Skip to main content

New Survey Tracks Angst Over Long-Term Financial Security

Phil Hall
Mar 27, 2019
Photo credit: Getty Images/wutwhanfoto

Only half of Americans believe their financial security will improve over the next five years, according to a new study released by Primerica Inc.
 
In a poll of 1,000 middle-income Americans with household incomes between $29,000 and $106,000, 43 percent stated they were not saving enough for retirement. Within that respondent base, half said they didn’t make enough money to adequately set up a savings plan.
 
The survey also found that one in three respondents said high credit card debt was their greatest financial concern, with more than half admitting they do not pay off their credit card balance every month. The average credit card debt of all respondents is nearly $3,000.
 
Furthermore, only about one-third of respondents believed that they could pay for an emergency expense, with 69 percent worried how their families could cope if a major medical expense occurred. And 61 percent of respondents acknowledged making at least one really bad financial mistake, with an average loss of more than $27,000.
 
“The survey confirmed our experience in the middle market: Most working families don't feel confident enough to take the steps necessary to achieve financial security,” said Glenn Williams, Primerica Chief Executive Officer. “As a result, they are not optimistic about their financial futures.”
Only half of Americans believe their financial security will improve over the next five years, according to a new study released by Primerica Inc.

 
Published
Mar 27, 2019
DOJ: Lakeland Bank To Spend $13M To Settle 'Redlining' Claims

Agreement with N.J. bank is the third-largest redlining settlement in Justice Department history.

Industry News
Sep 29, 2022
Angel Oak Layoffs Add To Growing List Of Non-QM Cuts

About 20% of its staff, or 75 people, were affected.

Industry News
Sep 28, 2022
Redwood Trust Names New Chief Investment Officer

Also announces planned CoreVest leadership transition to be completed on 3rd anniversary of acquisition

Industry News
Sep 27, 2022
Fannie Mae Pilot Program Seeks To Help Improve Renters' Credit

Renters, including historically underserved groups, will benefit from paying on time each month.

Industry News
Sep 27, 2022
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Tech
Sep 27, 2022
Nations Lending Opens Another Branch In Arizona

New Scottsdale branch welcomes Arizona native Christine McConnell as lead personal mortgage advisor.

Industry News
Sep 26, 2022