Visitor publish by Nick Rubright, Digital Advertising and marketing Specialist and skilled author at Mvix.

Main financial upheavals have induced severe issues for many individuals’s funds. The pandemic solely served to compound issues, with many markets changing into more and more risky for the typical client.

In case you’re like many people, you might be questioning the place your paycheck has gone, month after month.

To shed some gentle on why your paycheck will not be going so far as it used to, let’s check out some important private finance stats for 2022.

Normal Earnings-Associated Private Finance Statistics

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The pandemic caused a interval of earnings instability within the overwhelming majority of U.S. households.

Listed below are some essential post-pandemic private finance stats associated to yearly earnings:

  1. The common yearly private earnings within the U.S. is $63,214. (Zippia, 2022)
  2. The median family earnings within the U.S. is $61,937. (Zippia, 2022)
  3. The median common earnings (for the final inhabitants) within the U.S. is $44,225. (Zippia, 2022)
  4. Roughly 15% of U.S. adults with an earnings underneath $50,000 used most of their credit score on housing-related bills. (Federal Reserve, 2021)
  5. In the identical earnings vary, 27% of fogeys struggled with their payments attributable to earnings variability. (Federal Reserve, 2021)

Earnings uncertainty may lead to a scarcity of an emergency fund maintained by low-income households. This additional elevates the necessity for a number of earnings sources. 

The state of affairs is compounded when you think about that the majority workers had little to no security web when the pandemic hit in 2020. 

Fortunately, many corporations carried out monetary, psychological, and bodily office wellness initiatives and prolonged paid day without work to assist mitigate the results of the pandemic on monetary safety.

Mortgage and Dwelling Possession-Associated Private Finance Statistics

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The continued tendencies within the bigger housing market are an amazing indicator of what present and future householders can sit up for when it comes to private funds. 

Listed below are the highest mortgage and residential ownership-related private finance stats:

  1. The median sale value of a single-family residence within the U.S. is $391,200 as of April 2022. (Statista, 2022)
  2. The sale value of single-family properties is at present at a document excessive, after a gradual climb since 2011. (Statista, 2022)
  3. The present excellent mortgage debt within the U.S. is round $18 trillion. That is up from $16.8 trillion in 2020. (Statista, 2021)
  4. The median hire crossed the $2,000 mark for the primary time in Might 2022. (Redfin, 2022)
  5. 2022 noticed hire hikes of three.7% from 2021, amounting to a median of $962 a month. (RealEstateSwitch, 2022)

Except for the upper hire and improve in gross sales costs of particular person properties, the housing market noticed a common scarcity of properties on the market.

This was attributed to quite a few elements, together with non-public buyers and companies shopping for up obtainable properties. Solo renters and small households additionally reported being frequently outbid for rental properties regardless of being additional conservative with their funds.

Actual Wage-Associated Private Finance Statistics

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Prior to now, there have been sweeping estimates made within the identify of defining an actual common family earnings.

Nevertheless, the present state of the economic system and earnings inequality dictate that there can’t be an correct quantity since earnings varies by age, gender, race, and a number of other different elements.

To that finish, listed below are crucial income-related stats for 2022:

  1. The true wage within the U.S. solely elevated by $2.38 from 1964 to 2018. (Zippia, 2020)
  2. The common hourly (actual wage) earnings are $10.97, as of Might 2022. (Bureau of Labor Statistics, 2022)
  3. The common hourly earnings noticed a drop of two.5% from Might 2021 to Might 2022. (BLS, 2022)
  4. The common weekly (actual wage) earnings are $379.53, as of Might 2022. (BLS, 2022)
  5. The common weekly earnings noticed a drop of 4% from Might 2021 to Might 2022. (BLS, 2022)

The lower in actual earnings might be attributed to a rise in labor outsourcing, caps on wage will increase on each the state and federal stage, in addition to decrease union memberships. 

Further Private Finance Statistics for 2022

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Regardless of the economic system stabilizing within the aftermath of the pandemic, the vast majority of Individuals proceed to face financial hardship in a single type or the opposite. 

Listed below are some extra private finance statistics that present the present state of affairs for the typical American.

  1. Round 58% of Individuals reside paycheck to paycheck in 2022. (PYMNTS & LendingClub, 2022)
  2. Roughly 157 million U.S. adults make up the 58% who reside paycheck to paycheck. (PYMNTS & LendingClub, 2022)
  3. 30% of individuals dwelling paycheck to paycheck make $250,000 or extra. (CNBC, 2022)
  4. In 2022, roughly 56% of Individuals can be unable to cowl emergency bills of $1,000 or extra. (CNBC, 2022)
  5. Present client costs within the U.S. are up 8.6% on account of inflation. (BLS, 2022)

Again in 2017, one in 10 folks making six figures and over have been dwelling paycheck to paycheck. As we will see from the aforementioned stats, the state of affairs has gotten progressively worse, even for comparatively wealthier people. 

Contemplating the comparatively bleak state of affairs confronted by most Individuals, it makes all of the extra sense to begin investing effort and time into enhancing your private funds. 

Closing Ideas

It’s by no means been extra clear that effectively managing private finance is important. If 2020 and 2021 taught us one factor concerning the coming monetary local weather within the U.S., it was that private funds must be managed on the person stage for there to be any sort of stability.

That stated, as an employer you may positively assist enhance the non-public funds of your workers. And these contributions don’t should take the type of outright financial compensation.

A strong monetary wellness platform is usually a large assist to workers who want a serving to hand. Not solely can it assist workers handle their time higher and be extra productive, however it might work as a strong worker engagement device as nicely.