1. Many Americans are living paycheck to paycheck because the cost of living has not increased in proportion to salaries.
2. The average American has $90,460 in debt, according to a 2021 CNBC report. That included all types of consumer debt products, from credit cards to personal loans, mortgages, and student debt.
3. In February 2020, the average annual percentage yield, or APY, for U.S. savings accounts was just 0.09%. One reason savings account rates are so low is that financial institutions profit when the rate on the money they lend out is higher than the rate they pay people who deposit money into savings.
4. A majority of Americans believe their online and offline activities are being tracked and monitored by companies and the government with some regularity.
5. According to a recently released household survey conducted by the Board of Governors of the Federal Reserve System, approximately 31 percent of Americans reported having zero retirement savings and lacking a defined-benefit, or DB, pension.
Without the proper financial knowledge and tools, many families have given up or put their dreams on hold. They feel their financial future is hopeless and retirement seems impossible.
Let us know about your views in the comments.
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