Scary costumes and haunted houses can be fun one night of the year, but dealing with real-life financial fears on a daily basis is no treat. However, the National Foundation for Credit Counseling® Financial Literacy Survey revealed that 71% of respondents admit to having financial worries.
Sharing the top spot on the list are concerns about a lack of savings, equally divided between not enough savings for everyday emergencies (16%), and not enough money for retirement (16%).
Other top worries included the following:
- Not surprisingly, fears related to either losing a job or not being able to find a good-paying job was second on the worry list (13%).
- Worries associated with debt held the third spot (7%), and included concerns about not being able to pay credit card debt, student loan debt, a monthly vehicle payment or existing medical debt.
- Four percent of respondents worry about not being able to afford health insurance. Four percent also have concerns about their credit score and access to credit.
- Rounding out the list were fears that their personal financial situation is out of control, not being able to afford to send children to college, not having a good overall understanding of personal finance, losing a home to foreclosure and potentially having to file bankruptcy.
“Admitting financial fears is the first step toward resolving them,” said Gail Cunningham, spokesperson for the NFCC. “The next step is taking action to resolve the problem. NFCC certified financial counselors have experience addressing financial fears and are well-equipped to help consumers find answers and solutions that replace their fears with financial peace of mind.”