Americans think about money more than almost anything else, according to the 2015 Life + Money Survey conducted by GOBankingRates.
And if truth be told, it’s probably the same here in Australia where many people still struggle with basic money skills like sticking to a budget, leaving them in fear of always living paycheque to paycheque.
Here’s what people say are their biggest financial challenges, from the most common to the least:
- Sticking to a budget: 20%
- Planning for retirement: 20%
- Paying for higher education: 15%
- Saving up an emergency fund: 13%
- Saving for a home: 12%
- Paying off credit cards: 12%
- Building an investment portfolio: 8%
Of course people’s biggest financial challenge often reflects their stage of life.
For instance, one in three baby boomers say their biggest financial challenge is planning for retirement — and baby boomers are five times more concerned with this than young millennials, whereas young millennials struggle with paying for higher education three times as much as boomers.