Personal finances

Part
01
of one
Part
01

Attitudes: Personal finances

When searching for statistics and information regarding attitudes about personal finances within the income range of $50K-$150K, there were many national surveys of data that includes this information, but used a wider range of income. They often started their statistics with an income of $30K, and capped their ranges at $100K and above. For these instances, details pertaining to the specific income ranges used are stated. Below you will find information that is organized into three major income ranges, each of which contains factual points relating to how individuals in those ranges apply their money to their lives, as well as how they feel about their personal finances.

Income Range: $50K-$75K

In 2016, approximately 16% of the population had an income that fell within the range of $50K to $74,999 per year. Of the total population, 37% stated that they did not attend college due to finances, and 42.6% said that they started college but did not finish for the same reason. Between 2009 and 2017, 54% of the population had some ownership in stock, but only 26% felt that stocks had a great return in terms of investment methods. 17% percent of the people in this income range owned some type of mutual funds, and 41% of them also were investing between 5% and 9% of their total income into a retirement plan. Of individuals in this income range, 18% did not invest anything into a retirement because they felt that they could not afford to. The average credit card debt of this population was about $4,900.

In 2017, between 10%-14% of the population that had an income between $30K and $74,999 said their income was poor, while 32%-40% said the same income was fair, and 47%-51% said that this income was good enough. Only 3% of the population in this financial income range felt that their financial standing was in excellent condition.

Income Range: $75K-$100K

11% of the population in 2016 had an income range that fell within the range of $75K-$99,999 for the year. The average credit card debt of individuals in this income range was approximately $5,800 in 2017. During the time between 2009 and 2017, around 75% of this population had ownership of some stocks, but only 33% felt that stocks produced a great financial return. 17% of this group also owned some sort of mutual funds. For people that fell within this income range and were in a relationship, 47.46% felt that finances were the most stressful part of their relationship.

In a study that considered the income range of individuals between $40K-$100K, 7.5% of them stated that they would use some sort of tax refund, pawn shop loan, payday loan, or paycheck advance to cover a financial hardship. Another 23% of the people within this income range stated that they would forego medical treatment due to finances, even though 86.7% of them had some sort of retirement savings.

In 2017, between 1% and 7% of the population that had an income above $75K felt that their income was poor, 21%-29% of them felt that their income was only fair, and 50%-58% felt that their financial standings were good. The remaining 15%-20% of this population stated that their income was excellent for them.

Income Range: $100K-$150K

In 2016, approximately 13% of the U.S. population had an income ranging between $100K and $150K for the year. The average credit card debt of such individuals was around $8,300 in 2017. Between 2009 and 2017, 89% of this population had ownership of some stocks, but only 34% felt that stocks had a great financial return. 95.7% of the people in this income range had some sort of retirement savings plan, but 9% also said that they would forego medical treatment due to finances, and 3% said they would resort to using some form of tax refund, payday loan, or paycheck advance to cover a financial hardship. For individuals that had an income above $100K and were in a relationship, 42.86% reported that finances were the most stressful part of their relationship

In a study that considered individuals with an income range between $75K and $150K in 2017, 25% owned mutual funds, and 46% had between 5% and 9% of their total income saved for retirement. 23% of the population in this range did not contribute any of their money to a retirement savings plan because they felt they could not afford to.

Conclusion

In general, individuals that had incomes in the range of $50K-$75K were less satisfied with their finances than those with larger incomes, which is largely due to the lack of available resources to them. However, there are still individuals in all income ranges that are dissatisfied with their finances, even though higher income ranges showed less stress. Regardless of income, around half of the population felt that finances were the largest area of stress in their relationships.
Sources
Sources