More than half of all Americans are worried about their lack of savings, and more than one-quarter of the population is concerned about being able to service their debt commitments, according to the 2013 Financial Literacy Survey released by the National Foundation for Credit Counseling (NFCC) and the Network Branded Prepaid Card Association.
According to the survey of more than 2,000 adults, 57% indicated that they are worried over a lack of savings, including 43% who are concerned about not having enough ‘rainy day’ savings for an emergency and 38% who are concerned about retiring without having enough money set aside. Twenty-six percent of those polled were worried about servicing their debt commitments, including concerns about paying credit card debt (13%), repaying student loan debt (8%), an inability to make monthly vehicle payments (7%) and not being able to pay off existing medical debt (6%).Â
Despite the implementation of Obamacare, 25% expressed worries about health insurance – either not being able to afford it (19%) and/or not having any (17%). Eighteen percent indicated fear of job loss as being a major concern, but only 4% said they were worried over losing their home to foreclosure, undoubtedly a positive signal for the housing industry and the economy as a whole.
‘This year's survey results provided somewhat of a mixed message,’ says Susan C. Keating, president and CEO of the NFCC. ‘More than one in four consumers indicated they are spending more than last year, yet 77 percent admitted to having financial worries, listing insufficient savings as their top financial concern. While consumers moving out of recession mode and becoming more comfortable with spending is positive for the nation's economy, they need to be mindful of the fact that increasing spending without a safety net in the form of savings could have a negative impact on their personal economy.’