Poll: Many Americans Still Financial Worry Warts

October 6, 2003 (PLANSPONSOR.com) - Many middle-income Americans may have accumulated a few dollars in the bank, but that cash hasn't quieted their financial worries, a new survey found.

The survey, commissioned by the Consumer Federation of America and Providian Financial Corp. found that 50% of adult Americans with annual incomes between $25,000 and $75,000 said they fretted about their financial health; one in five of that group confessed to being very worried about money.

Understandably, those lower down on the income scale had greater worries while respondents with fatter wallets fretted less. Some 69% of people surveyed with incomes under $25,000 said they were worried about their finances, while only a third of those pulling in more than $75,000 said they were worried.

According to the survey, those anxious about their financial health are likely to believe they have too little income or savings, and as unemployment has risen they also may be more concerned about getting sacked.

“The good news is that most middle-class Americans built greater personal wealth during the late 1990s,” said Stephen Brobeck, the consumer group’s executive director, in a statement. “The bad news is that this wealth is not sufficient to meet major emergencies, let alone provide for a comfortable retirement. No wonder so many today are worried about their financial condition.”

The survey polled about 1,000 adults nationwide in July 2003.