Financial Health: 7 Stats You Should Know

Jun. 6, 2023

How does your financial health compare to others? We often look at our finances against our own plan and situation, but it doesn’t hurt to keep a pulse on where others are as a point of reflection and inspiration. Below are 7 stats to keep your financial plan beating along.


Only 12% of account holders invested their HSAs in assets other than cash, according to an analysis by Employee Benefit Research Institute.

Planning opportunity: Out of the gate, HSAs are a powerful tool within your financial plan. The primary purpose of a Health Savings Account (HSA) is to set aside pre-tax money to use for eligible medical expenses. They provide a “triple threat” tax advantage: 1.) Contributions are pre-tax so you can deduct them from income. 2.) Assets grow tax deferred. 3.) Distributions are tax-free if used for eligible expenses.

Not only do they deliver those three initial benefits, but the opportunity to invest the account as well. By investing the account, you also can diversify beyond cash and watch your assets continue to grow. Just note that the investment minimum varies by provider, so confirm with yours what the threshold is. The pros of HSA accounts don’t stop there, read this article for seven ways to make it a supercharged account.

Elder Fraud

In 2021, the Federal Bureau of Investigation (FBI) reported total losses to the Internet Crime Complaint Center by 92,000 victims over the age of 60 totaling $1.7 billion. This trend unfortunately continued to increase in 2022, finishing the year up 84% from 2021.

Planning opportunity: Cybercriminals, scam artists, hackers, and the like, know that elderly individuals are vulnerable targets. Their attack methods are sophisticated, creative, and believable. With that, it’s essential that they have proper cybersecurity measures in place – this article from the Cybersecurity & Infrastructure Security Agency provides the most current best practices.

Emergency Savings

A survey from Bankrate revealed that 43% of adults would use their savings to pay for an unexpected emergency expense. Additionally, 39% of people reported having less in their emergency savings compared to a year ago.

Planning opportunity: The best practice is to have 3 to 6 months’ worth of expenses in an accessible emergency account. Revisit your day-to-day finances to check in and see if you’re on track. To see if there are any gaps in your finances use The Guide to Getting Started on Financial Wellness to do a full assessment.

Consumer Spending

Inflation has been frontpage news over the last year and a half as we’ve seen decade-high numbers. With higher prices, analysts have kept a close watch on consumer spending habits as a key indicator, providing insight into how the health of the economy is affecting individuals. After months of consecutive decline, the latest report showed that spending increased as consumers purchased vehicles, summer travel, concert tickets, and cruises despite rising prices.

Planning opportunity: This uptick is significant as the Federal Reserve is contemplating pausing their ongoing interest rate hikes in June. Economic data, like consumer spending, continues to run hotter despite the Fed’s ongoing interest rate increases as they battle inflation.

Retirement Savings

Men vs. Women: The average 401(k) balance was $90k in 2021, an increase from $74k in 2019 - however there is a growing disparity between men and women. In 2021, men had an account balance of $108k, while women were behind at $70k.

Planning Opportunity: It’s helpful to review your situation in detail with an advisor who can evaluate your finances with a fresh set of eyes. Not only will you get to review your current situation and gain expert advice on actionable changes you can make today, but you can also uncover important changes to get you on track to have the retirement you’re working so hard toward. We offer an all-in-one approach, including a customized financial plan.

Wealth Transfer

By 2045, a total of $84.4 trillion will either be passed down to heirs or donated to charities. Out of that, 63%, or $53 trillion, will be transferred from the Baby Boomer generation.

Planning opportunity: Proactive estate planning goes hand in hand with the wealth transfer. Creating an estate plan early helps to reduce headaches and avoid the probate court process. It also allows for strategic planning beyond choosing the right trust as the vehicle to pass down, while still being tax conscious. Learn the latest Estate Planning Strategies to Secure Your Legacy in our on-demand webinar.

Average Net Worth

The most recent Survey of Consumer Finances report conducted by the Federal Reserve revealed that the average net worth of US Households is $748,000 with the median net worth being $121,700.

Planning opportunity: Net worth provides a snapshot view of your always evolving finances by simply subtracting your liabilities from your assets. Take the exercise a step further by stress testing your financial plan. In other words, run your plan through thousands of trials to determine how successful your plan is compared to your goals.

No matter the day, time of year, or event that prompted you to think about your finances, there is always a new strategy or perspective to consider when working on your financial health. Use these stats as a reflection point – and when you’re feeling stuck, we’re here to help.

We can help

Start the conversation today by scheduling a call with a Financial Consultant who will provide a complimentary, custom-tailored financial plan to help you reach your goals.

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Sources: Employee Benefit Research Institute, Federal Bureau of Investigation, Bankrate, Wall Street Journal, Bank of America, AARP, Federal Reserve

Please consult with an attorney or a tax or financial advisor regarding your specific legal, tax, estate planning, or financial situation. The information in this article is not intended as legal or tax advice.

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