Credit Card Debt, Retirement, College Costs Top... - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Credit Card Debt, Retirement, College Costs Top Concerns Nationwide

Credit Card Debt, Retirement, College Costs Top Concerns Nationwide

Credit Card Debt, Retirement, College Costs Top Concerns Nationwide
October
9

Alaskans are worried about paying down credit card debt, while people in California are primarily concerned how they’ll pay for their kids’ college educations. Meanwhile, Coloradans are trying to stick to a budget and folks in Florida are focused on funding their retirements.

That’s according to a recent study from GOBankingRates. The 2015 Life + Money Survey asked people in all 50 states and the District of Columbia, “what’s your biggest financial challenge?” Answers differed across regions, but a few themes emerged: paying for college, paying down credit card debt, and funding retirement were the top concerns for many.

Overall, one-fifth of Americans said that sticking to a budget is their primary financial concern. Another one-fifth said it was planning for retirement.

Pick your problem

Survey respondents were asked to choose from the following menu of seven options:

• Planning for retirement
• Saving up to purchase a home
• Saving for an emergency fund
• Sticking to a budget
• Building an investment portfolio
• Paying for college or university
• Paying down credit card debt

Real estate, investing not biggest concern for most

Some patterns emerged from the survey data. In the western United States, folks were more concerned about not busting their budgets: it was the number two worry for Westerners. In the Midwest, people were more likely to name retirement as their biggest financial concern. But saving for a home or building a solid portfolio of investments didn’t top the list of worries anywhere.

Paying off credit card debt was the most prevalent worry in three states: Maine, New Hampshire, and Alaska. And only one state—South Dakota—named saving for an emergency fund as the number one concern.

Differences by gender, age

The study also examined how people’s attitudes differed according to gender and age. Key findings included:

Women were more worried about sticking to a budget (22% named it as their number one concern, versus 20% of men), while men were more focused on retirement (20% said it was worry number one, as opposed to 17% of women).

Not surprisingly, young people (ages 18-24) were more likely to worry about paying for college, while those over 35 were concerned about planning for retirement. People 65 and over were anxious about building their investment portfolios.

The GOBankingRates study was made up of five separate surveys conducted in July and August 2015 and included responses from over 10,000 Americans ages 18 and up.
For the full survey results, see this link.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

A New Credit Card for Nature Lovers
A New Credit Card for Nature Lovers

Posted: October 06, 2015

Ducks Unlimited, a nonprofit waterfowl conservation organization has teamed up with First Bankcard to launch the Ducks Unlimited Rewards Visa Card, offering one point on purchases. Continue reading
Synchrony Financial Grant for the NFCC
Synchrony Financial Grant for the NFCC

Posted: January 19, 2016

Synchrony Financial is giving the National Foundation for Credit Counseling (NFCC) a grant totaling $4 million. Continue reading
Synchrony Financial Inking a Deal with P.C. Richard & Son
Synchrony Financial Inking a Deal with P.C. Richard & Son

Posted: February 10, 2016

Financing computers, entertainment systems and other kinds of electronics is a priority for many Americans, and in keeping with this trend P.C. Richard & Son has signed a multi-year credit card extension with Synchrony Financial. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit