How Does Your Family Spend Money?
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Happy Monday everyone! As today is my birthday I really did not want to bore everyone with verbose prose on some sort of personal finance topic. So, what better way to communicate than through an infographic? A lot has been said about the middle class and where they stand (how they spend money), especially in light of the economic headwinds we’ve faced over the last five years. I like this infographic because it shows how the “average” middle class American family spends its money. Although I was not surprised by the following statistics, they did grab my attention:
- Only 3.2% of income is saved for retirement
- The middle class has shrunk by 11% since 1970
- The savings rate is abysmally low at 3.5%
- Student loan debt continues to increase
What are your thoughts? Did anything stick out to you, or was it of no surprise? How does your family spend money?