A Pharoah asked us for money this week. That’s one heck of a pyramid scheme! 🔼😆
Depending on your money style, you might have your household budget planned down to the last penny. Or, you might let your wallet take you wherever the wind blows. 💸 However, in an uncertain economy, more planners are chucking it in the you-know-what bucket.
Here’s Five Fast Facts on Americans and financial planning:
- 🦆 Ducks In a Row - When it comes to sticking to a financial plan, there tend to be two flavors. According to a recent survey, 40% of Americans consider themselves planners, AKA they have a strategy for managing their cash. These folks also tend to have at least $2,500 in savings, keep credit card balances below $2,000, and make all their payments on time.
- 👖 Seat of Their Pants - On the flip side, 60% run on vibes. They cross financial bridges as they come and deal with things in the moment. This group also tends to have lower savings and higher credit card balances.
- ✨ Vibe Check - Data shows that high-income earners are becoming more financially reactive in the face of a tough economy. In the survey, 52% of those making $100K a year or more say they run on vibes to manage their money. That’s a 25% drop within the last year.
- 👩🏻🦳 Through the Ages - When we look across generations, age groups tend to handle their finances in different ways. The survey showed 73% of Gen Z respondents consider themselves “reactive.” Out of the Baby Boomer group, 54% consider themselves planners.
- 💰 Golden Years - How much do Americans have saved for retirement? According to data from Fidelity Investments, the average 401(k) balance in Q1 of this year was $127,000. Americans say they need roughly $1.26 million to retire comfortably (per April data from Northwestern Mutual).
🔥Bottom line: Whether you’re a paycheck viber or a freak in the (spread)sheets, a wonky economy has everyone feeling on edge. Even if you’re not a super planner, getting control over your finances can be a game-changer. Don’t be afraid to start small! Feeling Debbie Downer about your financial situation? You might be richer than you think. Find out here!
Got any quick and easy financial tips?
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