As the economy continues to do whatever it wants without prediction or any type of reason, the people feel the uncertainty the most. To back up the worry, the doubt and the fear; the statistics tell us the most. Though these statistics are a bit scary, I feel it is worth it to put on the table so people can make see the truth and make the necessary changes to be on the right side of the statistics.
Again, these statistics are not meant to scare people, but to show them they are not alone if they are on the wrong side of the equation. There is always time to change and make a difference in your future. Use these statistics as power to push you to new levels and change any situation you face. Below are a few statistics I found that peaked my interest.
- From bankrate.com (2023), “Money is the most cited factor that has a negative impact on U.S. adults’ mental health (52%), ahead of one’s own health (42%), current events (41%), the health of family and friends (36%), relationships with friends/family (32%) and work (31%).”
- According to the Bureau of Economic Analysis, Americans saved an average of 6.4% of their incomes as of 2022. (CreditDonkey)
- Over half of American adults (54%) are afraid they won’t have enough money to cover their personal expenses.
- Americans’ debt is piling up. 36% of U.S. adults have more credit card debt than emergency savings, as of January 2023, the highest percentage since 2011.
- 34% of Americans said they’re either struggling or in crisis.
- Just over half of Americans (51%) said they had difficulty paying their bills in the past three months, while 42% said the same about providing food.
Where To Go From Here
I am a firm believer it all starts by getting back to the basics of budgeting, practicing mindful spending, becoming intentional about saving, and managing debt.
This is how our family became debt free before the age of 40 with a paid off house. We had to make decisions to skip things we really wanted to do or buy. It wasn’t easy, but looking back it those were some of the best decisions we ever made. We now are on the other side of these statistics and live a life free of money stress. You can do the same.
If you are on the wrong side of the statistics and do not know what to do…
Hit me up and I will get you on the right track. Helping people is where my heart lights up every single time.
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