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This year’s hot consumer finance trends in the spotlight

The median house price is $374,900, an increase of over $50,000 from just a year ago.

Out of the shadow, Egypt money-pooling apps thrive
An employee of "Al-Gameya", a tech startup for money-pooling, holds a phone with the application at the company offices in Egypt’s capital Cairo - Copyright AFP Khaled DESOUKI
An employee of "Al-Gameya", a tech startup for money-pooling, holds a phone with the application at the company offices in Egypt’s capital Cairo - Copyright AFP Khaled DESOUKI

Data provided to Digital Journal by The Ascent’s research team tracks the most important cited personal finance statistics that are shaping the interests of consumers and are likely to hold the interest across 2022.

This includes the average person’s credit card debt and to how many people plan to buy cryptocurrency. The information relates to consumers living in the U.S.

Buy now, pay later

Data trends suggest more consumers are shopping more online and they are seeing new payment options, in particular ‘buy now, pay later’ offers. A mix of income loss and uncertain finances have seen more U.S. conserving cash and seeking alternative methods of borrowing money. The trends indicate that 55 percent of consumers have used these services.

Average house price by state

With house sales, the median house price is $374,900, an increase of over $50,000 from just a year ago. In addition, the average down payment is now $27,850. This increase has been driven by the pandemic, where more people sought to take advantage of a price drop, which has now led to increased demand.

Credit card processing fees

Current credit card processing fees are typically 1.3 to 3.5 percent. This represents no change as both Visa and Mastercard have elected to delay an increase to their credit card processing fees.

Identity theft and credit card fraud

There were over 500,000 reports of COVID-19 fraud last year, a new category of fraud and one that adds to the general rise in fraud cases. For example, there were 1,387,615 reports of identity theft across the year, showing the degree to which financial fraud is a serious issue.

Cryptocurrency goes mainstream

Cryptocurrency continues to grow in popularity and although it remains a minority area within finance, a poll suggests that over 50 million U.S. citizens are likely to buy some form of cryptocurrency.

Average savings account balance is $3,500

Save for the future if a popular mantra from financial consultants and data indicates that a majority of people have some degree of savings. However, 39 percent of U.S. citizens do not have enough money on hand to cover a $400 emergency.

Average household debt is $145,000

The typical U.S. household carries a lot of debt, with debt split between mortgages, auto loans, credit cards, and other types of loans. Across all households, debt stands at $14.35 trillion.

Gen Z, Millennials, Gen X, and Baby Boomers credit card habits

In terms of what people are seeking from credit cards, it seems that cash back cards are the most popular. All told, 45 percent of consumers prefer using credit cards to make their purchases, making this the most common way to pay. That figure is up from 36 percent in the previous year.

Average credit card debt is $5,525

While credit card use is up, so is credit card debt. Over half (55 percent) of U.S. credit card users have maxed out at least one credit card. The overall numbers vary significantly for different demographics.

Average cost of a wedding is $33,900

How much is the price of getting married? This is a figure that continues to climb and most couples are underestimating the costs. Couples budget, on average, around $23,000 for their wedding but end up spending over $30,000, with more than half of all couples increasing their projected spending during the planning process.

Written By

Dr. Tim Sandle is Digital Journal's Editor-at-Large for science news. Tim specializes in science, technology, environmental, and health journalism. He is additionally a practising microbiologist; and an author. He is also interested in history, politics and current affairs.

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