PORT WASHINGTON, N.Y., September
21, 2020—Rising sales of personal financial books in the United States that began in 2017 have accelerated since the COVID-19 pandemic began in March. Unit sales of books about personal finance have increased 4 percent for the year to date and have increased at a compound annual growth rate (CAGR) of 9 percent over the past five years, according to The NPD Group (www.npd.com).
“We first noted the upward finance books sales trend in 2019, driven by a growing interest in the financial-independence-retire-early movement among younger generations, even as the economy was doing well,” said Kristen McLean, books industry analyst for NPD. “However, after COVID-19 hit the U.S., the need became less about lifestyle considerations and more about necessity, as economic insecurity, stimulus checks, and unemployment benefits drove the personal savings rate upward. We expect this category to remain strong into 2021 as economic security continues to be top-of-mind.”
NPD BookScan data reveals personal finance book subject growth was led by personal investing (up 43 percent), personal retirement planning (up 21 percent), and personal money management (up 9 percent). Top-selling authors include Dave Ramsey, whose “Total Money Makeover” has sold 1.5 million units since it was first published in 2013. Robert Kiyosaki’s “Rich Dad Poor Dad” was the leading personal finance book of 2020, selling 192,000 copies this year.