Surviving the recent tax season can be stressful and it reminds us just how well, or how poorly, we have done in managing our finances.
We don’t want to just struggle to make ends meet while in full-time ministry. We want to look at what the average pastor is doing in regards to their finances — and choose to do the opposite.
That’s why I just had to share with you the findings of a recent pastor study conducted by the Assemblies of God. It was a broad scale survey of over 6,800 AG ministers that offered a real glimpse into their personal finances. No matter what denomination you are in, you will find this survey relevant and very revealing.
- MANY MINISTERS ARE NOT PREPARED FOR RETIREMENT – 27% had NO retirement savings. Of those who did start saving, 50% had less than $19,000 put away. For those ministers over the age of 60 and nearing retirement, 50% of them have less than $65,000 saved for retirement.
- MANY MINISTERS ARE NOT PREPARED FOR UNEXPECTED EXPENSES – For those who had non-retirement savings, 50% had less than $2,000. 33% of ministers had no personal savings at all. If they suddenly faced an unexpected $10,000 expense, two-thirds of ministers wouldn’t have available savings to cover
- MOST MINISTERS ARE ENCUMBERED BY DEBT – 86% of ministers carry some type of debt, like mortgage, school loans, medical, and credit card debt. The non-mortgage debt averaged almost $40,000. We’re carrying around a full year’s salary worth of debt!
- THE STATE OF THEIR PERSONAL FINANCES – 26% of ministers have significant concerns about their finances and would categorize their financial situation as shaky, which grew to 36% for those ministers under age 45. And 40% of ministers did not have confidence that their financial situation would improve in the next ten years.
So . . . how are you doing? Do you feel like one of these statistics? Maybe you’re currently living with very little margin and don’t feel confident about your current situation.
The good news is you can take responsibility for your own finances and start making changes to better your financial future.
Join me next week as I offer some time-tested and helpful tips on how to improve your finances.
Your partner in ministry,
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