OnePoll did a study for AmeriLife that found that Americans have difficulty saving, with 7 in 10 living from paycheck to paycheck. In the poll of 2,007 Americans, 63% of the respondents didn’t believe they would achieve financial security and live more comfortable lives.
Men and women exhibited different attitudes on financial security
One of the reasons Americans were having a hard time was the lack of resources and financial education. This issue seems to be even more significant for women, with them accessing fewer resources (65%) than men (84%).
There were many ways Americans tried to educate themselves on financial security. They visited websites that offered financial news (42%), learned from family (44%), and used social media (45%).
Men and women also viewed financial peace differently, with men considering homeownership as a means to financial peace (58%). About 59% of women thought they would achieve financial peace by clearing credit card debts.
Respondents also seemed to think differently about financial wellness. For instance, approximately 79% of those who earned more than $150,000 put emphasis on savings accounts. However, only 54% of those earning between $60,000 and $89,999 shared this sentiment.
The respondents thought they’d need about $686 in disposable income for financial comfort. Moreover, many of them would begin planning for their retirement at age 40. For about 7 in 10, their opinion of financial comfort continuously changed with age.
Americans struggled with hospital bills
When it came to millennials, about 68% stated that they had incurred a hospital bill that ate into their savings. About 70% stated that paying hospital bills had prevented them from settling other bills. Millennials seemed to be most affected by this problem.
When Millennials sacrificed other payments, the money typically came from their mortgages (56%) or down payments to a home (57%). Furthermore, Americans of all ages believed that they needed to be financially comfortable for their mental health to thrive.
According to the President of career agency distribution at AmeriLife, Frank Tebyani, Americans should have money for planned and unplanned events. Tebyani adds that he isn’t surprised that most Americans would consult the internet over a financial advisor regarding financial comfort.
