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Saving Money and Repaying Debt are Top Financial Worries

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Saving Money and Repaying Debt are Top Financial Worries
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April
3

If your finances are keeping you up at night, you are not alone. A Financial Literacy survey conducted by The National Foundation for Credit Counseling (NFCC) and the Network Branded Prepaid Card Association (NBPCA) reports that just over three-quarters of the 2,037 people polled were worried about money issues.

The survey, which provides a snapshot of how people feel about their finances, showed that insufficient savings topped the list of worries followed by people fretting over debt, health insurance, unemployment, foreclosure and credit issues.

Participants were asked what their top concerns were, and were allowed to choose more than one response. Here is the breakdown ordered by the most worrisome things:

  • Lack of savings – 57% of respondents said they don’t think they have enough money saved; 43% said they don’t have enough in their emergency fund;and 38% are concerned about financing their retirements.
  • Inability to pay off debt – 26% of respondents said they didn’t know if they could keep up with their payments including debt from credit cards (13%), student loans (8%), auto payments (7%), and medical bills (6%).
  • Cost of health insurance – 25% of respondents were concerned about health insurance; 19% said it was too expensive; and 17% reporting they did not have coverage.
  • Credit issues – credit scores and lack of credit were a concern for 19% of respondents overall, with 16% worried about their credit score and 9% saying they could not get approved for credit. However, only 35% of people had looked at their credit report during the past year.
  • Unemployment – 18% of people said they were worried about losing their job this year.
  • Foreclosure – 4% of respondents cited losing their home to foreclosure as something weighing on their minds.

But while 77% of respondents reported being worried about finances, just over a quarter of those surveyed said they were spending more this year than last—a positive indicator for the U.S. economy.

When it came to grading themselves on their knowledge of personal finance, 60% gave themselves an A or a B, indicating that more than half of people think they have a good grip on money issues. Still, four out of five respondents said they could benefit from advice from a professional financial advisor. The survey is released each year in April, which is Financial Literacy month.

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