Age and income the most significant gauges of concern over financial matters
Age and income are significant factors in gauging financial concerns, according to a recent Gallup poll that finds middle-aged Americans and those who earn less than $30,000 express the most concern about financial issues.
Generation Xers—those primarily between the ages of 30 and 49, and baby boomers between the ages of 50 and 65, expressed the most concern about several financial matters. They are most concerned about not having enough money for retirement, the survey found, followed by not being able to pay medical costs in the event of a serious illness or accident.
Boomers and Generation Xers expressed equal financial concerns over not being able to pay medical costs in the event of a serious illness or accident and not being able to pay their rent, mortgage, or other housing costs.
But boomers expressed the most concern over being able to maintain their standard of living, and paying normal healthcare costs and monthly bills.
Related story: What to investors in the middle fear most? Read about it here.
Millennials themselves are most concerned about not having enough money for retirement and not being able to pay extraordinary or unexpected medical costs and are about equally concerned as their Generation X and boomer counterparts about not being able to pay housing costs such as rent or mortgage.
On a positive note, they are the least concerned across all age groups about not being able to make minimum payments on their credit cards, a reflection of their efforts to reign in their consumer debt (read more about it here).
The Gallup poll, not surprisingly, found that the least wealthy respondents had heightened concern over financial matters. Those with less than $30,000 were significantly more likely to be worried about normal and extraordinary medical costs, running out of money in retirement and not being able to maintain their standard of living, along with the other surveyed financial matters.
Related story: Millionaires more concerned about health issues than their personal financial position. Read about it here.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.