Americans' Financial Woes
Tuesday, December 6, 2005
by Joseph Carroll
Since February, Gallup has asked Americans every month whether they are worried about their families' finances. The results show little change over time; throughout the year, roughly 4 in 10 Americans have said they are worried about their financial situations, while the majority of Americans have said they are not.
The latest results, taken from Gallup's Nov. 17-20 poll, find that 40% say they are worried, including 15% who say they are very worried. Fifty-nine percent of Americans say they are not concerned about their finances at this time.
So, who's concerned about family finances? Gallup combined the results of its past three surveys, conducted from September to November, to examine by demographic subgroup the likelihood of Americans to express concern about their financial situations.
Household Income
Perhaps not surprisingly, Americans residing in low-income households are much more likely to say they are worried about their finances than are those living in upper-income households.
More than 6 in 10 adults living in households earning less than $30,000 a year say they are worried about their finances. This compares with 41% of adults living in households earning between $30,000 and $74,999 a year, and just 24% of those in households earning $75,000 or more per year.
Gender and Age
Women are much more likely than men, by 48% to 36%, to say they are currently worried about their families' finances.
Seniors are much less likely to be worried about their finances than younger Americans are; Americans aged 30 to 49 are the most likely age group to be concerned. Forty-one percent of 18- to 29-year-olds say they are worried about their finances. This compares with 46% of 30- to 49-year-olds, 41% of 50- to 64-year-olds, and just 35% of those aged 65 and older.
Region
Americans living in the East are more likely than those living elsewhere to express concern about their finances. Forty-seven percent of Easterners say they are worried, while 41% of those in the Midwest and South, and 40% of those in the West say they are worried.
Education
Those with lower education levels are more inclined than those with high levels to express concern about finances. Half of those with high school diplomas or less say they are worried about their finances, while 41% of those with some college education, 35% of those with college degrees, and 29% of those with postgraduate educations express concern about their finances.
Party Affiliation
Republicans and Democrats also vary in their concerns about their families' finances. A majority of Democrats, 53%, say they are worried, compared with 47% of independents and just 25% of Republicans. These partisan differences are most likely related to household income, with Republicans more likely than Democrats surveyed to report higher household incomes.