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July 24, 2013 at 09:48 AM
The prospect of another financial crisis is the most common fear of Americans, according to a new report.
Nationwide Financial discloses this finding in a survey conducted in collaboration with Harris Interactive. The “Fear of Financial Planning Consumer Study” polled 783 adults ages 18-plus who currently have $100K or more in investable assets. The research sought to gain further insight into the demographic groups of Gen Y Emerging Affluent, Gen X Emerging Affluent, Pre-Retiree (plan to retire in 5-10 years), Retirees and High Net Worth Investors ($250K+ investable assets).
When asked about their top fears (characterized as “afraid” or “very afraid”), 83 percent of the survey respondents cite another financial crisis, topping financial fears of 10 other scenarios. Among the other fears shared by a majority of respondents across age groups, respondents are afraid that:
Healthcare costs will become unmanageable (72 percent);
They will be unable to finance their children’s education (71 percent);
Their savings will be insufficient to last through retirement (68 percent);
They won’t have money to maintain their current lifestyle (64 percent); and
They won’t have enough money to retire with the lifestyle they desire in retirement (58 percent).
