Health care, retirement savings and student loans are the top causes of investor’s financial anxiety, according to a survey by Rubicoin, a digital investment platform provider.
Among all investors, mounting health care expenses and bills (23.5%) and a lack of retirement savings (22.6%) are the two biggest contributors of financial anxiousness. For Millennials, student loan debt, credit cards and health care expenses all measured equally as causes for “extreme” amounts of financial stress.
A lack of emergency savings and health care expenses are factors causing Millennial women to stress the most. Gen X women cite health care expenses and a lack of retirement savings to cause the most anxiety, followed closely by a lack of emergency savings. Women of both generations are primarily stressed about health care expenses and that only increases, alongside a lack of retirement savings, the older women get.
Being ill-prepared for retirement is another, if not the top, factor causing stress among all Americans, not just women, according to Rubicoin.
“Millennials are confident in the U.S. stock market to provide a substantial return, but are extremely anxious about their personal debts and expenses, ranging from health care to credit cards to student debt,” says Emmet Savage, CEO of Rubicoin. “It’s important for young investors to manage and pay-down those debts while simultaneously pursuing smart investment opportunities.”
The survey was conducted online within the United States by Rubicoin using Google Survey technology in October 2017 among 620 people classified as American investors. Generations classified as Millennials, Gen X and Baby Boomers were equally represented in the survey.