It’s obviously common to for people to worry about money sometimes, but, given the stress that either having it or spending it can bring, it’s not something that should always consume us, right? For instance, there are unforeseen expenses that come up all the time, from weddings to fly to, to unfortunate job losses to weekends where the ol’ credit card got a little bit too much usage. And while it can be regrettable waking up and seeing the damage done to your bank account, let’s not hope it drives you into temporary insanity.
While the employment rate is high and the summer spending spree bound to hit, you would think that most Americans aren’t sitting around counting their pennies and wasting precious time worrying about money. But, guess what? You’d be wrong.
That’s because, according to a study from the analytics firm Gallup, per CNBC, the amount of people who worry about money is pretty alarming, with the report suggesting that 25 percent of people in the United States doing so, “all the time.” That last part is what’s most incredible, because, sure, seeing your bank account march towards empty can be frustrating, but not to the point that it should be something that you think about on a regular basis.
What does the study say are the biggest reasons why people worry about money? While most Americans were optimistic — with two-thirds claiming to have enough money to “live comfortably” — there were still plenty who have stress when it comes to their finances. Take a look at what the results of their research said.
About 56% describe their current financial situation as “good” or “excellent,” the data shows, which is an increase of 10% from 2015 and the highest score since 2002. And 57% say their finances are getting better, which is also an increase of 10% since 2016 and the highest score since 2002.
Two-thirds, or 66%, say they have enough money to “live comfortably.”
Meanwhile, 25% worry “all” or “most” of the time that their household income won’t be enough to cover their expenses.
Their biggest concerns: Saving enough for retirement and unplanned medical costs, with 54% and 51%, respectively, saying they’re “very” or “moderately” worried about each prospect.
So Where Do People Worry About Money The Most?
Well, some may say it’s the inability of most Americans, especially young people, to say “no” to certain things that causes spending, thus, leading to more worry about money. Others could point to higher cost of living and lower salaries in certain parts of the country. Whatever the issues, CNBC points out something that should be super alarming:
A third of Americans don’t have enough savings to cover an unexpected $400 expense, like a medical emergency, without selling something or borrowing money, the Federal Reserve found. And one in four Americans have skipped a medical treatment in the past year because they couldn’t afford it, another recent Gallup poll found.
Look, everyone hopes to have nice things and be able to afford whatever the hell they want to. Unfortunately, too many people aren’t saving as much as they should in an emergency fund should something unexpectedly happen — which is probably why so many people worry about money all the time. Start saving a little more each week and that anxiety might subside a little bit.
You can check out more details from the Gallup study over on CNBC’s website.