Map Illustrates the No. 1 Financial Challenge of Americans in Every State

LOS ANGELES, Sept. 15, 2015 /PRNewswire/ -- Paying for higher education is the biggest financial challenge for Californians while planning for retirement concerns New Yorkers the most, according to GOBankingRates' newest 2015 Life + Money survey.

The leading personal finance website asked residents in all 50 U.S. states and the District of Columbia, "What's your biggest financial challenge?" with the following answer options:

• Planning for retirement
• Saving for a home
• Saving up an emergency fund
• Sticking to a budget
• Building an investment portfolio
• Paying for higher education
• Paying off credit cards

Overall, 1 in 5 Americans said sticking to a budget is their biggest challenge and another 1 in 5 report planning for retirement is their focus.

To see the full analysis on financial challenges in each state, visit: http://www.gobankingrates.com/retirement/heres-1-financial-challenge-americans-state/

"We saw a relationship between the biggest financial challenge in a given state and the local economic conditions in many cases. Californians, for instance, are most challenged by paying for higher education, where the UC system happens to be under scrutiny for massive tuition hikes," said Casey Bond, editor-in-chief of GOBankingRates.com. "It's also not a huge surprise that retirement planning is the biggest financial challenge among Americans overall, given near-zero interest rates and ongoing market volatility."

Key findings of the study include:

• West: 60 percent of Western states are most concerned with sticking to a budget — the No. 2 overall biggest challenge for Americans.
• Midwest: Two-thirds of Midwest states say retirement planning is their biggest challenge.
• No Place like Home: Saving for a home and building an investment portfolio are not among the biggest concerns for residents of any state.

No. 1 Financial Challenge of Americans in Every State:

Click here for demographic insights for gender, income and age.

Methodology: The 2015 Life + Money Survey is comprised of findings from five Google Consumer Surveys conducted in July and August 2015. Sample sizes range from 1,000 to 10,003 respondents of U.S. adults ages 18 and older. All surveys are representative of the U.S. internet population with a margin of error of 2.2 percent or lower. For the complete methodology, visit gobankingrates.com/lifemoney2015/.

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, DailyFinance, Huffington Post and more. It specializes in connecting consumers with the best financial institutions and banking products nationwide.

Contact:

Roxy Barghahn, Media Relations
GOBankingRates.com
[email protected]
310-297-9233 x 202

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SOURCE GOBankingRates

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