Money Statistics 2023(Must-See)

Written by Shalini Kapoor
Last updated:
Reviewed by Daisy Martinez
Our site offers educational and informational content only, not professional financial advice. Consulting a financial advisor about your particular circumstances is best.

Whether you are thinking of starting a business, filing a divorce, or investing, an overview of the financial trends is extremely significant to produce an impactful outcome.

To bring clarity, we’ve meticulously analyzed financial reports, engaged with industry insiders, and reviewed authoritative sources. We have compiled a list of money statistics and facts to make your decisions of investing, saving, and spending judicially or industrially easy. These are based on recent studies and will help you with different economic policies! 

Saving Money Statistics in 2023

Considering how unexpected one’s life is, saving adequate money for future use in emergencies is the best act. In this expensive world, it’s a hassle to save money. Here are some saving money statistics to give you an idea:

  • 33% of Americans have less than $100  in their bank accounts. (Yahoo)
  • 57% of US adults have less than $1000 saved in their accounts. It makes up one-third of the citizens. (Yahoo)
  • 9.20% of Americans have savings of up to $10000. (Yahoo)
  • Only 12.60% of individuals have more than $10000 in their savings. (Yahoo)
  • 69% of the total wealth is owned by the top 10% of US earners. (Statista)
  • 57% of the citizens are not comfortable with their monthly savings (Bankrate)
  • One-third of all adults are very uncomfortable with their saved money and are unsure about it. (Bankrate)
  • In America, 22% of people don’t even have emergency savings. (Bankrate)
  • 43% of US adults, including women and low-income employees, pay for an emergency expense from their savings. (Bankrate)
  • Among all people who can’t save money, 68% blame economic factors like inflation. (Bankrate)
  • 44% of people are held back from saving money due to income and employment issues. (Bankrate)
  • 44% of the students are learning how to save money for their college expenses. (Greenlight)
  • Almost half of all US employees do not have financial plans to save money when they retire. (Billpin)

Debt Statistics in 2023

Many people around the world have encountered the issues of debt. These cause severe mental health problems. Here are a few debt statistics you should know:

  • 36% of US adults have credit card debt. It also restricts them from emergency savings. (Bankrate)
  • There’s $807 billion in credit card debt in the US. (Billpin)
  • According to Bankrate’s survey, debt and other expenses have negatively impacted 52% of US adults. (Bankrate)
  • 46% of people with debt suffer from mental illness. (Enrich)
  • 60% of Generation X and 55% of millennials declare money as a source of stress. (Bankrate)
  • 4.5% of US households do not have any bank accounts or cards. Some don’t earn enough to open a bank account, while some do not trust banks. (FDIC)
  • 83% of US Adults own credit cards. (Zippia)
  • With credit cards, comes credit card debt. On average, every US family has $6270 credit card debt. (Zippia)
  • People with debt are three times more likely to commit suicide, debt makes mental health worse for 86% of people.(the Money and Mental Health Policy Institute)

Investing Statistics in 2023

Investing is an effective way of making long-term income. However, if you invest without proper research, there are chances of being at a loss. Here are some investing statistics to help you:

  • 74% of the teens have been reported to have insufficient finance knowledge and want to learn more. Among these, 15% don’t know where to begin learning, and 50% are still learning. (Greenlight)
  • The average age to begin investing is 33.3. You’re mature enough till then to make tough decisions. (Bankrate)
  • Among Generation Z in America, 13% are financially illiterate. (Civic Science)
  • 51% of new investors are not literate about how investment fees work. (Bankrate)
  • According to Saxo’s research, 44% of youngsters do not invest due to limited funds. (Bankrate)
  • Most people invest in these sectors; financial (39%), real estate ( 37%), technology (37%), and healthcare (33%). (Bankrate)
  • Developing countries are facing investment shortages as they’re working towards sustainable development. (UNCTAD)
  • 25% of Americans do not have insurance for their families. (Billpin)

Budgeting Statistics in 2023

Planning your budget is vital to avoid waste of money. Let’s look into some stats involving financial plans.

  • 59% of households have less income than $50,000 and are worried about it. (Bankrate)
  • Financial plans and budgeting are vital for successful results. Only 30% of US households have long-term financial plans. (Gallup)
  • 85% of Americans have no financial plan to analyze their expenses. (Billpin
  • 15% of the citizens are working with financial planners. (Billpin)
  • People with written financial plans are more likely to save 50% more on their savings. (Billpin). Among these, only 15% have a written financial plan. (Billpin)
  • On average, US adults allocate their budgets for housing expenses (33%), transportation (16%), and savings and investment (6.7%). (Billpin

Money and Divorce Statistics in 2023

One of the worst decisions one makes in life is filing a divorce, and the price it costs is even worse. The asset division between the couple, the alimony, and child support payments are costly. Let’s go through some stats correlating money and divorce.

  • The divorce rate for first marriages has declined to 44%. (Psychology Today)
  • 20-40% of divorces are due to financial problems. (Jimenez Law Firm)
  • According to National Library, 24% of divorces are due to domestic abuse, and fighting for its case costs a lot of money. (Forbes)
  • 42% of children prefer living with their mothers and the child custody process is expensive. (Forbes)
  • According to Institute for Divorce Financial Analysts, the basic reason for divorce is incompatibility. (Legal Jobs)
  • Couples spend an average of $7000 on divorce cases. (Forbes)

Women and Money Statistics in 2023

According to researchers, women tend to spend more money than men. They spend a lot on expensive items like gifts, outfits, groceries, and cosmetics. Let’s look at some of the money statistics related to women.

  • The price of gifts purchased is likely to reach $960 billion. (Bankrate)
  •  Soon, women will be subject to 75% of non-compulsory shopping. (Bankrate)
  • Women have 20% less personal loan debt than men. (Bankrate)
  • They also have 2% less credit card debt than men. (Bankrate)
  • Around the globe, women share 84% of house chores and daily expenses. (Bankrate)
  • Women borrow less money compared to men when they initiate a business. (Bankrate)
  • The entire beauty industry is expected to cross $571.1 billion. It shows that women will consume more makeup products. (Bankrate)
  • Women also contribute the most to vehicle production. They have registered 55% of personal new vehicles at Buick. (Linkedin)
  • Women also play an important part in the economy and contribute 37% of global gross domestic product. (Bankrate)

The Trend and Future of Money Statistics in 2023

According to the PWC report, the adoption of artificial intelligence in banking systems will rise to 17%.

  • Advanced economies are expected to fall even more than 1.3%. (WEO)
  • Prices will increase by 4.5% in the US. (Statista)
  • Globally, it’s predicted that 23% of jobs will be disrupted. Due to this, many people will suffer from financial stress. (CNBC)
  • In the future, the number of families earning less than $2.15 per day will lower to 2%. (Guardian

Many new technologies such as AI, blockchain, and the Internet of Things, will now be used for the analysis of financial data. 

FAQ

What is the average savings rate in the United States?

The average savings rate in the United States is only 4.60 percent. Also, 48 percent of US citizens are confident in their savings for emergency usage. (Bankrate)

What percentage of the population in America lives below the poverty line?

11.6% of the population lives below the poverty line in America, and 2.75% of Americans earn less than $10 daily. (CNBC)

What are the most common financial mistakes during a divorce?

It’s important to have a clear picture of all your finances if you’re filing for a divorce. If your partner has ownership of all the finances, a divorce might cause many financial issues for you.  

Women experience a 27% decline in their expenses after divorce. (Brown Family Law)

How can I use money statistics to improve my investment portfolio?

Money stats give you a predictive analysis of your investments. With thorough research, there is minimal financial risk and your investment will also be long-term effective. 

Conclusion

These money statistics will give you a general idea of financial trends and economic facts. Before you perform any activity involving money, you need to know its potential effect on your finances. 

It is significant to prevent any risks in your investment and to have sufficient savings for your future uses. However, stats and trends are only a part of generalized information and you’ll have to dig deeper for a bigger financial decision. 

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Shalini Kapoor

Shalini Kapoor is a dedicated financial writer and editor at cashsavvytips.com. Currently pursuing her Master's in Accounting, she possesses a unique blend of academic rigor and practical insight into personal finance. Shalini is fervent about empowering individuals with actionable financial advice, grounded in her in-depth studies and natural flair for simplifying complex topics. As an editor, she ensures every piece of content meets the highest standards of accuracy and relevance. With a passion for continuous learning, Shalini is not just sharing knowledge but also constantly expanding her own, to benefit the readers of cashsavvytips.com.

Disclaimer: The opinions, analyses, and information expressed by this author are for informational purposes only and do not constitute financial, investment, or other professional advice. Always conduct thorough research and consult with a professional before making any investment decisions.

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