Black adults are more than twice as likely than white adults to have student loan debt. The following graph includes federal and private student loan debt among all adults. On average, Black adults in the U.S. also hold higher student loan debt balances than borrowers of other races.
However, lower-income households have the highest ratio of credit card debt relative to monthly income. The Federal Reserve conducts the SCF every three years on a cross-sectional sample of U.S. households, surveying them about their demographics and balance sheet, income and other financial characteristics.
Higher percentages of Black (88 percent) and American Indian/Alaska Native (87 percent) students received grants than students who were of Two or more races (79 percent), White (74 percent), and Asian (66 percent).
According to the Federal Reserve, white households held more than 80% of the nation's assets in 2022.
Black Americans donated a higher percentage of their income to religious congregations and secular causes in 2018 than all other racial groups, except for White Americans. The main findings of this report are based on the Indiana University Lilly Family School of Philanthropy's Philanthropy Panel Study (PPS).
Women are stereotypically seen as irresponsible spenders, but the data doesn't back this up. According to a 2019 Experian study, men carry more debt than women across nearly all categories, including credit card debt — the study found that men have $125 more in credit card debt than women on average.
Men have 2% more credit card debt than women. Men have 20% more personal loan debt than women. Men have 16.3% more auto loan debt than women. Men have 9.7% more mortgage debt than women.
Running up $50,000 in credit card debt is not impossible. About two million Americans do it every year. Paying off that bill?
Other factors used to calculate credit scores can disproportionately affect certain racial groups. Credit scores generally favor mortgage holders over renters. White-Americans have the highest average credit scores, followed by Hispanics and then Blacks.
However, this represents only 8.8% of the total U.S. millionaires.
Who owns the most U.S. debt? Around 70 percent of U.S. debt is held by domestic financial actors and institutions in the United States. U.S. Treasuries represent a convenient, liquid, low-risk store of value.
Given the significance of oil in today's world, Saudi Arabia produces enough oil and earns enough revenue to maintain a high GDP and additionally refrain from incurring debt.
T he gender wealth gap among America's richest people remains wide—there are only 67 women on this year's Forbes 400 list—but it's narrowing. Women now account for 17% of the list, up from 15% last year, and they hold 15% of the 400's total wealth, up from 14% in 2023. As always, progress remains slow and steady.
Women are less likely than men to report they're doing well financially but are more likely to curb spending. Just 23% of women say they're doing well or very well financially — 11 percentage points behind men. Additionally, 37% of women aren't able to save money, versus 22% of men.
Key Drivers of the National Debt. What is causing the growth of our national debt? There are three primary drivers of the overall growth in spending: America's aging population, rising healthcare costs, and rapidly escalating interest costs.
Record levels of global generosity - Indonesia is world's most generous country with Kenya second and Singapore rising to third, according to World Giving Index 2024.
Income Levels Vary Across Race, Education, and Sex
In 2023, individuals who identified as Asian or white had median incomes higher than the national median, while individuals who identified as Black or Hispanic had median incomes that were lower than the national median.