US Economy Data

Unemployment rate of 4.1%, as of September 2024
Americans currently owe $246 billion in personal loan debt, as of Q2 2024, up 6.0% YoY. That equates to ~$8K of personal debt per American at an average interest rate of 19.8%
44.7 million Americans have outstanding student debt, with 16% behind on payments
Average retirement balance for 65+ is $280,000, compared to the recommended $550,000 Americans need to retire comfortably
56% of Americans cannot afford a $1,000 unexpected expense
Only 18% of Americans have a Roth IRA

The estimated average annual earnings for Gen Z are $22,924.68, or $1,910.39 per month
50% say they are not on track to buy a home in 5 years
40% say they are not ready to start investing within 5 years
Just 15% have invested in the stock market in the past year
Only 19% are contributing to a 401(k)
25% report barely covering essential living expenses
Only 33% report having learned about finances in K-12 and/or college

Millennials are the most educated generation in history and are generally confident about their financial knowledge. However, 74% of millennials report to be stressed managing finances, with most worried about how to save, managing debt, and planning for retirement
66% of millennials lack retirement savings, delaying their financial future
84% of millennials are underinsured, putting their financial security at risk
41% of millennials spent more on coffee than their retirement

80% believe they have at least an adequate understanding of financial knowledge, but still, 48% think they will outlive current savings
56% have less than $100,000 saved for retirement
69% want to retire before age 65, but only 37% think they'll actually be able to retire by then
Current median account balance for an individual in Gen X is only $10,000, which means half of Gen Xers have less than that amount saved for retirement

Sources: National Insititute on Retirement Security, Bank of America Institute, The Hartford Institute, Acorns, Investopedia