. 33% of Millennials Make Under $50k Annually
Source: Investopedia
One in three millennials makes under $50,000 annually. Considering this is about the same amount of income as the median salary in the United States, it isn’t that surprising.
Related: $50,000 a Year is How Much an Hour?
3. 42% of Millennials are Financially Optimistic
Source: Bankrate
42% of millennials being financially optimistic ranks just 9% below Gen Z. Even though there is this statistical difference, among those surveyed, it was found both millennials and Gen Z tend to have a higher sense of financial optimism due to increasing their overall income.
Increasing your income is one of many strategies that can be used to improve your financial optimism.
Aside from income, there are plenty of other ways that can help you become more financially optimistic. One of which would be by using Chime. You can join the millions already using their services and take advantage of their many highly rated benefits.
One of their most notable benefits is the ability to get paid up to two days early with direct deposit. Another is the fantastic benefit of no minimum balance, late fees, or monthly service fees.
Combine all those benefits together and you have Chime. You can improve your financial optimism by being smarter with your finances by using Chime.
4. 14% of Gen Z Makes More Than $100,000 a Year
Source: Investopedia
Out of all the statistics presented so far, this one ranks high as the most surprising. Gen Z is seen as the younger generation.
But with 14% of them making more than $100,000, it goes to show their rise in consumer buying power. The percentage of those making over $100k will likely only get larger in coming years.
Related: $100,000 a Year is How Much an Hour?
5. Baby Boomers and Gen X Most Worried About Inflation
Source: Bankrate
In 2022, we’ve seen a steady increase in infliction and statistically, Gen X and baby boomers are most worried. It makes sense due to those two generations being on the older side, compared to millennials or Gen Z.
6. 60% of Baby Boomers Have a Household Income of Less Than $50k
Source: Investopedia
Another interesting statistic on this list is that 60% of baby boomers have a household income of $50k. One variable that could result in this income is that many in this generation are of retirement age and living on a fixed income.
7. Paying Down Debt is the Main Priority for 20% of Americans
Source: Bankrate
We’ve seen a lot of stats about how much Americans are making in 2022. But did you know that 20% of Americans’ main priority is paying down their debt?
Bad debt can really hold an individual back in life. Those who prioritize paying it down can then focus all their energy on growing their finances in other ways.
8. 8.9% of Americans Currently Own a Business
Source: Statista
It seems like starting a business has been growing in popularity in recent years. Out of all the different ways Americans can generate an income, 8.9% of them do so through their business.
If you’ve been wanting to start a business of your own, registering an LLC is an important first step. After all, as a business owner, you will want as much legal protection as possible (through limited liability). Starting an LLC might sound difficult, but with ZenBusiness, it’s very easy to do.
If you already own a business but either don’t have or don’t like your current accounting and invoicing software, you need to switch to FreshBooks.
Your most valuable asset as a business owner is time. This is why switching to FreshBooks is crucial. It’s an accounting and invoicing software that we have recommended for quite a while to any small- to medium-sized business.
We recommend FreshBooks because they will end up saving you so much time. So what are you waiting for? You can try out their software today with their free trial and see how much you will like it.
9. The Homeownership Rate in the United States is 65.5%
Source: Statista
The vast majority of Americans own their homes. As they say, owning a home is one of the greatest wealth builders. That said, in 2022, the homeownership rate is 65.5 percent.
10. The Average Student Loan Debt is $28,950
Source: Forbes
Student loans are a popular talking point in the United States. As mentioned in our article about college student spending statistics, a large portion of those taking on federal student loan debt expects it to be forgiven eventually.
Whether or not that will ever be the case is yet to be determined. This year, the average student loan debt stands at $28,950.
11. 21% of Americans Have Bought or Sold Crypto in 2022
Source: CNBC
Crypto is all the craze recently. With its rise in fame, over 21% of Americans have gone on to buy or sell crypto. This number is expected to rise as a large percentage of those in the U.S. plan on investing in crypto over the next year.
12. 56% of Americans are Invested in the Stock Market
Source: Statista
It’s only fair that we include a statistic about stocks in our list of personal finance statistics. The majority of Americans are invested in the stock market. This year, the exact percent of those invested is 56%.
Compared to crypto, this is more than double. Which makes sense considering the stock market has been around a lot longer.
There are also so many different ways to invest in stocks. Some decide to only invest in their retirement accounts and end up doing quite well for themselves.
13. In 2022, 50 Million Americans Will Likely Buy Crypto
Source: The Motley Fool
As mentioned previously, crypto has exploded in popularity. The estimated number of Americans likely to buy crypto over the course of the year is approximately 50 million.
14. The Average United States Household Carries $6,006 in Credit Card Debt
Source: Nerdwallet
On average Americans consistently carry around $6,006 per household. This isn’t nearly as much as student loan debt. However, the interest rate on credit cards tends to be a lot higher.
15. The Median Home Price in the United States is $374,900
Source: The Motley Fool
The last personal finance statistic on this list is the median home price in the U.S., which is set at $374,900. Out of all the types of debt covered, this is the largest amount of total average debt. But that’s usually expected when purchasing a home.
You’ve probably heard about different ways to invest in real estate. But did you know that you can invest in assets like real estate and add them to a retirement account?
You may have not heard of alternative investing before. But it is investing in an asset that doesn’t include stocks, bonds, or mutual funds. It also cannot be an asset that is prohibited by the IRS.
If you want to open a retirement account that includes alternative investments such as real estate or crypto, you need to check out Rocket Dollar.
Summary
Personal finance is such a broad topic that there’s inevitably going to be a large number of interesting personal finance stats related to it.
Everything from the average income earned by generation Z to average U.S. household credit card debt falls under the umbrella of personal finance.
If you found this article about the top 15 personal finance statistics informative, consider checking out our other articles below.
