Here’s The No. 1 Cause of Financial Stress in Every State

By GOBankingRates, Special for  USDR

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
https://www.gobankingrates.com/personal-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 most top stressors for adults aged 45-64. Those 65 and older are most concerned withnot 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.”

State

No. 1 Financial Stressor

AK

Paying off my debt

AL

Paying off my debt

AR

Not having enough money to fund an emergency

AZ

Not having enough money to fund an emergency

CA

Paying off my debt

CO

Paying off my debt

CT

Not having enough money to fund an emergency

DC

Wanting a nicer lifestyle

DE

TIE: Not being able to retire, Wanting a nicer lifestyle

FL

Paying off my debt

GA

Paying off my debt

HI

Paying for education

IA

Not being able to retire

ID

Paying for education

IL

Paying off my debt

IN

Paying off my debt

KS

Paying off my debt

KY

Paying off my debt

LA

Paying off my debt

MA

TIE: Not being able to retire, Paying for education

MD

Paying off my debt

ME

TIE: Not being able to retire, Paying off my debt

MI

Paying off my debt

MN

Paying off my debt

MO

Not having enough money to fund an emergency

MS

Not having enough money to fund an emergency

MT

Paying off my debt

NC

Paying off my debt

ND

Paying off my debt

NE

Paying off my debt

NH

TIE: Not having enough money to fund an emergency, Paying off my debt

NJ

Not being able to retire

NM

Paying off my debt

NV

Paying off my debt

NY

Paying off my debt

OH

Paying off my debt

OK

Not having enough money to fund an emergency

OR

Paying off my debt

PA

Paying off my debt

RI

TIE: Lack of stable income, Paying off my debt

SC

Paying off my debt

SD

Not having enough money to fund an emergency

TN

Paying off my debt

TX

Paying off my debt

UT

Paying off my debt

VA

Paying off my debt

VT

TIE: Not being able to retire, Paying for education, Paying my mortgage or rent

WA

Paying off my debt

WI

Not having enough money to fund an emergency

WV

Paying off my debt

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.

SOURCE  GOBankingRates

All opinions expressed on USDR are those of the author and not necessarily those of US Daily Review.