In the National Foundation for Credit Counseling’s (NFCC) October poll, they asked Americans if they had financial fears. What really stood out was that 71% of the people responding indicated they were worried about their finances.
Perhaps the number shouldn’t be surprising. Even with the Great Recession now behind us, many American’s are still feeling the effects on their wallets and are not confident about their financial futures. The unemployment rate has fallen, but many of the lost jobs were replaced with lower paying jobs or part-time work. Many graduating students are still struggling to find permanent employment.
Here is what the NFCC’s poll found:
- 16% Indicate they fear they do not have enough savings for everyday emergencies.
- 16% Say they are afraid they will not have enough money to retire.
- 13% Are concerned that they could lose their job or won’t be able to find a good paying job.
- 7% Have worries about paying their debts such as student loan, car payments, medical debt, etc.
- 4% Fear not being able to afford health insurance.
- 4% Are troubled about their credit score or lack of access to credit.
- Other fears included a sense that their personal finances are out of control, inability to pay for their children’s college education, lack of personal finance knowledge and skills, loss of their home due to forclosure, and looming bankruptcy.
While admitting that you have financial fears is a good first step, you need to take steps to deal with your concerns head on. I would like to know what you are doing to address your financial fears. Are you going to cut back on your spending? Are you planning to increase your income? Are you thinking about reducing your debt? Are you considering financial counseling?
Leave a comment and let me know about your financial fears and how you are going to tackle them.