Here’s what parents worry about most as they age.
Not saving enough for retirement has become an all-too-common problem, but here’s a new development: A record number of Americans now worry they’ll burden their children because they couldn’t save enough – and many of these parents make more than $75,000 a year.
“Overwhelmingly, Americans worry about becoming a financial burden on their family members,” says a new study from the investment firm Hartford Funds. Those who worry most are between the ages of 35 and 54, with nearly half citing that as their top financial concern.
Even more interesting…
Those with income between $75,000 and $100,000 are more concerned about these issues than any other income group. In fact, they are nearly twice as likely to worry about being a financial burden on children or running out of money as respondents who make $50,000 to $74,999 annually (50 percent and 29 percent, respectively).
Why would those who earn more worry more? Consolidated Credit President Gary Herman has some theories.
“What you earn isn’t as important as what you spend and save,” he says. “In more than two decades at Consolidated Credit, we’ve helped many clients who made six figures a year – but also spent six figures a year. Your salary isn’t necessarily an indicator of your financial responsibility.”
Herman says those who earn a high wage often feel peer pressure to show off how well they’re doing. If this doesn’t lead to debt, it can certainly lead to sparse retirement savings.
What can you do now to avoid being a burden to your children later? Consolidated Credit offers an entire educational section called Making Effective Plans for Retirement. However, if debt is burdening you right now, that’s the first weight you need to lift from your shoulders. Call Consolidated Credit at 1-888-294-3130 to speak with a certified credit counselor for a detailed debt analysis. Both the call and the analysis are free.