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Charted: Who Has Savings in This Economy?

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See this visualization first on the Voronoi app.

A chart visualizing the percentage of respondents to the statement “I have money leftover at the end of the month” categorized by sentiment, age, and education qualifications.

Who Has Savings in This Economy?

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Two full years of inflation have taken their toll on American households. In 2023, the country’s collective credit card debt crossed $1 trillion for the first time. So who is managing to save money in the current economic environment?

We visualize the percentage of respondents to the statement “I have money leftover at the end of the month” categorized by age and education qualifications. Data is sourced from a National Endowment for Financial Education (NEFE) report, published last month.

The survey for NEFE was conducted from January 12-14, 2024, by the National Opinion Research Center at the University of Chicago. It involved 1,222 adults aged 18+ and aimed to be representative of the U.S. population.

Older Americans Save More Than Their Younger Counterparts

General trends from this dataset indicate that as respondents get older, a higher percentage of them are able to save.

AgeAlways/OftenSometimesRarely/Never
18–2929%33%38%
30–4436%27%37%
45–5939%23%38%
Above 6049%28%23%
All Adults39%33%27%

Note: Percentages are rounded and may not sum to 100.

Perhaps not surprisingly, those aged 60+ are the age group with the highest percentage saying they have leftover money at the end of the month. This age group spent the most time making peak earnings in their careers, are more likely to have investments, and are more likely to have paid off major expenses like a mortgage or raising a family.

The Impact of Higher Education on Earnings and Savings

Based on this survey, higher education dramatically improves one’s ability to save. Shown in the table below, those with a bachelor’s degree or higher are three times more likely to have leftover money than those without a high school diploma.

EducationAlways/OftenSometimesRarely/Never
No HS Diploma18%26%56%
HS Diploma28%33%39%
Associate Degree33%31%36%
Bachelor/Higher Degree59%21%20%
All Adults39%33%27%

Note: Percentages are rounded and may not sum to 100.

As the Bureau of Labor Statistics notes, earnings improve with every level of education completed.

For example, those with a high school diploma made 25% more than those without in 2022. And as the qualifications increase, the effects keep stacking.

Meanwhile, a Federal Reserve study also found that those with more education tended to make financial decisions that contributed to building wealth, of which the first step is to save.

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Personal Finance

Mapped: The Income a Family Needs to Live Comfortably in Every U.S. State

Families in expensive states require over $270,000 annually to live comfortably.

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A map showing the income that two working adults with two children need to live comfortably in each U.S. state.

The Income a Family Needs to Live Comfortably in Every U.S. State

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Families in the top five most expensive U.S. states require an annual income exceeding $270,000 to live comfortably.

This visualization illustrates the income necessary for two working adults with two children to maintain a comfortable lifestyle in each state.

“Comfortable” is defined as the income needed to cover a 50/30/20 budget, with 50% allocated to necessities like housing and utilities, 30% to discretionary spending, and 20% to savings or investments.

The calculations for family income needed in each state were done by SmartAsset, using the cost of necessities sourced from the MIT Living Wage Calculator, last updated on Feb. 14, 2024.

Massachusetts Tops the List

Massachusetts is the most expensive state to live comfortably in, requiring a total family income of about $301,184. Hawaii ($294,611) comes in second, followed by Connecticut ($279,885).

Housing is one main reason Massachusetts is an expensive state to live in, particularly in the Boston area. In addition, the state also has a high cost of living, including expenses such as healthcare and utilities.

RankStateIncome for 2 working adults raising 2 children
1Massachusetts$301,184
2Hawaii$294,611
3Connecticut$279,885
4New York$278,970
5California$276,723
6Colorado$264,992
7Washington$257,421
8Oregon$257,338
9New Jersey$251,181
10Rhode Island$249,267
11Vermont$248,352
12Minnesota$244,774
13New Hampshire$244,109
14Alaska$242,611
15Maryland$239,450
16Nevada$237,286
17Virginia$235,206
18Illinois$231,962
19Arizona$230,630
20Pennsylvania$230,464
21Maine$229,549
22Delaware$228,966
23Wisconsin$225,056
24Utah$218,483
25Michigan$214,490
26Nebraska$213,075
27Georgia$212,826
28Montana$211,411
28Iowa$211,411
30Idaho$211,245
31North Carolina$209,331
31Ohio$209,331
33Florida$209,082
34Indiana$206,003
35New Mexico$203,923
36Wyoming$203,424
37Missouri$202,259
38North Dakota$202,176
39Texas$201,344
40South Carolina$200,762
41Kansas$196,768
42Tennessee$195,770
43Oklahoma$194,106
44Alabama$193,606
45South Dakota$192,608
46Kentucky$190,112
47Louisiana$189,613
48West Virginia$189,363
49Arkansas$180,794
50Mississippi$177,798

Meanwhile, Mississippi is the least expensive state for a family to live comfortably, requiring $177,798 per year. Arkansas ($180,794) comes in second, followed by West Virginia ($189,363). In common, all these states share low prices of housing.

Learn More About Cost of Living From Visual Capitalist

If you enjoyed this post, be sure to check out this graphic, which ranks the median down payment for a house by U.S. state.

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