Finance

Latest study of personal finance data shows how much Americans spent and saved last year, despite high debt | National

AUSTIN, Texas, January 9, 2023 /PRNevsvire/ — Upgraded points shared the results of a recent survey looking at the spending habits of the average American, from credit card spending to how much people managed to save over the past year despite rising inflation. The study looked at credit card purchases, frequency of use, age/gender of cardholders, card benefits, banks most cardholders use, how often cardholders miss payments, and other interesting financial data.

Study methodology

Upgraded Points surveyed 1,000 Americans from various demographic and socioeconomic groups, asking questions on topics ranging from credit card use, savings and budgeting habits, which purchases should be put off due to debt and more.

The personal finance experts have also created an interactive calculator that allows users to see exactly what they could afford to buy if they had cash on hand equal to their debt. From small treats like cocktails and coffee to indulgent luxury expenses like a two-week trip to Europe or a down payment for a new car.

America’s Debt Story – Inflation takes a huge toll

“Most financial experts agree that everyone should have at least six months of emergency expenses saved up,” he said. Alec Miller, founder of Upgraded Points. “For example, if your personal expenses are total $3000/month, you should have at least $18,000 in savings to support you. Unfortunately, many Americans don’t even come close to setting aside that much money. Our study found that 32% of Americans have less than 500 dollars in your savings account”.

The survey also found that nearly half of all Americans are going deeper into debt; especially with the cost of inflation affecting gas, groceries, rent and other expenses. More than 21% of those surveyed say they can’t save any money at all because of the increased costs of inflation.

Other results of the study showed that:

  • 17% of Americans don’t save because they earn just enough to get by.
  • 23% of Americans try to budget but fail.
  • 21% of Americans don’t stick to any budget at all.
  • 73% of Americans are currently stressed about their financial situation.

Financial worries hit younger adults the hardest, with 80% of 25-34 year olds saying money was a major stressor in their lives. 24% of those surveyed said they had to find another job to pay off their debts, while another 19% are thinking about it.

Credit Card Debt – The Good and the Bad

  • 44% of Americans were 22 or older before getting their first credit card.
  • Most Americans have credit cards with Capital One or Bank of America.
  • 43% of men use credit cards as their primary form of payment – ​​far more than women.
  • 47% of respondents said that credit cards are the most common source of their debt.

“Acquiring significant credit card debt that exceeds your financial limits can have serious financial consequences. However, when managed properly, credit cards can be helpful financial tools. It’s easy to forget how beneficial credit cards are to maintaining and improving your credit score,” he said Alec Miller. “Most credit cards have a wide range of incentives such as cash back rewards, sign-up bonuses and reward points that can be redeemed for premium airline tickets, hotels and even experiences such as exclusive wine tastings and special tickets to major sporting events . “

To see the full findings, along with a breakdown including who is most likely to miss a credit card payment, along with color charts and an interactive calculator, visit study here.

About Upgraded Points LLC

Based in Austin, Texas, Upgraded Points is a travel company that provides insider strategies for maximizing travel, points and credit cards. Launched in 2016 by Alec Miller, Upgraded Points also uses targeted research efforts and in-depth studies to provide travelers with additional insights and data. Learn more at: www.UpgradedPoints.com.

Media contact:

Alec MillerFounder

1-214-646-8866

350877@email4pr.com

Cision See original content: https://www.prnevsvire.com/nevs-releases/nevest-personal-finance-data-studi-looks-at-hov-much-americans-have-spent-and-saved-last-iear- despite-the-remaining-debt-301716596.html

SOURCE Upgraded Points LLC

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