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« Two Ways to Improve Your Retirement Savings | Main | Just Get a Will! »

September 10, 2018

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Later on in the article they show debt for those who owe money:

If these numbers are right it means the following percentage of people don't have debt:

Under 35: $300,000 (77% are debt free)
35-44: $500,000 (73% are debt free)
45-54: $600,000 (78% are debt free)
55-64: $550,000 (80% are debt free)
65-74: $550,000 (88% are debt free)
75+: $500,000 (93% are debt free)

The number of debt free individuals seems a bit off to me, I'd expect it to be lower in the earlier decades, but maybe I'm out of touch.

Below poverty line (12% of population)? Probably little to no debt because ineligible to borrow.

Rent your home (36% of households)? No mortgage debt - the largest debt most people have.

Are car leases (~30% of cars are leased) counted as debt? If not, there's the second largest source of debt listed as zero.

Are averages useless metrics for analysis of unevenly-distributed data? Yes.

These numbers are magical. Every one of us should have a certain financial goal to reach. These numbers will be very interesting for all of us. Thanks for sharing.

Sounds low to me, at least from my experience with clients. What would really be interesting is to see the amount of lifetime interest paid vs debt by age groups.

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