Equity Rich Cash Poor Professionals: Market Size
To find out the number of "equity-rich" (i.e asset rich, cash poor) business owners, the number of real estate owners with less than $1000 in cash savings/or low in cash and the number of doctors or lawyers who can't manage their finances.
- According to studies done by the Attom Data, there are nearly 14 million Americans who are “equity rich”, meaning they have at least 50% equity in their homes.
- As per latest update available, there are 1.36 Million homeowners in the US who are underwater on their mortgage, meaning they owe the lender more than what their home is worth.
- According to the federal survey of household economics and decision-making, 41 percent of Americans could not cover a US$400 emergency expense using cash in 2017.
- However, the 41 percent share indicated an improvement, since it was 44 percent of the population in 2016, 46 percent in 2015 and 50 percent in 2013.
- According to the CNBC and Acorns Invest In You Savings Survey, 75 percent of Americans manage their own finances, with no help from a professional or online service.
- Only 17 percent of Americans said that they took help of a financial advisor.
- 57 percent of adults in the United States were more confident about their ability to save for retirement in 2019 than they were in 2016, according to a CNBC survey.
- However, money mistakes cost an average American US$1,230 per year.
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