Here Are Americans' Top 5 Financial Concerns for 2020
The start of a new year can bring about some degree of uncertainty. Different policies might take place at work, or your health insurance plan might change, and not necessarily for the better.
1. Unplanned expenses
For 51% of Americans, unanticipated bills are a major source of concern for 2020. Given that an estimated
2. Personal debt
A good 38% of Americans are worried about carrying personal debt in 2020 -- including that of the credit card, mortgage, and student loan variety. The reality is that while the latter two debts are considered the healthy kind to have, credit card debt certainly is not, so the sooner you're able to shake it, the less money you'll throw out on interest. Paying off credit card debt could entail the same tactics you use to build your
3. Not saving enough for short- and long-term needs
This one's a little clunky, but in a nutshell, 36% of Americans are worried they won't do a good enough job saving for near-term goals as well as retirement. But the solution, once again, boils down to smart decisions and more judicious spending, coupled with a boost in income from a second job. Furthermore, when you contribute to a traditional
4. Rising healthcare costs
It's not surprising to see that 33% of Americans fear climbing healthcare expenses in the coming year. In fact, a large percentage of working and retired adults are struggling to keep up with their medical bills at present, and with changes on the horizon going into the new year (like
5. The economy, stock market volatility, and interest rates
Again, that's another mouthful, but in a nutshell, these are all factors that worry 23% of Americans despite them being out of their control. What you can control, however, is how you prepare for negative economic news or a widespread market downturn. For one thing, have emergency savings -- it's your best bet in case the economy tanks and your job is compromised. For protection against stock market volatility,
Clearly, there's plenty to worry about on the financial front going into 2020, but rather than focus on the negative, think about the ways you can improve your financial picture. The more proactive you are in that regard, the less you should have to be concerned about.
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