Financial Stress

1. Rent or mortgage payment

Vermonters rated this as the leading source of financial stress with 9.4% of respondents, tied with the inability to retire and pay for college.

The price of living in Vermont is among the most expensive in the country, which may make it difficult for residents to pick between various financial stresses.

This makes it difficult to pay for everything, especially for expensive products like tuition, mortgages, and retirement costs, for which many don’t save enough.

2. Lack of consistent income

This was identified as the leading source of money stress by 11.7% of respondents in Rhode Island, tied with the repayment of the debt, which is difficult in states that have a high rate of unemployment.

In Georgia, this was second only to debt repayment.

With the emergence of the “gig economy,” it has become increasingly difficult to maintain a stable income; this terrible trend is likely to continue.

3. Financing education

This was the top option for 13.1% of respondents, with those aged 18-24 selecting it as their best pick.

It was also the largest cause of financial stress in Hawaii, even though the state’s public four-year college is not the most costly in the country, according to College Board data.

Even though tuition costs are cheaper in Idaho than in Hawaii, residents still rank it as their #1 financial stressor. However, residents of Idaho also have a lower median income, making it difficult to afford even the basics.

4. Desiring a better lifestyle

Fourteen percent of respondents from two places cited “wanting a better lifestyle” as the leading source of their financial concern.

The first place is, unsurprisingly, Washington, D.C., with the second-highest expense of living in the country. Another is Delaware, which it tied for first place with “not being able to retire.”

5. Inadequate resources to cover an emergency

This was not just the third most popular option, equal in percentage terms with the second highest financial stressor at 15.6 percent, but it was also the leading concern for those aged 65 and older, the age group most likely to incur significant medical bills after retirement.

In states with low median incomes, like Arkansas, South Dakota, Mississippi, and Oklahoma, it was the leading source of financial strain.

6. Not being able to retire

This was the second-greatest financial stressor overall, with 15.6% of respondents naming it as their primary concern; and, as expected, it was the leading concern for those aged 45-64.

This was the leading source of anxiety for New Jersey and Iowa folks, while Vermonters chose it in a three-way tie with paying for education and their mortgage or rent. In Delaware, it tied for the top spot with desiring a better lifestyle, and in Massachusetts, it tied with paying for education.

It tied for second place in Montana with not possessing enough for an emergency, and, interestingly, more individuals in more states didn’t choose it, given that so many people have little or no retirement savings.

7. Repaying debt

This was the most popular response from Alaska to Wyoming, with 20.6% selecting it as their primary financial stressor. And that was the preferred option of both sexes.

It was the most popular choice in 32 states and tied for the top spot in Rhode Island (due to lack of consistent income), Maine (due to inability to retire), and New Hampshire (tied with not having enough money to fund an emergency).

The Federal Reserve Bank of New York discovered that Florida residents, despite having lower total debt per capita, owe more on credit cards and vehicle loans per capita than the rest of the United States. Per capita, Texans owe more on car loans than they spend on student loans, based on the New York Fed.