Over a year ago I published a post titled “Money Statistics That May Scare You.” If you missed it, here’s a quick reminder of some key figures:
- 68% of people live paycheck to paycheck.
- 26% have no emergency savings.
- The median amount saved for retirement is less than $60,000.
- The average household carries $7,283 in credit card debt.
- The average student loan balance is $32,264.
Since that post, I’ve encountered additional money statistics that surprised me. As a personal finance writer, I regularly sift through studies and surveys—some findings are alarming, some are saddening, and some should motivate action.
The statistics below are intended to raise awareness and push you to do better than average. Even if your finances are already ahead of the curve, there’s often room for improvement. “Average” rarely equals financially secure, and many people endure stress and hardship because of common money mistakes.
Here are more eye-opening money statistics that might inspire you to change habits and make smarter financial choices.
On average, about $220 per person is spent on the lottery each year.
In 2014, Americans spent over $70 billion on lottery tickets—roughly $220 per person, including children. In some states, spending is far higher: for example, Rhode Island averages nearly $800 per person annually on lottery tickets. That’s a considerable amount spent on very low-probability returns.
About 40% of food is wasted.
Nearly half of all food produced ends up wasted. Imagine buying $100 worth of groceries and throwing away $40 of them every trip—that’s essentially what’s happening at scale. Reducing food waste can save money and have a meaningful environmental impact.
The average new car loan is around $27,000.
New car buyers typically finance about $27,000, while the average used car loan is nearly $18,000. Alarmingly, borrowers with the largest loans often have the poorest credit scores. Average monthly payments reflect these balances: around $471 for new car loans and $352 for used car loans. Financing large vehicle purchases can burden budgets for years—consider total cost, trade-offs, and alternatives before borrowing.
Many people waste money on unused gym memberships.
The average monthly gym membership costs about $58, yet a significant share of members seldom use their membership—Statistic Brain reports that 67% of people never use theirs. If you’re paying for a service you don’t use, cancel it or find a plan that matches your real habits.
The average student loan balance is roughly $30,000.
Student loan debt levels are substantial for many borrowers. Additional trends worth noting:
- Only 41% of college students graduate within four years.
- The three-year student loan default rate for recent graduates is about 15%.
- Borrowers over age 60 collectively owe tens of billions in student loan debt.
These figures highlight how education financing can have long-term consequences. If you’re managing or planning for student debt, seek strategies to reduce total borrowing and explore repayment options tailored to your situation.
Women are more likely than men to have no retirement savings.
Women are about 27% more likely than men to have no retirement savings. This gap reflects several factors, including career interruptions for caregiving, lower lifetime earnings in many fields, and longer average lifespans. These realities make retirement saving and investing especially important for women—consistent contributions and long-term investing can help close the gap.
Small, consistent steps—reducing waste, avoiding unnecessary recurring costs, borrowing prudently, and prioritizing retirement savings—can move you well ahead of the average. Which of these statistics surprised you the most, and where do you see opportunities to improve your own finances?