How We Manage Money in the U.S. [Infographic]

A snapshot of how people in the United States approach finances

How do you compare to the general population when it comes to money? In this infographic created by the Online Accounting Degree Program blog, you’ll get a peek into how people in the United States approach household finances, budget preparation, and saving. You’ll also see where consumers have the most money trouble.

Surprisingly, 52% of teens say they want to learn more about how to manage their finances. Some other tidbits: About 2 in 3 adults don’t have a budget and 47% are losing sleep over financial worries.

Dollars and Sense: How Wise Are We With Money?
Source: Dollars and Sense: How Wise Are We With Money?

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  • datracker

    Ngo, show us how we handle our personal finances through many informative graphics illustrating the many different socioeconomic factors that shape our financial perspective and our financial behavior.

    Not surprising, the less educated, the lower income people tend to do worse in regards to budgeting and saving their money. Financial literacy is also in short supply according to this article.

    But this is where simple, good financial habits can really make a big difference in personal financial outcomes. Simple habits like tracking your money can be a big set-up step for being able to convert this tracking information into a monthly budget. Plus, tracking provides people with a black and white documentation of their spending patterns.

    The point is a few simple financial habits, like tracking your money, can be the precursor action towards building real savings. Finally our grandparents and parents had the advantage of using the old checkbook register as their tracking device but widespread adoption of plastic money, like debit and credit cards, disrupted this habit.

    However, there is a new smart checkbook handheld register, that tracks all of your money, and was invented by Black inventors, the Debit Tracker. This product re-establishes financial control with the ability to easily set up budgets and save money.