What Keeps You Up At Night?
Americans' Top Financial Concerns, 2001-2014
According to Gallup’s annual Economy and Personal Finance poll from April 2014, the number one financial concern for Americans is, as it has been since 2001, having enough money for retirement.59% of Americans are very or moderately worried about their retirement savings, and the percentages are even higher among middle-aged Americans. Among 30-49 year-olds, the percentage jumps to 70%, and it is only slightly lower (68%) among 50-64 year-olds. Clearly, while most of us are working diligently to ensure that we are taken care of in our later years, being adequately prepared for retirement remains a great concern, one that weighs heavily on our minds and keeps us up at night.
As for keeping us up at night, unexpected medical costs are a close second to retirement in the list of American’s top financial worries (53% according to the poll). With increased longevity and skyrocketing medical and healthcare bills, worries about the costs of a serious illness or accident are of utmost concern.
The not-too-distant third on Gallup’s list of money woes is “not being able to maintain the standard of living you enjoy.” With a slowing economy, surging prices, and lack of income growth, the very real possibility of having to lower living standards is insomnia-producing for many Americans. Almost half of those polled (48%) admitted to being very worried about maintaining their standards of living.
What other worries keep you up at night?
At Cravens and Company, our goal is to help you get that good night's sleep. Our mission has always been to help clients increase the type of wealth money can’t buy and death can’t take away. We want to help to give you the freedom to spend your time and efforts on the things you value most – your family, your business pursuits, recreation, community involvement – without the need for day-to-day concerns about the management of your financial assets.
We strive to prepare our clients for life's inevitable perils and position them for its potential opportunities.