We've all heard money talks. But for how many people is it saying goodbye?

Answer: A whopping 84%

Questions:

• What are some possible factors that would lead to someone spending beyond their budget?
• How do unexpected expenses, like medical emergencies or car repairs, impact a person's ability to stick to their budget? What can be done to mitigate these impacts?
• To what extent is overspending a matter of personal responsibility, and how much is influenced by external factors like marketing or economic conditions?

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (NerdWallet):

• Most Americans overspend, and many use credit cards to cover it. The survey found that 83% of Americans say they overspend, and a similar proportion who have a monthly budget (84%) say they exceed it. Of those who’ve ever gone over their monthly budget, 44% say they usually use a credit card to pay for the additional purchases they make when going over budget.

• Youngest U.S. adults are more likely to say their generation has it worse. Nearly 1 in 5 Americans (18%) think their generation is bad at managing money and nearly 3 in 5 Americans (57%) think their generation has had a harder time making ends meet than any other generation, the survey finds. Younger Americans are more likely to make each of these assertions.

• Emergency savings is a financial priority for many. Close to half of Americans (48%) say they want to prioritize emergency savings, according to the survey. Other popular financial priorities for Americans are investments (36%) and retirement planning (35%).

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For more resources, check out the NGPF Unit on Budgeting.

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About the Author

Ryan Wood

Ryan is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.

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