Other People's Money

American Demographics, Jan 1, 2002

It's time the truth is told: we are a nation of penny pinchers. Three out of 4 Americans (77 percent) save their loose change each day rather than spend it. In fact, our unwillingness to hold up the line at the cash register to fish in our pockets and purses for correct change contributes to an estimated $7.7 billion in coins currently stashed at home in piggy banks, shoeboxes and in between couch cushions. Then there are people who throw their money away, literally. Forty-seven percent of 18- to 34-year-olds admit that they've thrown away a penny at least once in their lives, while just 11 percent of those over the age of 65 have done so. Others have found practical uses for the change in their pockets: 54 percent of Americans use coins as makeshift screwdrivers; 7 percent use them to even out table legs and 73 percent use coins to scratch the paint off lottery tickets. If these folks hit the jackpot, they may never have to count their pennies again.

Payback Time

Approximate weekly unemployment pay*, by state:

Take-Home Pay

Breakdown of U.S. households by total annual income and benefit compensation:

In the Red

Average credit card debt per U.S. household:

Back in My Day

$1,000 in 2001 dollars was worth:

$733 in 1990 dollars

$462 in 1980 dollars

$218 in 1970 dollars

$166 in 1960 dollars

$135 in 1950 dollars

$79 in 1940 dollars

Source: Bureau of Labor Statistics

BANK ON IT

Percent of racial or ethnic group who bank:

Spreading the Wealth

Where Americans put their money:

LEARNING CURVE

Two-thirds of high school seniors believe that financial issues do not have a strong impact on their lives

30 percent of high school seniors have more than $1,000 in savings

4 in 10 high school seniors surveyed believe they can earn more by putting their money in a savings account than in a certificate of deposit

1 in 4 high school seniors know that the federal government deducts income tax from paychecks

3 in 10 high school seniors believe that responsibility for providing for their retirement rests with the federal government

Source: Americans for Consumer Education and Competition, 2001