ORLANDO, Fla., Dec. 15, 2010 /PRNewswire/ -- A recent study by InCharge Debt Solutions revealed a surprising truth about Americans' financial concerns: they are far more concerned about future expenses, such as retirement and sending children to college, than they are about paying off existing debt – or even meeting the costs of everyday life.
In a poll conducted in October, Americans were asked what types of expenses they worried about most. The overall results were as follows:
37 percent – "The Future" (setting aside money for retirement, college, etc.)
25 percent – "The Present" (meeting monthly living expenses)
15 percent – "The Past" (paying down debt)
"Saving for the future is important, but people shouldn't forget that paying off debt is an essential aspect of any sound financial future," said Etta Money, president of InCharge Debt Solutions. "For a healthy financial life, you should focus on all three aspects: covering current expenses, paying down existing debt, and putting a bit aside for the future."
There are also significant differences of opinion when considering various demographics such as age, gender, income, education, and marital status. For example, households with adults who have not completed high school are significantly more concerned about monthly living expenses (49%) than those who have college degrees (12%).
Other study findings included the following:
- Households with children are significantly more concerned about the future (44%) than those without children (31%).
- Similar gaps exist among households of varying income levels. Those that earn less than $35,000 per year are overwhelmingly concerned about monthly living expenses (39%), while those that earn over $100,000 are far more concerned about saving for the future (57%).
- People with Hispanic backgrounds are significantly more concerned about meeting monthly living expenses (38%) compared to those with Caucasian or African American backgrounds (both at 23%).
For more information, contact InCharge Debt Solutions at 888-565-8953 or visit http://www.InCharge.org.
About InCharge® Debt Solutions
Headquartered in Orlando, Florida, InCharge Debt Solutions (InCharge) provides professional credit counseling, housing counseling and personal money management education to consumers, and is a member of the Association of Independent Consumer Credit Counseling Agencies (AICCCA). InCharge is one of the unique nonprofit credit counseling and housing counseling organizations to be dually accredited by both ISO 9001-2008 Quality Standards and the Council on Accreditation (COA). Consumers can access InCharge Debt Solutions credit counseling services for free by calling 1-888-360-9694 or online at http://www.InCharge.org. For housing counseling services, call 877-712-6040.
SOURCE InCharge Debt Solutions