I came across a poll that I found rather interesting and wanted to share it with you guys to see what you thought. This poll was conducted by Yahoo and went over the financial concerns of consumers. While I agree with the concerns overall, my priorities seem to be different than others‘.

So, here’s the top six financial concerns voted on by consumers:

Concern # 1 – The rising cost of living

According to the survey, two-thirds were “very concerned” about inflation and three-quarters were worried that their salaries wouldn’t keep pace with rising costs, including food and gas. Other factors in this category that have people worried is healthcare and rent – a majority of those surveyed said that rent took up half of their paychecks.

Clearly this is a major concern and one I agree with. I don’t think it’s my number one concern though. I live one raise behind at work and I budget myself like I make less than I do. Anything extra goes to savings and I pretend like it’s not there. As far as rent is concerned, I budgeted that as well. If my payment was more than a third of my salary, it was too much and I looked somewhere else. That’s just a personal preference, so for me, while rising costs are a concern because I just don’t want to pay the prices, it’s not dire.

Concern # 2 – Economic downturn and job insecurity

Out of those surveyed, 88% were worried about a recession, 38% were concerned with layoffs, and two-thirds were worried about the stock market declining.

For me, I’m not worried about the stock market. My investments are long-term and I know that on a ten year average, I’ll make more money then I would having it sit in a savings account. I’m also comfortable with a little risk to earn a greater reward. That’s not to say I’m careless with my investments, I pick them cautiously. But, I tend to look at a bear market as a sale rather than a time to freak out and that’s because I don’t play the short-term game. My investments are there for the long haul.

That said, I do worry about what a recession could mean in terms of job stability. While I’m fairly confident in my position with the credit union, a large chunk of my income does come from freelance writing, so sometimes I worry about that. I have skills and opportunities to fall back on, just in case, but it’s still a concern for me. I don’t think I’d have it this high up the list, though.

Concern # 3 – Consumer Debt

This is a pretty big concern for most folks. Among the two-thirds of those polled with revolving credit card debt, 63% said they worried they had too much. 40% of homeowners with home equity loans or lines of credit worried they couldn’t afford their payments. And half of those surveyed with medical bills don’t think they can pay them.

Honestly, this doesn’t concern me, but I do see how this can be troubling for some. And, it’s a catch-22. These consumers need to stop spending money – which has slowed in recent months – but, at the same time, doing so has negative effects on the economy. Still, American’s need to get out of debt and increase their savings to positive numbers.

Concern # 4 – The housing crisis

A quarter of those surveyed feared being foreclosed, 45% worried that rising property taxes would force them from their homes, half are worried because their homes require basic maintenance they just can’t afford, and many of these people are also concerned with the falling value of their homes.

I don’t own a home yet and it’s a personal decision on my part. I’m aware that I’m completely wasting money by renting, but I’m just not ready to own a home. There’s a lot of responsibility that goes into that and as a single female, I’m not up for worrying about it – like the basic maintenance issues and lawn care. My apartment complex takes care of that for me. However, there is still room to be concerned with this because this affects my industry in a big way – as we’ve seen. Thirteen “banks” (counting Merrill and Lehman) have fallen this year and it’s all been related to the housing crisis. It concerns me a good deal and I feel for the people in these situations.

There’s not a cure-all solution to this problem right now, either. The fact is, many homeowners got into homes they couldn’t afford and that’s partially their responsibility. I understand that the banks should have been more diligent in this process too, so don’t think I’m excusing them. But, consumers are going to have to be more frugal if they want to keep their homes, and for some, selling may be the only option. On that end, though, many will lose money. It’s just not a good situation for a lot of people.

Concern # 5 – Savings and Retirement

Over half of those surveyed are ‘very worried’ because they have nothing saved for retirement and can’t afford to save. A staggering 70% of this figure were aged 31-50.

This is my number one concern right now. While I’m not too worried about my savings – though I could always have more – I am worried about my retirement. I have investments and I have a 401(k). I contribute more than my match just because I want more money in the account, but the issue I have is that my company only matches 3%, so my account isn’t growing as fast as I’d like it to. I have concerns that over the years as inflation increases, my retirement money won’t be enough to keep pace and I’ll be crawling out of bed in my 70s having to work. That’s just not a mental picture that makes me warm and fuzzy inside, you know?

I also think more people should be concerned with this and I think it should be higher up the list than number five. Maybe not number one for everyone, but I can’t imagine that many people want to be working in their 70s and 80s, and that’s the problem. I don’t think people are thinking that far ahead. They’re concerned with the here and now, and now they just don’t feel like they have enough money to pay their debts, let alone worry about retirement. It’s a slippery slope that if left unchecked could end up hurting people.

Concern # 6 – Everyday transactions

Three-quarters of those questioned said they were ‘very worried’ that retailers and grocers play games with pricing and it’s hard to get a fair deal.

This has some merit, I suppose, but of all the things I’m worried about, this hardly registers. Perhaps it should, but I’m pretty conscientious of my bills and what I’m spending. I also do a lot of rate shopping and I’ll play both ends against each other to get the better deal, I’m not afraid of doing that. If a company doesn’t want my money or business, then screw them. I’m off to work with a company that does. Every six months, I check the deals on my cell phone, cable and internet, electricity, and various other stuff. If I can get a better deal, you better believe I’m making a phone call. But that’s me. Some people don’t want to go through the “hassle” of that, but the alternative is that they give themselves ulcers worrying about it. Pick your poison.

OK, so now that you know what the top six financial worries are, how do you feel about this list? Do you like the order, would you switch it up at all? Is there anything on this list that shouldn’t be there in your opinion, or something that should be added? Let’s discuss!

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