WorksheetsDebt Statistics According to the Ramsey Report
Total questions: 19
Worksheet time: 10mins
At what median age do people go into debt for the first time, according to the Ramsey Report?
18
23
30
25
According to the Ramsey Report, what fraction of U.S. adults are in debt by age 30?
One-third
One-half
Two-thirds
Three-fourths
If a person goes into debt for the first time at the median age, how many years do they have before reaching the age by which two-thirds of U.S. adults are in debt?
5 years
7 years
10 years
15 years
How much did financial illiteracy cost Americans on average annually in 2022?
$1,819
$415
$2,500
$3,000
What was the total nationwide cost of financial illiteracy in the United States in 2022, as shown in the image?
$1.8 billion
$415 billion
$100 billion
$819 million
Which organization is cited as the source for the financial illiteracy statistics in the image?
National Financial Educators Council
American Economic Association
U.S. Department of Education
National Literacy Foundation
If financial illiteracy cost Americans $1,819 per person on average in 2022, what might be some consequences for individuals who lack financial knowledge? (Choose the best answer.)
They may lose money due to poor financial decisions.
They will automatically become wealthy.
They will not be affected at all.
They will receive financial rewards from the government.
What was the average credit card debt per person in 2023?
$6,501
$5,900
$7,200
$4,800
By what percentage did the average credit card debt per person increase from the previous year to 2023?
10%
5%
15%
20%
If the average credit card debt per person was $6,501 in 2023 after a 10% increase, what was the average debt per person in the previous year? (Round to the nearest dollar.)
$5,910
$5,910.90
$5,901
$6,000
What percentage of Americans do NOT use a high-yield savings account?
82%
50%
25%
10%
What is the consequence for Americans who do not use a high-yield savings account?
They miss out on more free money in interest.
They have to pay extra fees.
They lose their savings.
They get higher interest rates.
Based on the information provided, why might it be beneficial for Americans to use a high-yield savings account?
To earn more free money in interest.
To avoid paying taxes.
To increase spending.
To reduce the number of bank accounts.
According to a May 2024 poll, what percentage of U.S. adults have no emergency savings?
27%
15%
40%
10%
What is significant about the percentage of U.S. adults with no emergency savings as of May 2024?
It is the highest percentage since 2020.
It is the lowest percentage since 2020.
It has remained unchanged since 2020.
It is the same as in 2022.
Based on the information provided, which of the following statements is true?
The percentage of U.S. adults with no emergency savings increased to its highest level since 2020 in May 2024.
The percentage of U.S. adults with no emergency savings decreased to its lowest level since 2020 in May 2024.
The percentage of U.S. adults with no emergency savings has not changed since 2020.
The percentage of U.S. adults with no emergency savings was highest in 2022.
What percentage of all stocks is owned by the wealthiest 10% of Americans?
93%
50%
75%
10%
What does the statistic about stock ownership suggest about wealth distribution in the United States?
Wealth is highly concentrated among a small percentage of people.
Most Americans own an equal share of stocks.
The poorest 10% own most of the stocks.
Stock ownership is evenly distributed.
If the wealthiest 10% of Americans own 93% of all stocks, what percentage of stocks is owned by the remaining 90% of Americans?
7%
50%
93%
10%
