Axios Charlotte readers get candid about their finances

Axios Charlotte readers get candid about their finances
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Presented by Bank of America. From budgeting to bill paying, Bank of America’s digital banking tools can help you take control of your finances.


In a recent 13-question survey, we asked Axios Charlotte subscribers how much they earn and what they spend their money on.

734 people responded to our anonymous survey.

Why it matters: April is financial literacy month, a nationwide campaign to raise awareness about the importance of financial education in schools and for adults.

Driving the news: Just last week, lawmakers in Florida passed a law to require students entering ninth grade to take a personal finance class before graduation.

According to the National Conference of State Legislatures, North Carolina is one of 12 states that does not require a financial literacy course in high school.

  • Yes, but: North Carolina established the Financial Literacy Council in 2009 within the Department of Justice, responsible for helping educate North Carolinians about financial literacy.

What we found: Nearly half (45%) of our survey respondents say they don’t budget.

  • 38% keep a personal Excel sheet.
  • 17% use apps like Mint, Zeta, PocketGuard, etc.
Charlotte cheddar budget

Data: Axios poll; Chart: Simran Parwani/Axios

Where is the money going?

Rent

According to financial experts, you should spend about 30% or less of your income on housing.

  • The majority of respondents (70%) spend less than that on rent/mortgage.

Of note: The majority of respondents (74%) said they own their homes.

Leisure

About 45% of people who responded say they spend $100 or less each month on going out (drinks/dinner/activities).

  • Another 44% said they spend between $101 and $300.
Leisure spending

Data: Axios poll; Chart: Simran Parwani/Axios

We asked what the most expensive purchase this year was, and these were the top answers: cars, homes and plane tickets.

  • 21% of respondents told us they bought a car or had auto repairs.
  • 18% said they bought a home.
  • 18% said they spent the most money on travel.

Groceries

Nearly half (40%) of respondents said they spend between $201 and $400 a month on groceries.

  • Of note: About 45% live in a two-person household.
How much do you spend on groceries

Data: Axios poll; Chart: Simran Parwani/Axios

Salary

Out of the 733 people who answered the question, “What is your salary range?” (one person skipped it), nearly 29% said they earn between $96,000 and $150,000.

charlotte cheddar salary

Data: Axios poll; Chart: Simran Parwani/Axios

The second highest income level falls between $21K and $65K.

  • Five people that responded make $1 million or more a year.
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