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Americans Worried About Basic Financial Necessities

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A majority of all Americans (55%) are worried that they will have to work later in life than they want because they won't be able to afford to retire. However, this includes people who may have their eyes already on retirement. Among the younger generations, the worry is a lot more as almost two-thirds of Millennials (64%) and three-quarters of Gen Xers (74%) are worried about this.

Parents are always going to have special worries, whether it is about the health of their children or just their overall happiness, no matter what their age. Among those parents with children under 18, more than three in five (63%) are worried that they will not have enough money for one or more of their children to go to college. And over one-third of parents of children of all ages (36%) are worried that their child or children will have to move back in with them because they will not be able to afford housing.

Housing worries are another issue. Almost one-quarter of those with a mortgage (23%) are worried that they will lose their home because they can't afford the mortgage payments, and this rises to one-third of Millennials (32%) who own a home and have a mortgage. Among those who are not yet home owners, three in five (61%) are worried they will not be able to afford to buy a home. More than two-thirds of Gen Xers who do not own a home (68%) and two-thirds of non home owning Millennials (66%) are worried they will not be able to afford to buy a home.

Then there are the basic things one buys every day – some are small luxuries such as a latte; others are really basic such as food and transportation. Half of Americans (51%) are worried they will not be able to afford anything more than the basic necessities and two in five (41%) are worried that they will not have enough money for basic necessities such as food, housing, clothes, and transport.

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