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March 06, 2006

Typical American Family Finances

The Washington Post has a wake-up call for American families

Meet the typical American family.

It has about $3,800 in the bank. No one has a retirement account, and the neighbors who do only have about $35,000 in theirs. Mutual funds? Stocks? Bonds? Nope. The house is worth $160,000, but the family owes $95,000 on it to the bank. The breadwinners make more than $43,000 a year but can't manage to pay off a $2,200 credit card balance.

The description of the typical American family is based on the Federal Reserve Board's most recent Survey of Consumer Finances

Posted by kfolger at March 6, 2006 10:36 AM

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