The recession has many people worrying about money. But saving for retirement is being trumped by other more immediate financial worries including unemployment, healthcare costs, and stock market performance, according to a recent survey. Here are the top 4 money worries and who is fretting most about each one.
Job insecurity. Some 38 percent of Americans rank unemployment as their biggest money concern, according to the telephone survey of 1,000 adults this month by financial services firm Edward Jones and Opinion Research Corporation. Younger Americans are considerably more nervous than their elders about job security (50 percent vs. 22 percent).
Stock market and health care. Older Americans are more stressed about stock market performance (37 percent) and the cost of healthcare (33 percent) than their younger counterparts (17 percent and 18 percent respectively). Women are also more concerned than men about health costs (23 percent vs. 18 percent).
Retirement. Not surprisingly, saving for retirement is viewed as more important to middle-aged Americans (23 percent) than younger Americans (8 percent). Men are slightly more worried than women about having enough money for a secure retirement (14 percent vs. 11 percent). Higher earners are more concerned about stock market performance and their nest egg while lower earners worry more about healthcare costs.
Tell us, what is your greatest money worry?