Editor’s Note: This is the first part of a four-part series on financial literacy in the United States. You can find Part 1 of the series here. Stay tuned for more helpful articles on how you can reach the retirement you have worked hard to attain.
If financial matters concern you, you aren’t alone.
A recent survey conducted by Harris Poll on behalf of Purchasing Power, reveals that 87% of survey participants who are employed full-time (or have a spouse employed full-time) are at least somewhat stressed about their current finances. And 25% of the people feeling the heat over money matters measure their stress level as either “quite a bit” or “a great deal” of stress.
So what’s worrying everyone? Plenty. Household bills are the major cause of financial stress among the 900 participants in the Purchasing Power survey.
The primary stress triggers, ranked in order, are:
- Household bills (mortgage/rent, utilities and transportation) – 47%
- Lack of funds to cover unexpected expenses (car and home repairs) – 43%
- Retirement planning (little/ no retirement savings, no post-employment plan) – 37%
- Healthcare expenses – 34%
- High credit balance – 30%
- Accumulating credit card debt – 29%
- Lifestyle changes (loss of/decrease in household income, elderly care) – 25%
- Education (tuition, daycare fees, student loan payments) – 21%
In turn, these money stressors and others may have a profound impact on people’s quality of life.
