Most people are worried about money. However, there are some concerns that are a lot bigger than others. Sixty percent of people have stated that they worried about paying for health care if they have a serious illness or injury.
Establishing an emergency fund is one of the keys to preparing for the unexpected. However, this becomes less of a priority when you have other expenses that you have to worry about. Sixty percent of people have also stated that they are worried about funding their retirement.
Baby boomers are finding creative ways to fund their retirement. For example, many of them are moving into smaller homes. Most people are well aware of the fact that Social Security check will not be enough for them to live on. Interestingly, most of the people who are worried about retirement are still working. Only 37 percent of the people who are retired are worried about having enough money to live on.
Forty-three percent of people are worried about maintaining their standard of living. According to financial experts, $70,000 is the minimum household income that is needed to maintain a happy standard of living. However, the median household income in the United States is $60,000.
Thirty-seven percent of people have stated that they worry about how they are going to pay for their children’s college. Financial aid is available, but it is usually not enough to cover the cost of college.