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:
gobankingrates.comretirement/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:
| State | Most Common Challenge | State | Most Common Challenge |
| Alabama | Planning for retirement | Montana | Tie: Planning for retirement and sticking to a budget |
| Alaska | Paying off credit cards | Nebraska | Sticking to a budget |
| Arizona | Tie: Planning for retirement and sticking to a budget | Nevada | Sticking to a budget |
| Arkansas | Paying for higher education | New Hampshire | Paying off credit cards |
| California | Paying for higher education | New Jersey | Planning for retirement |
| Colorado | Sticking to a budget | New Mexico | Sticking to a budget |
| Connecticut | Planning for retirement | New York | Sticking to a budget |
| D.C. | Paying for higher education | North Carolina | Sticking to a budget |
| Delaware | Planning for retirement | North Dakota | Planning for retirement |
| Florida | Planning for retirement | Ohio | Sticking to a budget |
| Georgia | Planning for retirement | Oklahoma | Planning for retirement |
| Hawaii | Paying for higher education | Oregon | Sticking to a budget |
| Idaho | Sticking to a budget | Pennsylvania | Planning for retirement |
| Illinois | Sticking to a budget | Rhode Island | Sticking to a budget |
| Indiana | Planning for retirement | South Carolina | Sticking to a budget |
| Iowa | Planning for retirement | South Dakota | Saving up an emergency fund |
| Kansas | Planning for retirement | Tennessee | Sticking to a budget |
| Kentucky | Sticking to a budget | Texas | Sticking to a budget |
| Louisiana | Planning for retirement | Utah | Paying for higher education |
| Maine | Paying off credit cards | Vermont | Planning for retirement |
| Maryland | Planning for retirement | Virginia | Planning for retirement |
| Massachusetts | Planning for retirement | Washington | Planning for retirement |
| Michigan | Planning for retirement | West Virginia | Planning for retirement |
| Minnesota | Planning for retirement | Wisconsin | Planning for retirement |
| Mississippi | Sticking to a budget | Wyoming | Tie: Planning for retirement and sticking to a budget |
| Missouri | Planning for retirement | Source: GOBankingRates 2015 Life + Money Survey | |
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.comroxyb@gobankingrates.com 310-297-9233 x 202
