Money a main worry for many
As an accountant, I look at numbers daily. I track, analyze, review money with my business clients … and then sometimes they even talk about about their personal financial concerns. I see a lot. We accountants deal with so many issues daily that we, usually, are not surprised by issues; our job is to help.
Recently, I came across some articles that I want to share . . . so you know that if you are having money problems, you are
Money worries is a problem affecting the many people.
1. Almost 50% are worried
Marketwatch quoted MetLife and shared a survey statistic: 49% of employees were concerned, anxious or fearful about their financial well-being.
That is a big number. The interesting point is that as I read through the report on the MetLife website, it showed they surveyed employees with ranges of income. Some employees had family income less than $50,000 and some had family income over $150,000.
Yes, even with higher income, people worry.
2. Most are NOT prepared for emergencies
And, here’s some findings from HomeServ who also did a survey and reported results at the end of 2017:
- 19 percent of Americans had $0 set aside to cover an unexpected emergency expense
- 31 percent of Americans didn’t have at least $500 set aside to cover an unexpected emergency expense
Many people are not fully prepared, so it makes sense that people are worried.
3. Most People Live Paycheck to Paycheck
Then there is CareerBuilder, who created a report at the end of 2017:
- 78% of U.S. workers live paycheck to paycheck to make ends meet
- Nearly 3 in 4 workers say they are in debt today (more than half think they will always be)
- More than 1 in 4 workers do not set aside any savings each month
And here is a key quote: “Having a higher salary doesn’t necessarily mean money woes are behind you, with
- nearly one in 10 workers making $100,000 or more (9%) saying they usually or always live paycheck-to-paycheck
- and 59% in that income bracket are in debt.“
4. Most have small savings
And the final stat I’ll share: GoBanking surveyed adults in 2017:
- 39% have $0 savings
- 18% have less than $1,000
- 12% have between $1,000 – $4,999
- 6% have between $5,000 – $9,000
If we total the above numbers:
- 57% have less than $1,000 in savings
- 75% have less than $10,000 in savings
Money worries … Hope
The different surveys asked a variety of people and they may have had different statistics, but they all point to the same problem: People are NOT prepared / ARE worrying. If you are having money worries, you are not alone.
But it is a problem. If you have an unexpected expense like a car repair or an issue like a job lay-off, this could send you in to a critical situation.
If you want to decrease money worries, there is hope. But, it takes commitment . . . and you may have to postpone purchases. If you’re ready, let’s move on to the next post and take the first step.