What Happened to Your Paycheck? Personal Finance Statistics for 2025

From low savings rates to surprising networth gaps, the statistics reveal the financial hurdles everyday Americans face.

By exploring these trends, we will uncover how the growing economic uncertainty, rising inflation, and financial illiteracy have become barriers to wealth-building and long-term security.

Key Personal Finance Statistics for 2025 - Editor's Choice

• In 2024, Americans saved 4.4% of their income. 
• Only 36% of U.S. households had a long-term financial plan in 2024.
• In 2023, the average before-tax household income was $80,600.
• In 2023, the average net worth of Americans who feel wealthy was $560k.
• 27% of Americans in 2024 did not have any emergency savings.

Only 36% of Americans had a documented, long-term financial plan in 2024.

(Schwab)

The latest survey by Schwab revealed that 43% of those who do not have a financial plan do not have it due to a lack of money.

Households in America with a savings account have a median balance of $8,000.

(Federal Reserve)

Average savings seem high because a small number of very wealthy Americans save a great deal, but the reality is quite different.

The median is more representative of the amount most people save, and has risen by 30% in 2022 when compared to the last report by the Federal Reserve in 2019.

This number is based only on the amounts reported by people who have savings accounts. The number would be much lower if people without savings accounts were assigned a value of $0.

43% of Americans whose childhood homes are in the bottom economic quintile remain there as adults.

(Pew Charitable Trusts)

The data shows us that people who are born poor are more likely to remain poor throughout their lives. Only 4% of children born at the bottom rise to the top.

By the same token, 40% of people who are born in the top quintile remain there for the rest of their lives.

This rule is referred to as “stickiness at the ends,” as the people born on both ends are more likely to stay there.

People born in the middle part of the spectrum have a 50/50 chance of ending up in a higher or lower quintile.

51% of Americans feel wealthier than their parents were at their age.

(LendingTree)

The latest survey found that Gen Zers are the most likely to say they are doing better than their parents at the same age, with 57% of respondents claiming so, while Gen Xers were the least likely to think so, with only 43% feeling more wealthy than their parents were at their age. 

In households with income of $100,000 or more, 79% of Americans now feel wealthier than their parents were.

Americans with low levels of financial literacy are late on their mortgage payments 25% of the time.

(Federal Reserve Bank of Atlanta)

On the other hand, people who had a high score when it comes to financial literacy in the U.S. are late only 10% of the time.

In addition, 20% of low-scoring individuals have experienced foreclosure compared to only 5% of high-achievers.

There is obviously a connection between having knowledge about finances and the ability for debt settlement.

In 2023, the average American household’s before-tax income was $80,610.

(U.S. Census Bureau)

The figure from this official report published in 2024 represents a 4% increase from 2022, when it reached $77,540.

Americans said that they would need $2.5 million in net worth to feel wealthy in 2024.

(Schwab)

This is an incerease from $2.2 million stated in 2023.

27% of Americans didn’t have any emergency savings in 2024.

(Bankrate)

The same survey found that 59% of U.S. adults feel uncomfortable with the amount of emergency savings they have, and that only 28% have enough in savings to cover 6 months of expenses, which is a 2% drop from 2023.

58.4% of Americans have less than $10,000 saved for retirement.

(GoBankingRates)

At the other end of the scale are 16.5% of survey respondents who said that they managed to save more than $300,000 in hopes of a financially stable retirement.

In 2024, Americans saved 4.4% of their income.

(Federal Reserve Bank of St. Louis)

That’s not nearly enough. Experts suggest saving at least 10% to 15% in order to fund retirement - plus more to cover unexpected expenses during working years.

During the period from 1950 to 2000, Americans saved an average of 9.8% per year, while the absolute peak of savings was at the outset of the COVID-19 pandemic, when Americans saved 32% of their income in April 2020.

Women are less likely than men to have a substantial retirement fund.

(GoBankingRates)

Although about the same number of men and women save nothing, differences emerge when we compare the amounts saved.

The survey from 2023 showed that 40% of women have saved less than $10,000 for retirement, compared to 31% of men.

Women’s median savings in 2023 were $3,146, compared to $7,007 for men.

(New York Life Insurance Company)

The survey also showed that women are more stressed and anxious about their finances, with only 28% of them feeling hopeful, compared to 37% of men. 

80% of Americans felt anxious about their financial situation in 2024.

(Discover)

This represented a 4% increase compared to the year before. Out of all the respondents of the survey, 34% felt moderate or severe anxiety.

63% of Americans saved less due to inflation in 2024.

(Bankrate)

Additionally, 45% of respondents said they are saving less due to rising interest rates.

54% of Americans with only a high-school education aren’t able to come up with $1,000 for sudden expenses.

(Associated Press-NORC Center for Public Affairs Research)

These somewhat bleak results came from an AP-NORC poll of 1,062 American adults.

On the plus side, 58% of college graduates feel confident about coming up with $1,000 in case of an emergency.

That is quite a bold statement, considering that two-thirds of Americans who make more than $50,000 say they wouldn’t be able to afford that emergency expense.

37% of Americans had a hard time covering an unexpected cash expense of just $400 in 2024.

(Empower)

Some of the most popular methods for coming up with cash include credit card loans and borrowing from friends or family.

About 21% of respondents said they wouldn’t be able to cover a $400 expense in any way.

21% of Americans skip dental care due to costs.

(The Federal Reserve)

The latest numbers reveal that 16% of Americans have skipped seeing a specialist or a doctor due to personal financial problems, while 10% didn't fill perscription medication and mental health care. 

On average, Americans spend 11.3% of their income on food.

(U.S. Department of Agriculture)

The share of income spent on food was 5.62% for food at home, and 5.64% for food away from home.

39% of millennials aged 28-34 had less than $100 in savings in 2024.

(GoBankingRates)

The numbers for older millennials, aged 35-43 are even worse, with 42% having less than $100 in savings last year.

Only 24% of millennials show signs of at least basic financial literacy.

(National Endowment for Financial Education)

The biggest money problem facing the millennial generation may be its lack of financial literacy. Researchers say there is a clear gap between what they know and what they think they know about finances.

A generous 69% believe they are sufficiently financially literate even though experts conclude that only 24% barely deliver on that promise.

Out of that number, only 8% have the high level of financial literacy that is necessary to come out on top in today’s world.

Millennials have to deal with a lot of financial obligations, and it doesn’t stop with student loan debt. More than half of millennials (53%) feel they have too much debt.