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Finances — Families List Their Top Financial Problems

Posted By Administration, Tuesday, June 4, 2019

Gallup has a new poll. It involves the economy and what people — and people are your clients — fear most economically. Health care costs topped the list. Here are some overall numbers:

  17% say health care is the most significant financial issue

  11% said a lack of money or low wages

  8% pointed to college expenses

  8% noted the cost of owning or renting a home

  8% said taxes

The issue is the top concern for older Americans:

  25% of those between 50 and 64 named it tops

  23% of people 65 and older did as well

  It tied lack of money, college expenses and housing costs for those under 50

In 2017 health care costs topped the list as well and it came close to being in a tie with a lack of money and low wages in 2018. Health care costs, energy costs like oil and gas prices and a lack of money and low wages are the only three issues to be named a most important family financial problem listed in all 48 of these polls that Gallup has done since 2005.

It must be noted, though, that the high costs of energy and gas prices has dropped over the last decade.

Here’s another oddity from the poll:

  20% of us say we do not have a most important financial problem

  That’s one of the highest responses in 14-years

  It also tops February of 2005 when 21% said none to that question

In its statement on the poll, Gallup said, “Even in generally good economic times, Americans still face significant personal financial challenges. Foremost among these are healthcare costs, which have been a consistent concern over time but currently stand above all other concerns. As such, healthcare will likely continue to be a major focus in national elections, including the 2020 presidential election.”

Source link: The Hill

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