Each year, the results of the Insurance Barometer Study are issued. I have followed this study for years and I wait each year for the findings. The study is broad based and tracks the financial perceptions, attitudes and behaviors of consumers in the United States, with an emphasis on life insurance. In my opinion, it does a great job of discovering the financial attitudes and behaviors of adult consumers. The study is a joint effort of LIMRA, a not-for-profit research trade association, and Life Happens, a non-profit educational organization. If you are interested, you can download a full copy of the study directly from the website of these organizations.
LIMRA and Life Happens conducted the 2019 study by engaging an online panel to survey adult consumers who are financial decision makers in their households. The survey generated over 2,000 responses.
As part of the study, a list of the Top Financial Concerns is developed. These concerns were those marked by study participants as matters they were “extremely” or “very” concerned about. I believe that you can get real insight as to what consumers are currently worrying about by looking at the list.
Here are the top concerns for 2019:
Having sufficient retirement savings – 24%
Paying for long-term care expenses – 11%
Avoiding investment losses – 10%
Paying monthly bills – 10%
Disability expenses – 8%
Paying off credit card debt – 7%
Paying for medical expenses – 7%
Paying the mortgage or rent – 5%
Covering education expenses for dependents – 5%
Finding a way to replace their income to benefit their dependents – 4%
Paying for final expenses – 3%
Leaving an inheritance for their heirs – 2%
Is saving for retirement your biggest concern? What about paying off debt? As you look at each of these concerns, you see items we frequently discuss in the FinancialVerse books and Moneysavers posts. These items all revolve around the basics of your financial life – from paying the mortgage or rent, covering medical related costs to protecting your family and loved ones from the impacts of an unplanned event. Let us know if you think this list of concerns is spot on or if it misses the mark.
Summary
So how do you compare? Do your top financial concerns mirror those laid out in the study? We hope this makes you think about your key financial concerns, become more aware of them, and begin to get you to think about how you might want to address each to reduce your financial stress and anxiety.