Here's The No. 1 Cause of Financial Stress in Every State

Survey reveals reasons behind the highest financial stress rate in five years

News provided by

Aug 22, 2016, 07:15 ET

LOS ANGELES, Aug. 22, 2016 /PRNewswire/ -- GOBankingRates surveyed over 7,000 Americans to get to the root of financial stress in the U.S. and found that the No. 1 cause is paying off debt. The study visualized findings on the state level, identifying the top source of money-related stress in each state – populations in two-thirds of the states agree that paying down debt is their top financial anxiety.

The survey, executed by Google Consumer Surveys and commissioned by GOBankingRates, posed the following question: Of the following, what is your No. 1 cause of financial stress?

Latest GOBankingRates survey asked Americans, "Of the following, what is your No. 1 cause of financial stress?"

The national breakdown of the findings is as follows:

Paying off my debt (i.e. credit cards) – 20.6%
Not being able to retire – 15.6%
Not having enough money to fund an emergency – 15.6%
Wanting a nicer lifestyle -- 14%
Paying for education – 13.1%
Lack of stable income – 11.7%
Paying my mortgage or rent – 9.4%

How does your financial stress compare to your neighbor's?

SEE THE STATE-BY-STATE BREAKDOWN AT
https://www.gobankingrates.com/personal-finance/financial-stress-state/

Stand-out Survey Insights:

Males and females agree that paying off debt is their No. 1 financial stressor
Adults aged 18-24 years stated that paying for education is their No. 1 financial stressor
Not being able to retire is the most top stressors for adults aged 45-64. Those 65 and older are most concerned with not having enough money to fund an emergency
The top financial stressor in low median income states like Mississippi, Arkansas and Oklahoma is not having enough money to fund an emergency
Washington, DC — home to the second-highest cost of living in the nation¹— is one of two places to rank "wanting a nicer lifestyle" as the No. 1 cause of financial stress

"Our survey results reiterate the impact the current debt crisis is having on Americans, really, no matter where in the country they are living," said Kristen Bonner, lead researcher on the study. "Americans are suffering from paying off their past expenses rather than looking forward and focusing on setting up their financial future."

State	No. 1 Financial Stressor
AK	Paying off my debt
AL	Paying off my debt
AR	Not having enough money to fund an emergency
AZ	Not having enough money to fund an emergency
CA	Paying off my debt
CO	Paying off my debt
CT	Not having enough money to fund an emergency
DC	Wanting a nicer lifestyle
DE	TIE: Not being able to retire, Wanting a nicer lifestyle
FL	Paying off my debt
GA	Paying off my debt
HI	Paying for education
IA	Not being able to retire
ID	Paying for education
IL	Paying off my debt
IN	Paying off my debt
KS	Paying off my debt
KY	Paying off my debt
LA	Paying off my debt
MA	TIE: Not being able to retire, Paying for education
MD	Paying off my debt
ME	TIE: Not being able to retire, Paying off my debt
MI	Paying off my debt
MN	Paying off my debt
MO	Not having enough money to fund an emergency
MS	Not having enough money to fund an emergency
MT	Paying off my debt
NC	Paying off my debt
ND	Paying off my debt
NE	Paying off my debt
NH	TIE: Not having enough money to fund an emergency, Paying off my debt
NJ	Not being able to retire
NM	Paying off my debt
NV	Paying off my debt
NY	Paying off my debt
OH	Paying off my debt
OK	Not having enough money to fund an emergency
OR	Paying off my debt
PA	Paying off my debt
RI	TIE: Lack of stable income, Paying off my debt
SC	Paying off my debt
SD	Not having enough money to fund an emergency
TN	Paying off my debt
TX	Paying off my debt
UT	Paying off my debt
VA	Paying off my debt
VT	TIE: Not being able to retire, Paying for education, Paying my mortgage or rent
WA	Paying off my debt
WI	Not having enough money to fund an emergency
WV	Paying off my debt

Methodology: This GOBankingRates survey posed the question, "Of the following, what is your number 1 cause of financial stress?" to 7,054 people among all 50 states and Washington, DC. Respondents could select one of the following answer options: 1) "Paying off my debt (i.e. credit cards)" 2) "Not being able to retire" 3) "Not having enough money to fund an emergency" 4) "Wanting a nicer lifestyle," 5) "Paying for education," 6) "Lack of stable income" or 7) "Paying my mortgage or rent." Responses were collected through a Google Consumer Survey conducted from July 12, 2016 to July 14, 2016, and responses are representative of the U.S. online population. The survey has a 1.75 percent margin of error.

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, Daily Finance, and more. It specializes in connecting consumers with the best financial institutions and banking products nationwide.

Contact:

Katie Johnston, Media Relations
GOBankingRates.com
[email protected]
310-297-9233 x116

¹ Source: Missouri Economic Research and Information Center

Photo - http://photos.prnewswire.com/prnh/20160819/399647

Logo - http://photos.prnewswire.com/prnh/20130926/LA86996LOGO

SOURCE GOBankingRates