October is a season for chills and thrills, but not all scary stories come from horror movies. Some of the most frightening figures come from the world of personal finance — and unlike Frankenstein, these are all too real. Here are a few financial statistics that gave me a fright — and a reminder that good planning can help keep money monsters at bay.  

1. A 2025 Bankrate study reports that 59% of Americans could not come up with $1,000 for an emergency. This suggests many households lack the recommended cash reserves — and may not be using a system like our Savings-to-Spend framework to manage cash flow intentionally. 
2. The American Psychological Association reports that 64% of Americans say money is a primary source of anxiety, and 55% regularly worry about their personal finances. The CFP® Board found that people who work with a financial planner report significantly greater financial peace — proof that facing your fears (and your finances) pays off. 
3. “Buy Now, Pay Later” (BNPL) use is on the rise. Data from Bankrate states that at least 30% of Americans have used the service, with a significant usage increase in the younger generations. Many restaurants now offer BNPL options — even Chipotle. That means you can technically finance your next burrito in four equal payments. BNPL is also integrated with food delivery services like DoorDash and UberEats, often turning a $12 burrito into a $40 meal after delivery fees and tips. Ironically, the busy, high-income individuals these delivery services target often avoid them — perhaps because they recognize a bad deal when they see one.
4. According to Edmunds.com data from 2025, a record 27% of vehicles traded in for new cars have negative equity — meaning the owner owes more on the loan than the car is worth. It’s a vicious cycle of debt that’s become increasingly common. Auto loan debt in the U.S. has reached an all-time high of $1.3 trillion, with the average new car now costing over $50,000. 
5. Vanguard reports that 28% of Rollover IRAs remain entirely in cash after seven years. That’s particularly scary because if those funds had been invested, they could grown over 73% during that time (assuming an 8% annual return). Many of these accounts likely sit forgotten (like the jack o’lantern left on the front porch), missing out on years of potential growth.
6. A 2023 PwC study found that one in four Americans have nothing saved for retirement — a frightening figure that suggests many may have to work longer or rely heavily on Social Security and pensions. Fortunately, the SECURE Act 2.0, passed in 2022, aims to improve this by requiring automatic enrollment in newly established workplace retirement plans for employees aged 18 and older (assuming the company meets certain characteristics). Contributions start at 3% and gradually increase to 10%, though employees can opt out. 
7. Credit card debt in the U.S. surpassed $1 trillion in 2023, with the average household carrying between $7,000 and $9,000 in revolving balances – this excludes households paying off their cards in full each month.  At an average interest rate of 22%, that adds up to roughly $2,000 in annual interest charges — money that could otherwise be used toward savings or investments.

Wrapping it All Up

While these statistics might sound frightening, the good news is that every one of them can be improved with awareness and action. Building an emergency fund, paying down debt, living on less than you make, and automating savings are simple but powerful ways to fight back against these financial statistics. A comprehensive financial plan can turn these spooky numbers into stories of progress. So, this Halloween season, don’t let your finances haunt you. Let AFG walk with you toward a future that’s far less frightening.

Jake Spradlin, CFP®

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