Are you one of the Americans gambling with their finances? Are you one of the 51% of Americans living paycheck to paycheck? It’s a tough way to live, always worrying about money and never being able to save for the future. But it doesn’t have to be this way. There are things you can do to get your finances under control and start putting away money for the future instead of joining the club of Americans gambling with their finances.
How Americans are Gambling with their Finances
As many as 42% of Americans would be unable to cover an unexpected $1,000 expense, according to a recent survey. This highlights the importance of having an emergency fund in place.
Although most Americans have some savings set aside for emergencies, many have already had to dip into those funds to cover unexpected expenses. According to a recent survey, nearly half of all respondents (48%) said they had used money from an emergency fund at some point, while 21% said they had taken money out of a 401K or IRA.
Despite the majority of people managing their finances themselves, 1 in 4 lack confidence in their ability to do so. This suggests that financial advice from others could be helpful for many people. However, only 12% said they currently have a financial advisor. While 85% are open to financial advice, 15% would prefer people keep their recommendations to themselves.
Budgeting is not at the top of most people’s priority lists. Nearly 1 in 3 (27%) do not budget at all. Gen Zers are the worst at it (31%) followed by Gen X (26%), Baby Boomers (26%), and Millennials (25%).
To Save or Not to Save
The pandemic has impacted the way many people manage their finances, with 46% saying they have cut back on spending. More than half of those surveyed (54%) say they have stopped spending as much money, and 1 in 4.
Many Americans are confident in their ability to save money, with 64% saying they are good at it. However, retirement savings are a different story, with only 57% saying they are confident in their ability to save for retirement. This lack of confidence may be due in part to the fact that 47% of Americans are not currently saving for retirement.
A recent survey found that very few people believe they will be able to retire at 60. Most people think they will have to work until at least 65, and 16% don’t think they’ll ever be able to retire.
Future Finances
A majority of Americans are worried about the current state of the economy, with 84% expressing concern. This feeling is especially prevalent among Gen Xers (59%) and Millennials (54%). Half of the respondents don’t feel confident about their financial future.
A recent study found that 49% of people are not taking any financial risks at the moment. Only 32% have taken a financial risk in the last 12 months, with Millennials being the most likely to do so (35%).
A new survey has found that 64% of Americans have debt, with the average person owing around $25,139. For many people, trying to get out of debt can feel like a daunting task. However, there are several ways to tackle your debt head-on.
As the state considers the prospect of legalizing online casinos in New York, it’s important to keep in mind how people look at their finances. For some people, gambling is a way to get out of debt, while for others it is a way to make extra money. According to a recent survey, 8% of people have tried to get out of debt by playing the lottery, and 15% buy a ticket whenever there is a major jackpot. On average, people spend $46 on lottery tickets each year and win $156 on average.
Whether you try your luck in the lottery or budget carefully for every penny you make, finances are tricky. But with careful planning and a bit of luck, anyone can achieve their financial dreams.
