10 Spooky and 10 Not So Spooky Financial Facts To Empower You!
The Real Spooky Financial Facts
I don’t know about you, but personally, I am exhausted by all the ‘scary financial facts’ referring to individual credit card and student loan debt, lack of savings, inadequate retirement preparedness, etc, when the real spooky financial facts exist at a much higher (state, federal, global) level.
We are made to think that we are entirely the problem when it comes to our financial circumstances and wellbeing. While there is always room for growth in terms of our relationship to money and personal financial management, the systems and structures that we live and work within greatly impact us financially. Recognizing the interconnectedness of our personal finances and government policy helps us to better understand our greater financial picture. My hope in sharing these spooky financial facts is to reduce feelings of financial shame.
Also, some of the real spooky financial facts are just for fun, because they are wild!
The Not So Spooky Financial Facts
I also want to take a moment to acknowledge all the amazing and beautiful financial facts of the nation and the world. There are, in fact, many. Living in the spooky financial facts alone can feel daunting and leads to a distorted worldview. Being grounded in the reality that there are many spooky financial facts and many not so spooky financial facts will help you to make more well rounded and fully informed decisions.
As you read through the spooky and not so spooky, take a moment to notice how the different financial facts make you feel. Ask yourself…
‘How does this financial fact make me feel and why?"‘
‘Which financial facts am I skeptical of or resistant to and why?’
‘How does this financial fact change my perspective on myself, the nation, or the world?’
The real reason for the not so spooky financial facts though - I do not do scary well (no haunted houses for me).
10 Spooky and 10 Not So Spooky Financial Facts To Empower You!
Spooky Government Financial Facts
1. Only 7 states require high school students to take a semester long personal finance course, yet seniors in high school, at just 18 year olds, can open credit cards…spooky!
2. The Trump administration blocked attempts to regulate predatory lending (such as payday loans with triple digit interest rates), which predominately impact low-income people and people of color…spooky!
3. In the past 20 years alone, the national debt has more than tripled to over $35 trillion (that’s $35,000,000,000,000)…sp000000ky!
And they have the gall to shame you for $20,000 of credit card debt!
Need help conceptualizing a trillion dollars, check out this CBS article
4. The Pregnancy Discrimination Act was only implemented in 1978 and the Family and Medical Leave Act (FMLA) was only implemented in 1993…spooky!
Not So Spooky Charitable Giving Financial Facts
1. The Cleveland Clinic has found that charitable giving has health benefits and makes people happier…not so spooky!
In what ways do you spend money that brings you happiness?
2. 67% of all Americans donate money, averaging 4% of their total income…not so spooky!
What cause would you like to donate to and why?
3. Americans are twice as charitable as Canada and three times more charitable than the UK…not so spooky!
4. The Giving Pledge, created by Bill Gates, Melinda French Gates, and Warren Buffet, is a growing philanthropic community of over 240 billionaires worldwide, who have pledged to donate at least 51% of their wealth to charitable causes. It is estimated that The Giving Pledge has donated over $600 billion to various causes of their choice…not so spooky!
Spooky Industry Financial Facts
5. According to the CDC, the tobacco industry spends over $8 billion annually on marketing (that is $22.5 million each day, over $1 million an hour). Sounds like a lot? Not to the tobacco industry, that earns over $100 billion dollars in a single year…spooky!
6. The timeshare industry generates over $10 billion of annual revenue (that’s more than Major League Baseball!) through means of intimidation and manipulation…spooky!
For more information on avoiding timeshare scams, read the Federal Trade Commission Consumer Advice’s Timeshares, Vacation Clubs, and Related Scams
7. Major investors are buying residential homes at increasing rates pushing out average home buyers…spooky!
Not So Spooky State of the Nation and World Facts
5. In the past 20 years, the number of people living in absolute poverty has been cut in half…not so spooky!
6. Over the past 53 years, the average mortgage rates have been 7.37% - today’s mortgage rates are 6.35%, less than average…not so spooky!
7. Say what you will about the TikTok generation, according to the TransAmerica Center for Retirement Studies, 66% of Gen-Z is already saving for retirement…not so spooky!
8. The average annual stock market return is 10%…not so spooky!
Read 4 Limiting Beliefs About Investing and How to Address Them to learn more about stock market downfalls and gains throughout history.
Spooky Education and Healthcare Financial Facts
8. The benefits of a college degree are decreasing as tuition rates rise, often exceeding $100,000 for a four year degree, and two thirds of Americans have some to no confidence in the higher education system…spooky!
Explore alternatives, such as technical school, or earning an Associate’s degree at a 2 year school to reduce overall loans
9. As of May 2024, childcare now costs more than housing in all 50 states…spooky!
Read more about How Other Nations Pay For Childcare in The New York Times
10. The United States spends more on healthcare costs than any other wealthy country…spooky!
Read Never Pay the First Bill by Marshall Allen
Not So Spooky Women’s Empowerment Financial Facts
9. 33% of the world’s wealth is held by women…not so spooky!
10. According to Kiplinger, 49% of women are the ‘chief financial officer’ of finances in the home and 43% are the primary breadwinner…not so spooky!
Bonus fact: According to the Harvard Center for International Development, “women typically reinvest up to 90 percent of their earnings in their families and communities compared to only 30 to 40 percent among men”…amazing!
