Household spending · Consumer Expenditure Survey · BLS CE 2024
Personal insurance and pensions Spending
How much American households spend on personal insurance and pensions - broken down by income, age, region, household size and tenure, from the BLS Consumer Expenditure Survey.
- Annual average (2024)
- $9,797
- Share of spending
- 12.5%
- Change vs 2023
- +2.5%
- Change vs 2020
- +35.2%
Spending Insight: Personal insurance and pensions
American households spent an average of $9,797 on personal insurance and pensions in 2024, representing 12.5% of total consumer expenditures. Year-over-year change was +2.5% (from $9,556 in 2023), roughly in line with broader consumer spending trends.
Since 2020, personal insurance and pensions spending has risen by 35.2% (from $7,246 to $9,797), outpacing the roughly 21% cumulative inflation over 2020–2024 (BLS CPI-U) - a real-terms increase in household burden. The category breaks into 2 subcategories, each with its own spending dynamic, drill into any row below to see the finer-grained picture.
Income is strongly associated with personal insurance and pensions spending: the top income quintile spends $27,279/year versus $711 for the lowest quintile, a 38.4x gap. Regionally, the West spends the most ($11,539/year) while the South spends the least ($8,488/year). Use the cross-cuts below, by income, region, age, household size, and housing tenure, to see which demographic factors drive this category hardest for your situation.
How Personal insurance and pensions compares to other categories
Personal insurance and pensions is the #4 largest of 14 major household spending categories in 2024, claiming 12.5% of the total budget.
Major spending categories, ranked
Personal insurance and pensions highlighted · average annual spending · 2024
Spending Trend (2020–2024)
Personal insurance and pensions spending per household, 2020–2024
National average annual spending
| Year | Annual Amount |
|---|---|
| 2024 | $9,797 |
| 2023 | $9,556 |
| 2022 | $8,742 |
| 2021 | $7,873 |
| 2020 | $7,246 |
How we calculate this: % of Total is this category's published spend divided by that year's total household spend. YoY Change is the percentage difference between a year's amount and the prior year's amount. Both are computed from the raw BLS figures, not re-estimated.
Subcategories
How the $9,797 personal insurance and pensions total divides across subcategories (BLS Consumer Expenditure Survey 2024).
| Subcategory | Annual Amount (2024) |
|---|---|
| Life and other personal insurance | $575 |
| Retirement, pensions, and Social Security | $9,222 |
By Income Level (2024)
How personal insurance and pensions spending varies across income quintiles
| Income Group | Annual Amount |
|---|---|
| Lowest 20% | $711 |
| Second 20% | $2,712 |
| Middle 20% | $6,248 |
| Fourth 20% | $11,934 |
| Highest 20% | $27,279 |
By Region (2024)
Geographic variation in personal insurance and pensions spending
By Age Group (2024)
How personal insurance and pensions spending changes across the lifecycle
By Household Size (2024)
| Size | Annual |
|---|---|
| 1 Person | $4,329 |
| 2 People | $12,150 |
| 3 People | $9,652 |
| 4 People | $13,302 |
| 5 or More | $16,252 |
By Housing Tenure (2024)
| Tenure | Annual |
|---|---|
| Homeowner (with mortgage) | $11,910 |
| Homeowner (no mortgage) | $15,814 |
| Renter | $6,759 |
What to do with this data
The average U.S. household spends $9,797 a year on personal insurance and pensions - here's how to put that in context.
- Compare your own spending against the national income quintiles. Budget calculator
- See how personal insurance and pensions spending shifts across income levels, ages, and regions. By income
- Track this category in your private watchlist to revisit as the data updates. Save categories
Figures are national averages from the BLS Consumer Expenditure Survey; your own household may differ from these means.
Frequently Asked Questions
How much does the average household spend on personal insurance and pensions? ▼
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Spending Guides (show related guides)
Related Spending Categories
Browse other major categories from the BLS Consumer Expenditure Survey.
Disclaimer: This information is provided for informational purposes only and does not constitute professional advice. Data is sourced from the BLS Consumer Expenditure Survey. Consult a qualified professional before making decisions based on this data.
Read our methodology - how this data is sourced, computed, and verified.
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