Those worries include having money for retirement or health care expenses. More than two-thirds of Americans (68%) who are employed themselves or have a spouse who is employed say they are worried they will not have enough money for retirement, while almost as many (63%) worry they will have health care costs they cannot afford. Two in five (40%) employed Americans say they are worried they or their spouse will have to take on a second job to make ends meet.
The poll also shows that more than half of all Americans (55%) are worried they will have to work later in life than they want because they will not be able to afford to retire. This includes people who may already have their eyes on retirement. Among the younger generations, almost two-thirds of Millennials (64%) and three-quarters of Generation Xers (74%) are worried about this.
Being a parent comes with additional concerns about finances. Among those with children younger than 18, more than three in five (63%) are worried they will not have enough money for one or more of their children to go to college. More than one-third of parents of children of all ages (36%) are worried their children will have to move back in with them because they will not be able to afford housing.
Poll results indicate that people overall are concerned about housing-related finances. Twenty-three percent of those with a mortgage are worried that they will lose their home because they cannot afford the mortgage payments. This fear increases to 32% with Millennials who own a home and have a mortgage. Among those who are not yet home owners, 61% are worried they will not be able to afford to buy a home. More than two-thirds of Gen Xers who do not own a home (68%) and two-thirds of non-home-owning Millennials (66%) are worried they will not be able to afford to buy a home.
Respondents also express concern about affording basic necessities. Forty-one percent are worried they will not have enough money for basic necessities such as food, housing, clothes and transportation, and more than half of Americans (51%) are worried they will not be able to afford anything more than the basic necessities.
The poll surveyed 2,306 American adults online between July 16 and 21.
« Downside Protection Comes at a Price