Visualized: How Long Can Each Generation Survive Without Income?

Published

43 mins ago

on

June 19, 2024 Graphics & Design How Long Can People Cover Their Needs Without Income?

With nearly half of people under 34 worldwide unable to cover their needs for a month or less without income, it is no surprise that financial resiliency is a hot topic.

So, for this graphic, Visual Capitalist has partnered with Lloyd’s Register Foundation to explore economic resilience further and determine how long the average person can afford to cover their needs without income.

World Risk Poll 2024 Report: Economic Resilience

Lloyd’s Register Foundation produces the World Risk Poll every two years in partnership with Gallup, and the World Risk Poll 2024 report explores the everyday risks of 147,000 people from 142 nations.

They asked respondents how long they could afford to cover basic needs, such as food, transport, and shelter, if they lost all income. 

Here’s what they found: 

Age GroupLess than a monthAround a monthTwo monthsThree monthsFour months or more 15 to 2440%10%12%10%20% 25 to 3439%9%13%10%24% 35 to 4938%9%13%10%25% 50 to 6432%8%16%11%29% 65+28%9%12%10%33%

The results reveal a distinct trend across all age groups, with respondents typically falling into two categories: those with one month or less of financial runway, and those with more than four months. Relatively fewer respondents reported being able to survive two to three months.

National Economic Resilience

The nation where a person lives also significantly contributes to their ability to cover their basic needs.

The divide is particularly sharp between the percentage of respondents who could only cover their needs for a week or less and those who could cover their needs for a month or more—a tiny minority in developed economies, but a significant share of respondents from some developing nations.

Engineering a Safer World

The World Risk Poll 2024 report has revealed a weakness in global economic resilience. Younger individuals and those in developing countries are at higher risk than older individuals or those in developed countries.

The report shines a light on the risks ordinary people face, such as how long they can cover their needs without income. However, the World Risk Poll 2024 report also highlights many more risks, such as global plastic waste, people’s safety at

Mapped: The Income a Family Needs to Live Comfortably in Every U.S. State

Published

2 hours ago

on

May 22, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

The Income a Family Needs to Live Comfortably in Every U.S. State

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Families in the top five most expensive U.S. states require an annual income exceeding $270,000 to live comfortably.

This visualization illustrates the income necessary for two working adults with two children to maintain a comfortable lifestyle in each state.

“Comfortable” is defined as the income needed to cover a 50/30/20 budget, with 50% allocated to necessities like housing and utilities, 30% to discretionary spending, and 20% to savings or investments.

The calculations for family income needed in each state were done by SmartAsset, using the cost of necessities sourced from the MIT Living Wage Calculator, last updated on Feb. 14, 2024.

Massachusetts Tops the List

Massachusetts is the most expensive state to live comfortably in, requiring a total family income of about $301,184. Hawaii ($294,611) comes in second, followed by Connecticut ($279,885).

Housing is one main reason Massachusetts is an expensive state to live in, particularly in the Boston area. In addition, the state also has a high cost of living, including expenses such as healthcare and utilities.

RankStateIncome for 2 working adults raising 2 children 1Massachusetts$301,184 2Hawaii$294,611 3Connecticut$279,885 4New York$278,970 5California$276,723 6Colorado$264,992 7Washington$257,421 8Oregon$257,338 9New Jersey$251,181 10Rhode Island$249,267 11Vermont$248,352 12Minnesota$244,774 13New Hampshire$244,109 14Alaska$242,611 15Maryland$239,450 16Nevada$237,286 17Virginia$235,206 18Illinois$231,962 19Arizona$230,630 20Pennsylvania$230,464 21Maine$229,549 22Delaware$228,966 23Wisconsin$225,056 24Utah$218,483 25Michigan$214,490 26Nebraska$213,075 27Georgia$212,826 28Montana$211,411 28Iowa$211,411 30Idaho$211,245 31North Carolina$209,331 31Ohio$209,331 33Florida$209,082 34Indiana$206,003 35New Mexico$203,923 36Wyoming$203,424 37Missouri$202,259 38North Dakota$202,176 39Texas$201,344 40South Carolina$200,762 41Kansas$196,768 42Tennessee$195,770 43Oklahoma$194,106 44Alabama$193,606 45South Dakota$192,608 46Kentucky$190,112 47Louisiana$189,613

Visualizing the Tax Burden of Every U.S. State

Published

31 seconds ago

on

May 8, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

Visualizing the Tax Burden of Every U.S. State

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

This map graphic visualizes the total tax burden in each U.S. state as of March 2024, based on figures compiled by WalletHub.

It’s important to understand that under this methodology, the tax burden measures the percent of an average person’s income that is paid towards state and local taxes. It considers property taxes, income taxes, and sales & excise tax.

Data and Methodology

The figures we used to create this graphic are listed in the table below.

StateTotal Tax Burden New York12.0% Hawaii11.8% Vermont11.1% Maine10.7% California10.4% Connecticut10.1% Minnesota10.0% Illinois9.7% New Jersey9.5% Rhode Island9.4% Utah9.4% Kansas9.3% Maryland9.3% Iowa9.2% Nebraska9.2% Ohio8.9% Indiana8.9% Arkansas8.8% Mississippi8.8% Massachusetts8.6% Virginia8.5% West Virginia8.5% Oregon8.4% Colorado8.4% Pennsylvania8.4% Wisconsin8.3% Louisiana8.3% Kentucky8.3% Washington8.0% New Mexico8.0% Michigan8.0% North Carolina7.9% Idaho7.9% Arizona7.8% Missouri7.8% Georgia7.7% Texas7.6% Alabama7.5% Montana7.5% South Carolina7.5% Nevada7.4% Oklahoma7.0% North Dakota6.8% South Dakota6.4% Delaware6.4% Tennessee6.1% Florida6.1% Wyoming5.7% New Hampshire5.6% Alaska4.9%

From this data we can see that New York has the highest total tax burden. Residents in this state will pay, on average, 12% of their income to state and local governments.

Breaking this down into its three components, the average New Yorker pays 4.6% of their income on income taxes, 4.4% on property taxes, and 3% in sales & excise taxes.

At the other end of the spectrum, Alaska has the lowest tax burden of any state, equaling 4.9% of income. This