Dollars and Sense
Nearly half of adults in America report their financial situation is their biggest concern, yet only about a third of people have a long-term plan for savings and investment goals. High school students in the U.S. are less able than ever to properly handle money matters, even though the average employee is working longer hours for more pay. Two-thirds of do not prepare either a written or digital household budget. Only 30% of Americans keep a long-term savings plan.
Factors that influence financial planning are education, political affiliation, and overall household income. When it comes to preparing a budget, 26% of persons with an educational level of high school or less write out their spending, whereas 38% of college graduates are keeping track. Persons who identify politically as â€śConservativeâ€ť keep a budget in 35% of polled results; â€śModerateâ€ť persons are at 33%, and 26% of â€śLiberalâ€ť supporters write a budget. In regards to household income, it is the earners in the middle whom are least likely to keep tabs on where their money is spent.
Financial stress affects everyday life by disrupting sleep schedules, increasing irritability, and making persons more susceptible to sickness. However, the overall percentage of income spent has decreased from 57% in 2009 to 32% in 2013, and the number of adults who pay their bills late has dropped from 33% in 2012 to 26% in 2013. A majority of teens say they want to learn how to manage their money, although only three states require at least one high school course devoted to understanding personal finance.