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