Common Money Worries

Money is a common concern and source of on-going anxiety for 80% of Americans.  In fact a recent survey found that 4 out of 5 American adults are faced with economic insecurity at some point during their lives.  Even when we achieve a level of financial security and freedom we have to wonder, is it permanent?

Here are some of the top financial matters that Americans worry about

Making Ends Meet – More than one-third of Americans biggest worry is regularly paying bills, a mortgage or rent payment, credit card payments, etc.  Along with this, most people rank having adequate income / savings for a comfortable lifestyle as a top priority.

Retirement – According to a Federal Reserve survey, over 1/3 of working Americans have no retirement funds or inadequate funds saved for their future.  In fact, almost one-in-five of those near retirement having zero retirement savings.   Retirement savings is the second most common financial worry faced by most Americans. 

Debt – High amounts of debt is a large concern for many Americans. One out of five people feel that accumulating too much debt is their biggest financial regret. In addition to this debt, many Americans also have to worry about mortgages, car loans, and of course student loans.

Bad Decisions – About one-fourth of respondents in a recent survey felt that they were ‘just getting by’ financially and another 13% said they were struggling to do so.  Many people were dealing with the fact that their financial issues were due to their own decisions. A large portion of the survey respondents acknowledge the impact of their financial decisions and say they’d like to work towards making wiser investment or purchasing decisions.

Being unable to enjoy money – On the other end of the money scale, there are a handful of people who are very money-conscious. These individuals are financially healthy, they budget and plan where every penny is going to go, and their financial future is secure.  Even with all this, they have money concerns such as felling that they are being too cheap and not allowing themselves to enjoy their money.    

Certainly money doesn’t buy happiness, but having a solid financial plan, income and savings can certainly make daily living easier.   Life is too short to live in constant dread of bills and money matters.   If you have financial problems, talk to a trusted professional about them.   There are a number of options to help people alleviate debt, obtain a solid credit score and get on track for a solid economic future.