LOS ANGELES / PRNewswire/ – Women are less scared than men about losing their jobs, according to new survey data from leading personal finance website GOBankingRates.com. In their just released 2015 Life + Money survey, GoBankingRates.com discovered the biggest money challenges and fears men and women have today.
• 1 in 5 people say their biggest money challenge is sticking to a budget.
• Always living paycheck to paycheck is the No. 1 financial fear of Americans today, followed by living in debt forever.
• 20% of Americans say planning for retirement is their primary financial focus.
“We want to help Americans understand how to process their financial concerns and prioritize goals, especially as it relates to their various life stages,” said Casey Bond, editor-in-chief of GOBankingRates.com. “Our studies show younger generations think differently about money and debt than their parents and grandparents, but the common theme is all types of people need some level of assistance with financial planning. This data offers insights for men and women of all ages that can help them change how they think about money for the better.”
- Millennials Vs. Boomers*
• While older millennials’ (25-34) No. 1 daily thought is money, younger millennials (18-24) ponder most about their love lives, and boomers think most about work.
• Planning for retirement is five times more challenging for baby boomers than it is for young millennials (34% vs. 7%).
• Baby boomers are almost three times more afraid of never being able to retire than young millennials (24% vs. 9%) and twice as likely to be afraid of having their identity stolen.
• Young millennials are twice as afraid of always living paycheck to paycheck as baby boomers.
- Men Vs. Women
• Women’s No. 1 thought is money more often than men.
• Men are more afraid than women of losing money in the stock market, losing their jobs and not being able to retire.
• Women are more fearful of always living paycheck to paycheck than men (25% vs. 18%).
• Planning for retirement is more of a financial challenge for men than it is for women (20% vs. 17%).
The complete 2015 Life + Money survey findings are presented in whitepaper format as well as an infographic, click here.
* For this survey analysis, young millennials were defined as adults ages 18-24; older millennials were defined as adults ages 25-34; and baby boomers were defined as adults ages 55-64. These are the ranges provided by Google Consumer Surveys.