How Americans Make and Spend Their Money, by Education Level
Months ago, we showed you a set of data visualizations that highlighted how people make and spend their money based on income groups.
Today’s post follows a similar theme, and it visualizes differences based on education levels.
Below, we’ll tackle the breakdowns of several educational groupings, ranging from high school dropouts to those in the highest education bracket, which is defined as having achieved a master’s, professional, or doctorate degree.
Income and Spending, by Education
The data visualizations in today’s post come to us from Engaging Data and they use Sankey diagrams to display data from the Bureau of Labor Statistics (BLS) that shows income and expenditure differences between varying levels of education in America.
The four charts below will show data from the following categories:
- Less than high school graduate
- High school graduate
- Bachelor’s degree
- Master’s, professional, or doctorate degree
It should be noted that the educational level listed pertains to the person the BLS defines as the primary household member. Further, people in households can be at different ages and at different stages in their career – for example, someone with a Master’s degree could be 72 years old and collecting pension payments, and this impacts the data.
Less than High School Graduate – $28,245 in spending (98.5% of total income)
These contain an average of 2.2 people (0.7 income earners, 0.6 children, and 0.5 seniors)
The average household in this category brings in $17,979 of salary income, as well as an additional $7,503 from social security programs.
Almost all money (98.5%) is spent, and on average these households are actually pulling money from savings (or taking out loans) to make ends meet. The biggest expenditure categories include: housing (23.5%), foot at home (12.3%), household expenses (8.4%), and gas/insurance (8.2%).
High School Graduate – $35,036 in spending (87.3% of total income)
These contain an average of 2.3 people (1.0 income earners, 0.6 children, and 0.4 seniors)
The average household here brings in $29,330 of salary, as well as $9,008 from social security.
These households spend 87.3% of their income, while putting $3,113 (7.8%) away in savings each year. The biggest expenditure categories include housing (21.7% of spending), food at home (10.1%), gas/insurance (10.0%), and vehicles (7.7%).
Bachelor’s Degree – $63,373 in spending (68.6% of total income)
These contain an average of 2.5 people (1.5 income earners, 0.6 children, and 0.4 seniors)
Households with at least one person with a Bachelor’s degree earn $81,629 per year in salary, as well as nearly $11,000 stemming from a combination of social security, dividends, property, and other income.
Roughly 68.6% of income is spent, with 16.6% going to savings. Top expenditures include housing (22.4%), gas/insurance (8.8%), household expenses (7.9%), and food at home (7.6%).
Graduate Degree – $83,593 in spending (62.9% of total income)
These contain an average of 2.6 people (1.5 income earners, 0.6 children, and 0.4 seniors)
Finally, in the most educated category available, the average amount of salary coming into households is $116,018, with roughly an additional $17,000 coming in from other sources such as social security, dividends, property, and other income.
Here, 62.9% of income gets spent, and 17.3% gets put towards savings. The most significant expenditure categories are housing (23.3%), household expenses (8.4%), gas and insurance (7.2%), and food at home (6.9%).
A Changing Role for Education?
For now, there is a clear link between certain types of college degrees and higher salaries.
However, as total student debt continues to hit record highs of $1.5 trillion and as more remote educational options proliferate online, it will be interesting to see how these charts are impacted in the coming years.
By the year 2030, do you think education will still have the same strength of correlation with income levels?
Mapped: Renewable Energy and Battery Installations in the U.S. in 2023
This graphic describes new U.S. renewable energy installations by state along with nameplate capacity, planned to come online in 2023.
Renewable and Battery Installations in the U.S. in 2023
This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on real assets and resource megatrends each week.
Renewable energy, in particular solar power, is set to shine in 2023. This year, the U.S. plans to get over 80% of its new energy installations from sources like battery, solar, and wind.
The above map uses data from EIA to highlight planned U.S. renewable energy and battery storage installations by state for 2023.
Texas and California Leading in Renewable Energy
Nearly every state in the U.S. has plans to produce new clean energy in 2023, but it’s not a surprise to see the two most populous states in the lead of the pack.
Even though the majority of its power comes from natural gas, Texas currently leads the U.S. in planned renewable energy installations. The state also has plans to power nearly 900,000 homes using new wind energy.
California is second, which could be partially attributable to the passing of Title 24, an energy code that makes it compulsory for new buildings to have the equipment necessary to allow the easy installation of solar panels, battery storage, and EV charging.
New solar power in the U.S. isn’t just coming from places like Texas and California. In 2023, Ohio will add 1,917 MW of new nameplate solar capacity, with Nevada and Colorado not far behind.
|Top 10 States||Battery (MW)||Solar (MW)||Wind (MW)||Total (MW)|
The state of New York is also looking to become one of the nation’s leading renewable energy providers. The New York State Energy Research & Development Authority (NYSERDA) is making real strides towards this objective with 11% of the nation’s new wind power projects expected to come online in 2023.
According to the data, New Hampshire is the only state in the U.S. that has no new utility-scale renewable energy installations planned for 2023. However, the state does have plans for a massive hydroelectric plant that should come online in 2024.
Renewable energy is considered essential to reduce global warming and CO2 emissions.
In line with the efforts by each state to build new renewable installations, the Biden administration has set a goal of achieving a carbon pollution-free power sector by 2035 and a net zero emissions economy by no later than 2050.
The EIA forecasts the share of U.S. electricity generation from renewable sources rising from 22% in 2022 to 23% in 2023 and to 26% in 2024.
Batteries4 days ago
Mapped: Renewable Energy and Battery Installations in the U.S. in 2023
Markets3 weeks ago
Visualizing the American Workforce as 100 People
Technology4 days ago
Nvidia Joins the Trillion Dollar Club
Energy3 weeks ago
How EV Adoption Will Impact Oil Consumption (2015-2025P)
Demographics1 day ago
Comparing Population Pyramids Around the World
Wealth2 weeks ago
Ranked: The World’s Top 50 Endowment Funds
Markets4 weeks ago
Visualized: Real Interest Rates by Country
Markets2 weeks ago
Charting the Rise of America’s Debt Ceiling