Worrying About Money Eats Up a Lot of Time: McGraw-Hill FCU Survey
Some Americans likely spend more time than they want to on worrying about personal finances, according to a survey from McGraw-Hill Federal Credit Union.
Working with Toluna, an independent research group, the $304 million McGraw-Hill FCU in East Windsor, N.J., surveyed 1,030 participants between the ages of 18 and 55. It was a nearly 50-50 split between women and men, the credit union said.
They were asked: at this time of the year – near the April 15 tax filing deadline – when thinking about everyday finances, how much time do you spend on a typical day, managing and dealing with personal finances and how much time do you spend worrying about personal finances?
According to McGraw-Hill FCU, there were a variety of answers ranging from one to two hours on the low end to more than half the day on the high end.
“Many people are feeling the pain of financial insecurity and the toll it can take on everyday lives not to mention the potential loss of time and productivity at work for employers,” said Shawn Gilfedder, president/CEO of McGraw-Hill FCU.
Meanwhile, wealthy Americans worry too but their concerns are more about personal matters rather than financial ones, according to a new Spectrem Group report, 2013 UHNW Investor: Changing Investors Attitudes and Behavior.
The Chicago-based research firm defined wealthy or the ultra-high net worth as those having $5 million or more in net worth, not including their primary residence.
Respondents said their financial situation today is better than a year ago, and nearly as many, 58%, expect their financial position to be stronger a year from now, according to Spectrem.
As a result, personal issues have moved to the fore for investors surveyed by Spectrem. Their chief worries were their spouse’s health at 63%, children and grandchildren’s financial future (57%) and their own health (56%).
“With the pressure to save for retirement behind most of them, the ultra-high net worth are focusing on integrating lifestyle and personal concerns into their financial and estate planning,” said George Walper, Jr., president of Spectrem.
Still, wealthy investors are not immune to worrying. Spectrem said for 55% of respondents, maintaining their current financial position is an issue and 46% worry about spending their final years in a care facility.