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Average American Budget

Budgeting

KAHOOT�VERSION

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  1. A viral TikTok got criticism in mid-2022 for saying that _______ would not be enough money to live in the U.S.

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  1. $1,000 a month
  2. $5,000 a month
  3. $10,000 a month
  4. $30,000 a month

AVERAGE AMERICAN BUDGET | APRIL 22, 2022 EDITION | NEXT GEN PERSONAL FINANCE

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  • A viral TikTok got criticism in mid-2022 for saying that _______ would not be enough money to live in the U.S.

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  • $1,000 a month
  • $5,000 a month
  • $10,000 a month
  • $30,000 a month

AVERAGE AMERICAN BUDGET | APRIL 22, 2022 EDITION | NEXT GEN PERSONAL FINANCE

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2. What was the average American’s income in 2021?

  1. $25,000
  2. $51,000
  3. $70,000
  4. $85,000

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AVERAGE AMERICAN BUDGET | APRIL 22, 2022 EDITION | NEXT GEN PERSONAL FINANCE

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2. What was the average American’s income in 2021?

  • $25,000
  • $51,000
  • $70,000
  • $85,000

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AVERAGE AMERICAN BUDGET | APRIL 22, 2022 EDITION | NEXT GEN PERSONAL FINANCE

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3. What are the top 3 most costly categories for the average American’s yearly budget?

  1. Food, housing and transportation
  2. Food, transportation and entertainment
  3. Housing, transportation and income taxes
  4. Housing, food and debt

AVERAGE AMERICAN BUDGET | APRIL 22, 2022 EDITION | NEXT GEN PERSONAL FINANCE

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3. What are the top 3 most costly categories for the average American’s yearly budget?

  • Food, housing and transportation
  • Food, transportation and entertainment
  • Housing, transportation and income taxes
  • Housing, food and debt

AVERAGE AMERICAN BUDGET | APRIL 22, 2022 EDITION | NEXT GEN PERSONAL FINANCE

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4. A professor at the Wharton School of Business had a viral tweet say that her student guessed:

  1. the average American income was $10,000/year
  2. the average American income was $51,000/year
  3. the average American income was $200,000/year
  4. the average American income was $800,000/year

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AVERAGE AMERICAN BUDGET | APRIL 22, 2022 EDITION | NEXT GEN PERSONAL FINANCE

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4. A professor at the Wharton School of Business had a viral tweet say that her student guessed:

  • the average American income was $10,000/year
  • the average American income was $51,000/year
  • the average American income was $200,000/year
  • the average American income was $800,000/year

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AVERAGE AMERICAN BUDGET | APRIL 22, 2022 EDITION | NEXT GEN PERSONAL FINANCE

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5. True or False: The average American family owes debt of over $5,000.

  1. True
  2. False

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AVERAGE AMERICAN BUDGET | APRIL 22, 2022 EDITION | NEXT GEN PERSONAL FINANCE

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5. True or False: The average American family owes debt of over $5,000.

  • True
  • False

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AVERAGE AMERICAN BUDGET | APRIL 22, 2022 EDITION | NEXT GEN PERSONAL FINANCE

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You’ve completed the exercise, now it’s time to learn

more about the current event:

AVERAGE AMERICAN BUDGET | APRIL 22, 2022 EDITION | NEXT GEN PERSONAL FINANCE

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Discussion Prompt:

Why do you think posts about income and wealth get so much attention on social media?

AVERAGE AMERICAN BUDGET | APRIL 22, 2022 EDITION | NEXT GEN PERSONAL FINANCE

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Extend Your Learning

Relevant Resources from NGPF:

  • Choosing a Career (Lesson)
  • ECON: Demand Shifters (Activity)
  • What were the top 3 highest paying gigs per hour in 2020? (Question of the Day)

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References:

  • TikToker Slammed for Claiming She Can't Survive on Rs 7.63 Lakh Per Month (News18)
  • Wharton professor says students think the average American makes 6 figures (Fortune)
  • What Americans spend: The cost of housing, food, transportation and more (Bankrate)
  • Q1 2022 Weekly Earnings (US Bureau Labor Statistics)

AVERAGE AMERICAN BUDGET | APRIL 22, 2022 EDITION | NEXT GEN PERSONAL FINANCE