Axios Charlotte readers get candid about their finances

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.

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.

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.

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.

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

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