Here are some telling statistics about why having New Year’s resolutions for your finances is important.
Out of 100 people who start working at the age of 25, by the age of 65:
- 1 percent are wealthy.
- 4 percent have adequate capital stowed away for retirement.
- 3 percent are still working.
- 63 percent are dependent on Social Security, friends, relatives, or charity.
- The average savings of a 50-year-old in the United States is $2,500.
- 32 million Americans are currently threatened with bankruptcy.
Source: U.S. Bureau of Labor Statistics