Financial Statistics That'll Shock You

Financial Statistics That'll SHOCK YOU %24 %2$ $4$ %24 %24 1. HAVE YOU SAVED FOR RETIREMENT? According to the 2011 Retirement Confidence Survey SURVEY from the Employee 27% ofus workers Benefit Research Institute (EBRIJ, in are "not at all confident about 2010 that number 22% having enough money for a comfortable retirement." [1] was 22% *68% of workers report that they have saved $4 for retirement, which is down 75% from in 2009. [1] * A "sizable percentage" of workers have little to no retirement savings. (1) *29% $I000 have less than $1,000 in savings. [1] THE RAINY DAY FUND *50%ak of Americans have less than one month's income saved in case of emergencies. [2] Start small. MSN's Money suggests putting aside "one month worth of living expenses before tackling any debt or investing." [3] Then alternate betweeh paying off debt and building up your emergency fund. [3] %$4 %24 * Finally, once the emergency fund is stocked, go DEBT into overdrive to pay off debt. [3] 3. A COLLEGE DEGREE DOESN'T GUARANTEE A JOB 56% * Only of the class of 2010 had held a job. [4] 56% MOM, PLEASE SEND MONEY The Rutgers John J. Heldrich Center for Workforce Development study investigated the Connection between formal education and first jobs after college * In 2006 and 2007, the number of college graduates with a job graduation. [5] EDUCATION-JOBS was closer to JOB 90% [4] * The median starting salary for the classes of 2009 and 2010 was Graduates in 2006-2008 $27,000 earned a slightly higher average $30,000 [4] of [4] With reward points and cash back, using a credit card should save you money. [6] But does it? YOu'LL SPEND MORE WITH CREDIT CARDS * According to MoneyCrashers, if you give 2 couples $50 to spend at a restaurant, the couple who is given cash will stay on budget, while the couple who uses a credit card will spend more. [6] VS. Ifyou go OVer budgetwhen paying with a credit card, you are covered. [6] 5. BROWN BAG ITV $* eShopper Forum sees the "brown bag v. buying lunch" issue as hinging on "it depends." (7] * Experts are divided on whether bringing your lunch to work saves %24 dollars or pennies. (7) The "it depends" factors are: * What do you spend on lunch when you eat out? Surf and turf at the swankiest restaurant in town or something off the dollar menu at the local fast food joint? [7] * What do you spend on lunch that you bring in to work? If you bring in leftovers from last night's dinner, your savings will be more than if you buy individually packaged bags of fruit, veggies, chips, and cookies. [7] Potato CHIPS eShopper Forum suggests packing your lunch but doing it frugally. Instead of buying tiny bags of chips, buy a large bag of chips and divide it into smaller bags. [7] 6. PAYCHECK TО РАYСHЕСK Paycheck *42%of workers live paycheck to paycheck. [8] * MSN's Careers reports that female workers (46%) are more likely to live paycheck to paycheck than male coworkers (38% 18] Paycheck * Most surprising? 14%of those earning 6 figures a year are living paycheck to paycheck. [8] 7, MORTGAGE APPLICATION: REJECTION Did you know that 30% of mortgage applications are rejected? [9] MORTAGE APPLICATION * That's more than 2 millionapplications rejected in 2010, according to the Federal Financial Institutions REJECTED Examination Council. [9] * Position your application to avoid rejection by making sure you: Have enough income to qualify for the mortgage you need. [9] Keep your credit card payments and any student loans at no more than 45% of your total income. [9] RTAGE Check your credit score to see if you qualify. [9] APPROVED Complete all parts of the application. You don't want to have it rejected for incomplete information. [9]VV1V 8. BEWARE OF LENDING MONEY TO FRIENDS The request may sound harmless: Your best friend from college needs a little cash to tide her over. [10] But did you know that, of the readers polled by Money Magazine, 43% who lent money to family and friends Were not "paid back in full?" 27% And, although some loans were partially paid back, of readers were never paid back at all. [10] * Time's Moneyland has some tips for successfully loaning money to family and friends: If you don't know whether the person will repay you or not or you don't have the resources to make a loan, craft a response that is polite but firm. [11) Ilf you can't loan money to a friend, discuss other ways you can help. [11) Look carefully at your budget. Can you afford to loan money? (11) Think of the loan as a business proposition. Draw up a letter. Set the terms of the loan. [11] HOUSE PRICES CONTINUE TO DROP * The median price for the sale of a single family home dropped to 14% Do you know what the median home price was or $169,000.in 2009. [12) in 2005? $227,600 (12) The National Association of Realtors reported that first-time home buyers are buying more than half of all homes, particularly homes that are foreclosed. 12) FORECLOSURE FOR SALE 10. JOBLESS IN AMERICA WEWS Americans are struggling to find employment in record numbers.13] JOBS * al in 2 * Nearly AmericanS is either unemployed or classified as low income, according to MSNBC. (13] Even the latest census shows a Shrinking middle class due to unemployment and barely changing wages and salaries. [13] *SOURCES: GreatPlainsLending [1] http://www.ebri.org/pdf/surveys/rcs/2011/EBRI_03-2011_No355_RCS-11.pdf [2] http://www.economywatch.com/economy-and-business-slideshow/a-dozen-shocking-personal-finance-sta tistics.html [3] http://money.msn.com/saving-money-tips/post.aspx?post=e93f55b7-c803-482b-b636-alc358efld2d [4] http://www.nytimes.com/2011/05/19/business/economy/19grads.html [5] http://www.heldrich.rutgers.edu/sites/default/files/content/Work_Trends_May_2011.pdf [6] http://www.moneycrashers.com/you-spend-more-money-when-you-use-a-credit-card/ [7] http://eshopperforum.com/news/can-you-really-save-money-bringing-lunch-work [8] http://msn.careerbuilder.com/Article/MSN-2734-Salaries-Promotions-42-percent-of-workers-live-paycheck -to-paycheck/ [9] http://www.inman.com/buyers-sellers/columnists/tara-nicholle-nelson/top-6-reasons-mortgage-applicatio ns-are-rejected [10] http://www.economywatch.com/personal-finance/a-dozen-shocking-personal-finance-statistics.23-04.ht ml [11] http://moneyland.time.com/2011/09/16/the-right-way-to-loan-money-to-family-and-friends/ [12] http://online.wsj.com/article/SB124217092693512789.html [13] http://theweeklydissent.com/2012/01/12/everything-is-good-again-right-wrong-50-shocking-economic-st atistics-holding-us-back/ %24 Financial Statistics That'll SHOCK YOU %24 %2$ $4$ %24 %24 1. HAVE YOU SAVED FOR RETIREMENT? According to the 2011 Retirement Confidence Survey SURVEY from the Employee 27% ofus workers Benefit Research Institute (EBRIJ, in are "not at all confident about 2010 that number 22% having enough money for a comfortable retirement." [1] was 22% *68% of workers report that they have saved $4 for retirement, which is down 75% from in 2009. [1] * A "sizable percentage" of workers have little to no retirement savings. (1) *29% $I000 have less than $1,000 in savings. [1] THE RAINY DAY FUND *50%ak of Americans have less than one month's income saved in case of emergencies. [2] Start small. MSN's Money suggests putting aside "one month worth of living expenses before tackling any debt or investing." [3] Then alternate betweeh paying off debt and building up your emergency fund. [3] %$4 %24 * Finally, once the emergency fund is stocked, go DEBT into overdrive to pay off debt. [3] 3. A COLLEGE DEGREE DOESN'T GUARANTEE A JOB 56% * Only of the class of 2010 had held a job. [4] 56% MOM, PLEASE SEND MONEY The Rutgers John J. Heldrich Center for Workforce Development study investigated the Connection between formal education and first jobs after college * In 2006 and 2007, the number of college graduates with a job graduation. [5] EDUCATION-JOBS was closer to JOB 90% [4] * The median starting salary for the classes of 2009 and 2010 was Graduates in 2006-2008 $27,000 earned a slightly higher average $30,000 [4] of [4] With reward points and cash back, using a credit card should save you money. [6] But does it? YOu'LL SPEND MORE WITH CREDIT CARDS * According to MoneyCrashers, if you give 2 couples $50 to spend at a restaurant, the couple who is given cash will stay on budget, while the couple who uses a credit card will spend more. [6] VS. Ifyou go OVer budgetwhen paying with a credit card, you are covered. [6] 5. BROWN BAG ITV $* eShopper Forum sees the "brown bag v. buying lunch" issue as hinging on "it depends." (7] * Experts are divided on whether bringing your lunch to work saves %24 dollars or pennies. (7) The "it depends" factors are: * What do you spend on lunch when you eat out? Surf and turf at the swankiest restaurant in town or something off the dollar menu at the local fast food joint? [7] * What do you spend on lunch that you bring in to work? If you bring in leftovers from last night's dinner, your savings will be more than if you buy individually packaged bags of fruit, veggies, chips, and cookies. [7] Potato CHIPS eShopper Forum suggests packing your lunch but doing it frugally. Instead of buying tiny bags of chips, buy a large bag of chips and divide it into smaller bags. [7] 6. PAYCHECK TО РАYСHЕСK Paycheck *42%of workers live paycheck to paycheck. [8] * MSN's Careers reports that female workers (46%) are more likely to live paycheck to paycheck than male coworkers (38% 18] Paycheck * Most surprising? 14%of those earning 6 figures a year are living paycheck to paycheck. [8] 7, MORTGAGE APPLICATION: REJECTION Did you know that 30% of mortgage applications are rejected? [9] MORTAGE APPLICATION * That's more than 2 millionapplications rejected in 2010, according to the Federal Financial Institutions REJECTED Examination Council. [9] * Position your application to avoid rejection by making sure you: Have enough income to qualify for the mortgage you need. [9] Keep your credit card payments and any student loans at no more than 45% of your total income. [9] RTAGE Check your credit score to see if you qualify. [9] APPROVED Complete all parts of the application. You don't want to have it rejected for incomplete information. [9]VV1V 8. BEWARE OF LENDING MONEY TO FRIENDS The request may sound harmless: Your best friend from college needs a little cash to tide her over. [10] But did you know that, of the readers polled by Money Magazine, 43% who lent money to family and friends Were not "paid back in full?" 27% And, although some loans were partially paid back, of readers were never paid back at all. [10] * Time's Moneyland has some tips for successfully loaning money to family and friends: If you don't know whether the person will repay you or not or you don't have the resources to make a loan, craft a response that is polite but firm. [11) Ilf you can't loan money to a friend, discuss other ways you can help. [11) Look carefully at your budget. Can you afford to loan money? (11) Think of the loan as a business proposition. Draw up a letter. Set the terms of the loan. [11] HOUSE PRICES CONTINUE TO DROP * The median price for the sale of a single family home dropped to 14% Do you know what the median home price was or $169,000.in 2009. [12) in 2005? $227,600 (12) The National Association of Realtors reported that first-time home buyers are buying more than half of all homes, particularly homes that are foreclosed. 12) FORECLOSURE FOR SALE 10. JOBLESS IN AMERICA WEWS Americans are struggling to find employment in record numbers.13] JOBS * al in 2 * Nearly AmericanS is either unemployed or classified as low income, according to MSNBC. (13] Even the latest census shows a Shrinking middle class due to unemployment and barely changing wages and salaries. [13] *SOURCES: GreatPlainsLending [1] http://www.ebri.org/pdf/surveys/rcs/2011/EBRI_03-2011_No355_RCS-11.pdf [2] http://www.economywatch.com/economy-and-business-slideshow/a-dozen-shocking-personal-finance-sta tistics.html [3] http://money.msn.com/saving-money-tips/post.aspx?post=e93f55b7-c803-482b-b636-alc358efld2d [4] http://www.nytimes.com/2011/05/19/business/economy/19grads.html [5] http://www.heldrich.rutgers.edu/sites/default/files/content/Work_Trends_May_2011.pdf [6] http://www.moneycrashers.com/you-spend-more-money-when-you-use-a-credit-card/ [7] http://eshopperforum.com/news/can-you-really-save-money-bringing-lunch-work [8] http://msn.careerbuilder.com/Article/MSN-2734-Salaries-Promotions-42-percent-of-workers-live-paycheck -to-paycheck/ [9] http://www.inman.com/buyers-sellers/columnists/tara-nicholle-nelson/top-6-reasons-mortgage-applicatio ns-are-rejected [10] http://www.economywatch.com/personal-finance/a-dozen-shocking-personal-finance-statistics.23-04.ht ml [11] http://moneyland.time.com/2011/09/16/the-right-way-to-loan-money-to-family-and-friends/ [12] http://online.wsj.com/article/SB124217092693512789.html [13] http://theweeklydissent.com/2012/01/12/everything-is-good-again-right-wrong-50-shocking-economic-st atistics-holding-us-back/ %24 Financial Statistics That'll SHOCK YOU %24 %2$ $4$ %24 %24 1. HAVE YOU SAVED FOR RETIREMENT? According to the 2011 Retirement Confidence Survey SURVEY from the Employee 27% ofus workers Benefit Research Institute (EBRIJ, in are "not at all confident about 2010 that number 22% having enough money for a comfortable retirement." [1] was 22% *68% of workers report that they have saved $4 for retirement, which is down 75% from in 2009. [1] * A "sizable percentage" of workers have little to no retirement savings. (1) *29% $I000 have less than $1,000 in savings. [1] THE RAINY DAY FUND *50%ak of Americans have less than one month's income saved in case of emergencies. [2] Start small. MSN's Money suggests putting aside "one month worth of living expenses before tackling any debt or investing." [3] Then alternate betweeh paying off debt and building up your emergency fund. [3] %$4 %24 * Finally, once the emergency fund is stocked, go DEBT into overdrive to pay off debt. [3] 3. A COLLEGE DEGREE DOESN'T GUARANTEE A JOB 56% * Only of the class of 2010 had held a job. [4] 56% MOM, PLEASE SEND MONEY The Rutgers John J. Heldrich Center for Workforce Development study investigated the Connection between formal education and first jobs after college * In 2006 and 2007, the number of college graduates with a job graduation. [5] EDUCATION-JOBS was closer to JOB 90% [4] * The median starting salary for the classes of 2009 and 2010 was Graduates in 2006-2008 $27,000 earned a slightly higher average $30,000 [4] of [4] With reward points and cash back, using a credit card should save you money. [6] But does it? YOu'LL SPEND MORE WITH CREDIT CARDS * According to MoneyCrashers, if you give 2 couples $50 to spend at a restaurant, the couple who is given cash will stay on budget, while the couple who uses a credit card will spend more. [6] VS. Ifyou go OVer budgetwhen paying with a credit card, you are covered. [6] 5. BROWN BAG ITV $* eShopper Forum sees the "brown bag v. buying lunch" issue as hinging on "it depends." (7] * Experts are divided on whether bringing your lunch to work saves %24 dollars or pennies. (7) The "it depends" factors are: * What do you spend on lunch when you eat out? Surf and turf at the swankiest restaurant in town or something off the dollar menu at the local fast food joint? [7] * What do you spend on lunch that you bring in to work? If you bring in leftovers from last night's dinner, your savings will be more than if you buy individually packaged bags of fruit, veggies, chips, and cookies. [7] Potato CHIPS eShopper Forum suggests packing your lunch but doing it frugally. Instead of buying tiny bags of chips, buy a large bag of chips and divide it into smaller bags. [7] 6. PAYCHECK TО РАYСHЕСK Paycheck *42%of workers live paycheck to paycheck. [8] * MSN's Careers reports that female workers (46%) are more likely to live paycheck to paycheck than male coworkers (38% 18] Paycheck * Most surprising? 14%of those earning 6 figures a year are living paycheck to paycheck. [8] 7, MORTGAGE APPLICATION: REJECTION Did you know that 30% of mortgage applications are rejected? [9] MORTAGE APPLICATION * That's more than 2 millionapplications rejected in 2010, according to the Federal Financial Institutions REJECTED Examination Council. [9] * Position your application to avoid rejection by making sure you: Have enough income to qualify for the mortgage you need. [9] Keep your credit card payments and any student loans at no more than 45% of your total income. [9] RTAGE Check your credit score to see if you qualify. [9] APPROVED Complete all parts of the application. You don't want to have it rejected for incomplete information. [9]VV1V 8. BEWARE OF LENDING MONEY TO FRIENDS The request may sound harmless: Your best friend from college needs a little cash to tide her over. [10] But did you know that, of the readers polled by Money Magazine, 43% who lent money to family and friends Were not "paid back in full?" 27% And, although some loans were partially paid back, of readers were never paid back at all. [10] * Time's Moneyland has some tips for successfully loaning money to family and friends: If you don't know whether the person will repay you or not or you don't have the resources to make a loan, craft a response that is polite but firm. [11) Ilf you can't loan money to a friend, discuss other ways you can help. [11) Look carefully at your budget. Can you afford to loan money? (11) Think of the loan as a business proposition. Draw up a letter. Set the terms of the loan. [11] HOUSE PRICES CONTINUE TO DROP * The median price for the sale of a single family home dropped to 14% Do you know what the median home price was or $169,000.in 2009. [12) in 2005? $227,600 (12) The National Association of Realtors reported that first-time home buyers are buying more than half of all homes, particularly homes that are foreclosed. 12) FORECLOSURE FOR SALE 10. JOBLESS IN AMERICA WEWS Americans are struggling to find employment in record numbers.13] JOBS * al in 2 * Nearly AmericanS is either unemployed or classified as low income, according to MSNBC. (13] Even the latest census shows a Shrinking middle class due to unemployment and barely changing wages and salaries. [13] *SOURCES: GreatPlainsLending [1] http://www.ebri.org/pdf/surveys/rcs/2011/EBRI_03-2011_No355_RCS-11.pdf [2] http://www.economywatch.com/economy-and-business-slideshow/a-dozen-shocking-personal-finance-sta tistics.html [3] http://money.msn.com/saving-money-tips/post.aspx?post=e93f55b7-c803-482b-b636-alc358efld2d [4] http://www.nytimes.com/2011/05/19/business/economy/19grads.html [5] http://www.heldrich.rutgers.edu/sites/default/files/content/Work_Trends_May_2011.pdf [6] http://www.moneycrashers.com/you-spend-more-money-when-you-use-a-credit-card/ [7] http://eshopperforum.com/news/can-you-really-save-money-bringing-lunch-work [8] http://msn.careerbuilder.com/Article/MSN-2734-Salaries-Promotions-42-percent-of-workers-live-paycheck -to-paycheck/ [9] http://www.inman.com/buyers-sellers/columnists/tara-nicholle-nelson/top-6-reasons-mortgage-applicatio ns-are-rejected [10] http://www.economywatch.com/personal-finance/a-dozen-shocking-personal-finance-statistics.23-04.ht ml [11] http://moneyland.time.com/2011/09/16/the-right-way-to-loan-money-to-family-and-friends/ [12] http://online.wsj.com/article/SB124217092693512789.html [13] http://theweeklydissent.com/2012/01/12/everything-is-good-again-right-wrong-50-shocking-economic-st atistics-holding-us-back/ %24 Financial Statistics That'll SHOCK YOU %24 %2$ $4$ %24 %24 1. HAVE YOU SAVED FOR RETIREMENT? According to the 2011 Retirement Confidence Survey SURVEY from the Employee 27% ofus workers Benefit Research Institute (EBRIJ, in are "not at all confident about 2010 that number 22% having enough money for a comfortable retirement." [1] was 22% *68% of workers report that they have saved $4 for retirement, which is down 75% from in 2009. [1] * A "sizable percentage" of workers have little to no retirement savings. (1) *29% $I000 have less than $1,000 in savings. [1] THE RAINY DAY FUND *50%ak of Americans have less than one month's income saved in case of emergencies. [2] Start small. MSN's Money suggests putting aside "one month worth of living expenses before tackling any debt or investing." [3] Then alternate betweeh paying off debt and building up your emergency fund. [3] %$4 %24 * Finally, once the emergency fund is stocked, go DEBT into overdrive to pay off debt. [3] 3. A COLLEGE DEGREE DOESN'T GUARANTEE A JOB 56% * Only of the class of 2010 had held a job. [4] 56% MOM, PLEASE SEND MONEY The Rutgers John J. Heldrich Center for Workforce Development study investigated the Connection between formal education and first jobs after college * In 2006 and 2007, the number of college graduates with a job graduation. [5] EDUCATION-JOBS was closer to JOB 90% [4] * The median starting salary for the classes of 2009 and 2010 was Graduates in 2006-2008 $27,000 earned a slightly higher average $30,000 [4] of [4] With reward points and cash back, using a credit card should save you money. [6] But does it? YOu'LL SPEND MORE WITH CREDIT CARDS * According to MoneyCrashers, if you give 2 couples $50 to spend at a restaurant, the couple who is given cash will stay on budget, while the couple who uses a credit card will spend more. [6] VS. Ifyou go OVer budgetwhen paying with a credit card, you are covered. [6] 5. BROWN BAG ITV $* eShopper Forum sees the "brown bag v. buying lunch" issue as hinging on "it depends." (7] * Experts are divided on whether bringing your lunch to work saves %24 dollars or pennies. (7) The "it depends" factors are: * What do you spend on lunch when you eat out? Surf and turf at the swankiest restaurant in town or something off the dollar menu at the local fast food joint? [7] * What do you spend on lunch that you bring in to work? If you bring in leftovers from last night's dinner, your savings will be more than if you buy individually packaged bags of fruit, veggies, chips, and cookies. [7] Potato CHIPS eShopper Forum suggests packing your lunch but doing it frugally. Instead of buying tiny bags of chips, buy a large bag of chips and divide it into smaller bags. [7] 6. PAYCHECK TО РАYСHЕСK Paycheck *42%of workers live paycheck to paycheck. [8] * MSN's Careers reports that female workers (46%) are more likely to live paycheck to paycheck than male coworkers (38% 18] Paycheck * Most surprising? 14%of those earning 6 figures a year are living paycheck to paycheck. [8] 7, MORTGAGE APPLICATION: REJECTION Did you know that 30% of mortgage applications are rejected? [9] MORTAGE APPLICATION * That's more than 2 millionapplications rejected in 2010, according to the Federal Financial Institutions REJECTED Examination Council. [9] * Position your application to avoid rejection by making sure you: Have enough income to qualify for the mortgage you need. [9] Keep your credit card payments and any student loans at no more than 45% of your total income. [9] RTAGE Check your credit score to see if you qualify. [9] APPROVED Complete all parts of the application. You don't want to have it rejected for incomplete information. [9]VV1V 8. BEWARE OF LENDING MONEY TO FRIENDS The request may sound harmless: Your best friend from college needs a little cash to tide her over. [10] But did you know that, of the readers polled by Money Magazine, 43% who lent money to family and friends Were not "paid back in full?" 27% And, although some loans were partially paid back, of readers were never paid back at all. [10] * Time's Moneyland has some tips for successfully loaning money to family and friends: If you don't know whether the person will repay you or not or you don't have the resources to make a loan, craft a response that is polite but firm. [11) Ilf you can't loan money to a friend, discuss other ways you can help. [11) Look carefully at your budget. Can you afford to loan money? (11) Think of the loan as a business proposition. Draw up a letter. Set the terms of the loan. [11] HOUSE PRICES CONTINUE TO DROP * The median price for the sale of a single family home dropped to 14% Do you know what the median home price was or $169,000.in 2009. [12) in 2005? $227,600 (12) The National Association of Realtors reported that first-time home buyers are buying more than half of all homes, particularly homes that are foreclosed. 12) FORECLOSURE FOR SALE 10. JOBLESS IN AMERICA WEWS Americans are struggling to find employment in record numbers.13] JOBS * al in 2 * Nearly AmericanS is either unemployed or classified as low income, according to MSNBC. (13] Even the latest census shows a Shrinking middle class due to unemployment and barely changing wages and salaries. [13] *SOURCES: GreatPlainsLending [1] http://www.ebri.org/pdf/surveys/rcs/2011/EBRI_03-2011_No355_RCS-11.pdf [2] http://www.economywatch.com/economy-and-business-slideshow/a-dozen-shocking-personal-finance-sta tistics.html [3] http://money.msn.com/saving-money-tips/post.aspx?post=e93f55b7-c803-482b-b636-alc358efld2d [4] http://www.nytimes.com/2011/05/19/business/economy/19grads.html [5] http://www.heldrich.rutgers.edu/sites/default/files/content/Work_Trends_May_2011.pdf [6] http://www.moneycrashers.com/you-spend-more-money-when-you-use-a-credit-card/ [7] http://eshopperforum.com/news/can-you-really-save-money-bringing-lunch-work [8] http://msn.careerbuilder.com/Article/MSN-2734-Salaries-Promotions-42-percent-of-workers-live-paycheck -to-paycheck/ [9] http://www.inman.com/buyers-sellers/columnists/tara-nicholle-nelson/top-6-reasons-mortgage-applicatio ns-are-rejected [10] http://www.economywatch.com/personal-finance/a-dozen-shocking-personal-finance-statistics.23-04.ht ml [11] http://moneyland.time.com/2011/09/16/the-right-way-to-loan-money-to-family-and-friends/ [12] http://online.wsj.com/article/SB124217092693512789.html [13] http://theweeklydissent.com/2012/01/12/everything-is-good-again-right-wrong-50-shocking-economic-st atistics-holding-us-back/ %24 Financial Statistics That'll SHOCK YOU %24 %2$ $4$ %24 %24 1. HAVE YOU SAVED FOR RETIREMENT? According to the 2011 Retirement Confidence Survey SURVEY from the Employee 27% ofus workers Benefit Research Institute (EBRIJ, in are "not at all confident about 2010 that number 22% having enough money for a comfortable retirement." [1] was 22% *68% of workers report that they have saved $4 for retirement, which is down 75% from in 2009. [1] * A "sizable percentage" of workers have little to no retirement savings. (1) *29% $I000 have less than $1,000 in savings. [1] THE RAINY DAY FUND *50%ak of Americans have less than one month's income saved in case of emergencies. [2] Start small. MSN's Money suggests putting aside "one month worth of living expenses before tackling any debt or investing." [3] Then alternate betweeh paying off debt and building up your emergency fund. [3] %$4 %24 * Finally, once the emergency fund is stocked, go DEBT into overdrive to pay off debt. [3] 3. A COLLEGE DEGREE DOESN'T GUARANTEE A JOB 56% * Only of the class of 2010 had held a job. [4] 56% MOM, PLEASE SEND MONEY The Rutgers John J. Heldrich Center for Workforce Development study investigated the Connection between formal education and first jobs after college * In 2006 and 2007, the number of college graduates with a job graduation. [5] EDUCATION-JOBS was closer to JOB 90% [4] * The median starting salary for the classes of 2009 and 2010 was Graduates in 2006-2008 $27,000 earned a slightly higher average $30,000 [4] of [4] With reward points and cash back, using a credit card should save you money. [6] But does it? YOu'LL SPEND MORE WITH CREDIT CARDS * According to MoneyCrashers, if you give 2 couples $50 to spend at a restaurant, the couple who is given cash will stay on budget, while the couple who uses a credit card will spend more. [6] VS. Ifyou go OVer budgetwhen paying with a credit card, you are covered. [6] 5. BROWN BAG ITV $* eShopper Forum sees the "brown bag v. buying lunch" issue as hinging on "it depends." (7] * Experts are divided on whether bringing your lunch to work saves %24 dollars or pennies. (7) The "it depends" factors are: * What do you spend on lunch when you eat out? Surf and turf at the swankiest restaurant in town or something off the dollar menu at the local fast food joint? [7] * What do you spend on lunch that you bring in to work? If you bring in leftovers from last night's dinner, your savings will be more than if you buy individually packaged bags of fruit, veggies, chips, and cookies. [7] Potato CHIPS eShopper Forum suggests packing your lunch but doing it frugally. Instead of buying tiny bags of chips, buy a large bag of chips and divide it into smaller bags. [7] 6. PAYCHECK TО РАYСHЕСK Paycheck *42%of workers live paycheck to paycheck. [8] * MSN's Careers reports that female workers (46%) are more likely to live paycheck to paycheck than male coworkers (38% 18] Paycheck * Most surprising? 14%of those earning 6 figures a year are living paycheck to paycheck. [8] 7, MORTGAGE APPLICATION: REJECTION Did you know that 30% of mortgage applications are rejected? [9] MORTAGE APPLICATION * That's more than 2 millionapplications rejected in 2010, according to the Federal Financial Institutions REJECTED Examination Council. [9] * Position your application to avoid rejection by making sure you: Have enough income to qualify for the mortgage you need. [9] Keep your credit card payments and any student loans at no more than 45% of your total income. [9] RTAGE Check your credit score to see if you qualify. [9] APPROVED Complete all parts of the application. You don't want to have it rejected for incomplete information. [9]VV1V 8. BEWARE OF LENDING MONEY TO FRIENDS The request may sound harmless: Your best friend from college needs a little cash to tide her over. [10] But did you know that, of the readers polled by Money Magazine, 43% who lent money to family and friends Were not "paid back in full?" 27% And, although some loans were partially paid back, of readers were never paid back at all. [10] * Time's Moneyland has some tips for successfully loaning money to family and friends: If you don't know whether the person will repay you or not or you don't have the resources to make a loan, craft a response that is polite but firm. [11) Ilf you can't loan money to a friend, discuss other ways you can help. [11) Look carefully at your budget. Can you afford to loan money? (11) Think of the loan as a business proposition. Draw up a letter. Set the terms of the loan. [11] HOUSE PRICES CONTINUE TO DROP * The median price for the sale of a single family home dropped to 14% Do you know what the median home price was or $169,000.in 2009. [12) in 2005? $227,600 (12) The National Association of Realtors reported that first-time home buyers are buying more than half of all homes, particularly homes that are foreclosed. 12) FORECLOSURE FOR SALE 10. JOBLESS IN AMERICA WEWS Americans are struggling to find employment in record numbers.13] JOBS * al in 2 * Nearly AmericanS is either unemployed or classified as low income, according to MSNBC. (13] Even the latest census shows a Shrinking middle class due to unemployment and barely changing wages and salaries. [13] *SOURCES: GreatPlainsLending [1] http://www.ebri.org/pdf/surveys/rcs/2011/EBRI_03-2011_No355_RCS-11.pdf [2] http://www.economywatch.com/economy-and-business-slideshow/a-dozen-shocking-personal-finance-sta tistics.html [3] http://money.msn.com/saving-money-tips/post.aspx?post=e93f55b7-c803-482b-b636-alc358efld2d [4] http://www.nytimes.com/2011/05/19/business/economy/19grads.html [5] http://www.heldrich.rutgers.edu/sites/default/files/content/Work_Trends_May_2011.pdf [6] http://www.moneycrashers.com/you-spend-more-money-when-you-use-a-credit-card/ [7] http://eshopperforum.com/news/can-you-really-save-money-bringing-lunch-work [8] http://msn.careerbuilder.com/Article/MSN-2734-Salaries-Promotions-42-percent-of-workers-live-paycheck -to-paycheck/ [9] http://www.inman.com/buyers-sellers/columnists/tara-nicholle-nelson/top-6-reasons-mortgage-applicatio ns-are-rejected [10] http://www.economywatch.com/personal-finance/a-dozen-shocking-personal-finance-statistics.23-04.ht ml [11] http://moneyland.time.com/2011/09/16/the-right-way-to-loan-money-to-family-and-friends/ [12] http://online.wsj.com/article/SB124217092693512789.html [13] http://theweeklydissent.com/2012/01/12/everything-is-good-again-right-wrong-50-shocking-economic-st atistics-holding-us-back/ %24