How Much Money Does The Us Spend On It’s Military – In 2021, the average American spent just over $60,000 a year. But where is all their money? Unsurprisingly, spending habits vary greatly by age.
This graphic by Preethi Lodha uses data from the US Bureau of Labor Statistics to show how average Americans spend their money, and how annual spending varies between generations.
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How Much Money Does The Us Spend On It’s Military
Overall in 2021, Gen X (anyone born from 1965 to 1980) spent the most money of any generation in the United States, with an average annual expenditure of $83,357.
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The “sandwich generation” because many members of this age group financially support their elderly parents and their children.
The second biggest spenders are Millennials with an average annual expenditure of $69,061. Like Gen X, the three spending categories of this generation are housing, health care and personal insurance.
On the opposite side of the spectrum, members of Generation Z are the lowest spenders with an average of $41, 636. year. Their spending habits are expected to grow, especially considering that in 2022 the oldest Gen Zers are only 25 years old and are still at the beginning of their careers.
While spending habits vary by age group, there are some categories that remain fairly consistent across the board.
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One of the most consistent expenditure categories is housing – it is by far the biggest expenditure for all age groups, accounting for more than 30% of the total annual expenditure for each generation.
Another category of spending that is surprisingly consistent across generations is entertainment. All generations spent more than 4% of their total spending on entertainment, but none devoted more than 5.6%.
Gen Zers spent the least on entertainment, which could narrow it down to the types of entertainment this generation typically enjoys. For example, a study found that 51% of respondents aged 13-19 watch videos on Instagram every week, while only 15% watch cable TV.
As the table below shows, the Silent Generation spent an average of $7,053 on health care, or 15.8% of their total average spending. Comparatively, Gen Z spent only $1,354 on average, or 3.3% of their total average spending.
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However, while younger generations generally spend less on health care, they are also less likely to be insured, so those who do get sick could be left with a hefty bill.
This article was published as part of the Visual Capitalist Creator Program, which features data-driven visuals from some of our favorite Creators around the world.
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Markets Viewed: The United States’ Largest Trading Partners Who are the United States’ largest trading partners? This visual shows the trade balances between the United States and its trading partners.
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With so many imports, it goes without saying that the country has a significant deficit of goods with many of its trading partners. The deficit with China, for example, is $383 billion. Meanwhile, the total merchandise trade deficit is almost $1.2 trillion and will increase by 9% in 2022.
Since the country has trade relations with more than 200 countries, regions and territories, this network of relations is complex. This visualization, using data from the US Bureau of Economic Analysis, makes trade relations easier to understand by ranking the US’s largest trading partners in terms of trade in goods alongside value of exports and imports.
Each balance is determined by calculating the difference in exports and imports of the United States with a trading partner. So, while the balance with Ireland is a deficit of $66.1 billion, the balance with the Netherlands is a surplus of $38.3 billion.
The United States’ largest trading partners are some of the world’s largest exporters. “Made in China” is ubiquitous for a reason. Manufacturing in places like Vietnam is playing a more essential role in the global economy, and so the country shows up prominently in the chart above. Taiwan is also a major player due to its dominance in the semiconductor market.
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Also, some of the most important partnerships are a case of proximity. Canada and Mexico are members of the USMCA agreement (which replaced NAFTA), making North America one of the largest trade areas in the world. The US dollar is typically stronger than the Canadian dollar and the Mexican peso, making imports from Canada and Mexico relatively cheaper for US consumers and businesses. Mexico’s lower labor costs and Canada’s oil surplus also play a role in trade imbalances.
While number one in terms of imports and exports of services, the United States is the 2nd largest exporter of goods in the world, revealed in its trade surpluses with countries such as Hong Kong and the United Kingdom .
Without context, the chart above is simply made up of big numbers. Below, we look at the actual goods that move between countries.
In general, exports increased by 18% year-on-year. Here’s a look at some of the largest export items recorded in 2022, along with dollar values:
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This list of the largest exports includes both commodities and items higher on the scale of economic complexity, such as aircraft engines.
Imports increased by 15% last year. Interestingly, one of the top imports was crude oil – also one of the country’s top exports – amounting to $65.1 billion. Here’s a look at the other great imported items:
America’s biggest imports tend to be vehicles and electronics. Non-tech goods such as pharmaceuticals and furniture also top the list.
The US has been in deficit for over 40 years, so the current trend is no surprise.
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Services) dipped during the pandemic, the chart below reveals that trade figures are now higher than pre-pandemic levels and the overall deficit continues to increase.
Despite the trade deficit and a decline in manufacturing employment over time, US industrial production has grown over the long term.
For example, the US government has emphasized the importance of American semiconductor chips, after the pandemic delays in Taiwan put a major strain on a wide range of industries. The government has introduced the CHIPS Act, which will help establish two semiconductor chip manufacturing centers by 2030, among other things.
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Basically, the more income a family generates, the higher the part that can be spent on items other than the usual needs (housing, food, clothes, etc.), and more that can be saved or invested for the future.
Today’s visuals come to us from Engaging Data, and they use Sankey diagrams to visualize data from the Bureau of Labor Statistics (BLS) that help paint a picture of how different household income groups make and spend the i know money
As you can see above, the average family generates $73,574 of total income, with 84.4% of that coming from wages, and smaller portions coming from social security (11.3%), dividends and property (2.6%), and other income (1.7%). %).
In terms of money that goes out, the highest allocation goes to housing (22.1% of spending), while gas and insurance (9.0%), family (7.7% ) and vehicles (7.5%) make up the largest categories.
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Here, the first level statistic tells a lot of the story, as the poorest income group in America has to spend 100% of the money they come in to make ends meet. Also, money comes from many different sources, showing that there are fewer reliable sources of income for families to rely on.
For expenses, this group spends the most on housing (24.8% of spending), while other top living costs include food at home (10.1%), gas and insurance (7.9%), health insurance (6.9%) and family costs. (6.9%).
The richest family segment brings in $188, 102 in total income on average, with wages (92.1%) being the first source of inflows.
This group spends just over half of their income, with the main expenses being housing (21.6%), vehicles (8.3%), family costs (8.2%), gas and insurance (8.2%) and entertainment (6.9%).
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The top quintile pays just $40,000 in federal, state and local taxes annually, and is also able to contribute about $50,000 in savings annually.
For a fascinating look at how household spending has changed over time, be sure to check out our previous post tracking 75 years of data on how Americans spend money.
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