Personal insurance and pensions Spending
How much American households spend on personal insurance and pensions — 2024 data from the BLS Consumer Expenditure Survey
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), substantially exceeding cumulative inflation over the same period — a real 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 the strongest predictor of 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.
Spending Trend (2020–2024)
| Year | Annual Amount |
|---|---|
| 2024 | $9,797 |
| 2023 | $9,556 |
| 2022 | $8,742 |
| 2021 | $7,873 |
| 2020 | $7,246 |
Subcategories
| 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 |
Frequently Asked Questions
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Spending Guides
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Browse other major categories from the BLS Consumer Expenditure Survey.
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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.
