The No.1 Cause of Financial Stress in Every State

LOS ANGELES, Aug. 22, 2016 — GOBankingRates surveyed over 7,000 Americans to get to the root of financial stress in the U.S. and found that the No. 1 cause is paying off debt. The study visualized findings on the state level, identifying the top source of money-related stress in each state — populations in two-thirds of the states agree that paying down debt is their top financial anxiety.

The survey, executed by Google Consumer Surveys and commissioned by GOBankingRates, posed the following question: Of the following, what is your No. 1 cause of financial stress?

The national breakdown of the findings is as follows:

• Paying off my debt (i.e. credit cards) – 20.6%
• Not being able to retire – 15.6%
• Not having enough money to fund an emergency – 15.6%
• Wanting a nicer lifestyle – 14%
• Paying for education – 13.1%
• Lack of stable income – 11.7%
• Paying my mortgage or rent – 9.4%

How does your financial stress compare to your neighbor’s?

SEE THE STATE-BY-STATE BREAKDOWN AT
gobankingrates.compersonal-finance/financial-stress-state/

Stand-out Survey Insights:

• Males and females agree that paying off debt is their No. 1 financial stressor

• Adults aged 18-24 years stated that paying for education is their No. 1 financial stressor

• Not being able to retire is the top stressor for adults aged 45-64. Those 65 and older are most concerned with not having enough money to fund an emergency

• The top financial stressor in low median income states like Mississippi, Arkansas and Oklahoma is not having enough money to fund an emergency

• Washington, DC  — home to the second-highest cost of living in the nation¹ — is one of two places to rank “wanting a nicer lifestyle” as the No. 1 cause of financial stress

“Our survey results reiterate the impact the current debt crisis is having on Americans, really, no matter where in the country they are living,” said Kristen Bonner, lead researcher on the study. “Americans are suffering from paying off their past expenses rather than looking forward and focusing on setting up their financial future.”

Methodology: This GOBankingRates survey posed the question, “Of the following, what is your number 1 cause of financial stress?” to 7,054 people among all 50 states and Washington, DC. Respondents could select one of the following answer options: 1) “Paying off my debt (i.e. credit cards)” 2) “Not being able to retire” 3) “Not having enough money to fund an emergency” 4) “Wanting a nicer lifestyle,” 5) “Paying for education,” 6) “Lack of stable income” or 7) “Paying my mortgage or rent.” Responses were collected through a Google Consumer Survey conducted from July 12, 2016 to July 14, 2016, and responses are representative of the U.S. online population. The survey has a 1.75 percent margin of error.

About GOBankingRates

GOBankingRates.com is a leading portal for personal finance and consumer banking information, offering visitors the latest on everything from finding a good interest rate to strategies for saving money, investing for retirement, and getting a loan. Its editors are regularly featured on top-tier media outlets, including U.S. News & World Report, Forbes, Business Insider, Daily Finance, and more. It specializes in connecting consumers with the best financial institutions and banking products nationwide.

Contact:

Katie Johnston, Media Relations GOBankingRates.comkjohnston@gobankingrates.com 310-297-9233 x116

¹ Source: Missouri Economic Research and Information Center