Americans Worry About Financial Security
A recent survey conducted by Nationwide revealed that 48% of Americans are worried about their financial security. The survey, which was conducted in April 2021, included responses from 1,000 adults aged 18 and over.
Survey Results
The survey found that 48% of Americans are worried about their financial security, with the majority of those surveyed citing the economic impact of the COVID-19 pandemic as the primary cause of their concern. Additionally, the survey revealed that 40% of respondents are worried about their ability to pay for basic necessities such as food, housing, and healthcare.
When asked about their financial goals, the majority of respondents said that they are focused on saving for retirement (45%), followed by paying off debt (37%), and building an emergency fund (34%).
The survey also revealed that Americans are feeling the financial impact of the pandemic in other ways. Nearly half (47%) of respondents said that they have had to reduce their spending due to the pandemic, while 41% said that they have had to take on additional debt.
Financial Planning Habits
The survey also looked at Americans’ financial planning habits. The majority of respondents (64%) said that they have a budget, while only 34% said that they have a financial plan. Additionally, the survey found that only 27% of respondents have a retirement plan in place.
When asked about their financial literacy, the majority of respondents (63%) said that they feel confident in their ability to make financial decisions. However, the survey also revealed that only 28% of respondents have taken a financial literacy course or sought out financial advice.
Impact of Financial Stress
The survey also looked at the impact of financial stress on Americans’ mental health. The majority of respondents (63%) said that they have experienced increased stress due to their financial situation, while only 37% said that they have not.
Additionally, the survey found that financial stress has had a negative impact on Americans’ mental health. Nearly half (48%) of respondents said that they have experienced anxiety due to their financial situation, while 41% said that they have experienced depression.
Conclusion
The survey conducted by Nationwide revealed that 48% of Americans are worried about their financial security, with the majority of those surveyed citing the economic impact of the COVID-19 pandemic as the primary cause of their concern. Additionally, the survey found that Americans are feeling the financial impact of the pandemic in other ways, such as having to reduce their spending and take on additional debt. The survey also revealed that Americans are not taking the necessary steps to ensure their financial security, such as having a budget, a financial plan, and a retirement plan in place. Finally, the survey found that financial stress has had a negative impact on Americans’ mental health, with nearly half of respondents saying that they have experienced anxiety due to their financial situation.