Over three billion people — more than half the world population as of 2010 — live on less than $2.50 US Dollars (USD) a day. More than 80% of the population lives on less than $10 USD per day. To put that in perspective, the average American spends about $7 USD a day on entertainment alone, and more than twice that on transportation.
Many Americans struggle to afford their cost of living and must resort to extreme budgeting. This struggle often includes choosing between different necessities and spending minimal money on groceries. Lower-income families often have to save money by comparing options across multiple coupon services, such as Capital One Shopping vs Honey. American families also make ends meet by working extra jobs, seeking help from community charities, and reducing utility bills by avoiding water and electricity use.
More money facts:
- The world's billionaires (less than 500 people) account for about 7% of the world's GDP. Low income countries (about 2.5 billion people) account for only 3.3% of the world's GDP.
- According to the World Bank, the poorest 20% of the world's population accounts for 1.5% of the world's total private consumption, while the richest 20% accounts for around 75% of global private consumption.
- The world income gap is growing: in the 1960s, the 20% of the world’s people in the richest countries had 30 times the income of the poorest 20%. By 1997 that figure had risen to 74 times as much, and it continues to increase.