Our monthly articles tend to be more serious, so this month we thought we would lighten things up with some fun facts related to money, debt, housing and income that aren’t exactly common knowledge. Enjoy!
The study of money is called numismatics.
A penny costs more to make than it is worth. According to the U.S. Mint, it cost 1.7 cents to make one penny.
One bill weighs 1 gram and 454 bills equal one pound. This means if you have $1 million in singles, it will weigh over 1 ton. A suitcase of $1 million in $100 bills weighs over 20 pounds. All U.S. bills cost less than $0.20 to make.
Here are some interesting facts about the lifespan of money:
- $100 bill lasts 22.9 years.
- $50 bill lasts 12.2 years.
- $20 bill lasts 7.8 years.
- $10 bill lasts 5.3 years.
- $5 bill lasts 4.7 years.
- $1 bill lasts 6.6 years.
- $5 bills are used the most in transactions, which is why they have the lowest lifespan. We handle $100 bills the least, which is why they have the longest lifespan.
There is no such thing as “paper” money. Federal Reserve notes are made of 25% linen and 75% cotton, not paper. Two separate agencies create coins and paper money. When you think of creating money, your mind may go straight to the U.S. Mint. But in reality, the U.S. Mint only makes coins. The Bureau of Engraving and Printing (BEP) is actually the agency that makes paper money.
Most U.S. currency is outside of the United States. According to authorities, between one-half and two-thirds of the value of all U.S. currency in circulation is outside the U.S. This is mostly because the U.S. dollar is the world’s primary reserve currency.
Current U.S. total debt is $30.85 trillion. Considering that the population of the U.S. is approximately 332 million, that debt equates to nearly $93,000 of debt per person.
As of 2Q2022, total public debt as a percentage of GDP was 122.85%. For reference, Venezuela has the highest debt-to-GDP at 350%. Including Venezuela, there are only eleven countries in the world with a higher debt-to-GDP than the U.S.
Expectedly, areas with higher housing prices tend to have lower homeownership rates. According to the latest census data, 65.4% of U.S. households own their home. The District of Columbia has the lowest rate of homeownership, at 40.3%. California, New York, and Hawaii are among the states with the highest housing prices and the lowest levels of homeownership. States with relatively low housing costs tend to have higher levels of homeownership. West Virginia, which has the lowest typical-house cost, also has the highest homeownership rate, with 79.6% of residents owning their own home.
Student loan debt in the U.S.:
- $1.75 trillion in total student loan debt (including federal and private loans). $28,950 owed per borrower on average.
- About 92% of all student debt are federal student loans; the remaining amount is private student loans.
- 55% of students from public four-year institutions had student loans. 57% of students from private nonprofit four-year institutions took on education debt.
The average salary in the U.S. is $58,260. According to the Bureau of Labor Statistics, the average person makes $58,260 a year in the U.S. That breaks down to around $28.01 an hour. Here are 2020 Bureau of Labor Statistics on average annual income by education level:
- Less than a high school diploma—$30,784
- High school education—$38,792
- Attended some college—$43,316
- Two-year college degree—$46,124
- Bachelor’s degree—$64,896
- Master’s degree—$77,844
- Doctorate degree—$97,916
Gambling in the U.S. brings in more revenue than theme parks, sporting events, cruise ships, and music combined.
The average American pays $273 a month for subscription services.
The average secured credit card’s APR is currently 18.1%, for example, while credit cards for people with excellent credit charge 13.13%. On average, Americans have four credit cards. As of 1Q2022, Americans owe over $800 billion in credit card debt.
According to the Social Security Administration, retirement benefits are only designed to replace approximately 40% of the average worker’s wages.
The average credit score in the U.S. is at an all-time high of 711. FICO scores break down in the following manner:
- 800 to 850: Exceptional
- 740 to 799: Very good
- 670 to 739: Good
- 580 to 669: Fair
- 300 to 579: Very poor
When making an investment, the “Rule of 72” can help you understand the time it will take for it to double: you divide 72 by the expected rate of return to estimate how many years it will take to double the original amount.
Sources:
- 101 Fascinating Money Facts » Savoteur
- 42 Incredibly Fun Facts About Money I Bet You Didn’t Know – MoneySmartGuides.com
- 21 Fun Money Facts You May Not Know! | Clever Girl Finance
- Consumer Debt Statistics & Demographics in America
- Money Facts: 16 Mind-Blowing Truths About Money | Reader’s Digest (rd.com)
- 99 Mind Blowing Money Facts [2022] (einvestingforbeginners.com)
- 60 Personal Finance Statistics You Should Know About [2022] (youngandtheinvested.com)
- Average 401(k) Balance By Age—Forbes Advisor
- Median Home Price by State 2022 (worldpopulationreview.com)
- 2022 Student Loan Debt Statistics: Average Student Loan Debt—Forbes Advisor
- Debt to the Penny | U.S. Treasury Fiscal Data
- Federal Debt: Total Public Debt as Percent of Gross Domestic Product (GFDEGDQ188S) | FRED | St. Louis Fed (stlouisfed.org)
- Fun Facts ~ Finance | Project Venture (projectventureusa.org)
- 47+ Fascinating Financial Literacy Statistics in 2022 (annuity.org)