Increasing food prices, retirement savings, and housing costs are among the top concerns for Americans, according to a new Quinnipiac poll.
The poll, which was published on Thursday, found that 22% of Americans find the rising costs of food to be their greatest financial concern right now. Retirement savings came second, with 18% of Americans concerned about their possible futures, and 17% say they are most concerned about the rising costs of healthcare.
“Persistent inflation, climbing interest rates and a volatile stock market are likely contributing to worries about everything from putting food on the table to getting medical care,” said Quinnipiac University School of Business Professor of Finance and Director of GAME Forum, Osman Kilic, PhD in a statement. “One silver lining: concerns about losing jobs is at the bottom of the list.”
The list of concerns also depends on your age. The youngest respondents, those between 18 and 34 years old, listed rent or mortgage payments as their top concern, followed by college tuition costs, then food. Adults between 35-49 listed their concerns as food cost, retirement savings, and housing, while those closer to retirement age were most concerned with how well their savings would support them as they got older, followed by food and healthcare.
“When it comes to the golden years, Americans young, old, and in-between share the same worry,” added Kilic. “There’s a cloud of doubt hanging over the quality of life they’ll have when they retire, especially among those between 35 and 64 years of age.”
While everyone seems to have at least some concern about retirement savings, the primary concerns for the majority of respondents are everyday bills like food and housing, which is forcing many to cut back on expenses and delay major purchases.
According to the results, 63% of people say they’ve cut back on dining out to save money while 62% say they’ve cut back on entertainment and 61% say those cutbacks have come from vacation planning or clothes shopping.
Additionally, 31% of people have delayed buying a car due to their financial concerns while 27% say they’re waiting longer to buy a home. Twenty-two percent of people say they’re delaying when they plan to retire.
While most of the differences in response varied by age, one, in particular, showed the greatest variation by race. Though more than half of Americans would find it difficult to pay unexpected bills of about $1,000, Black (40%) and Hispanic (35%) adults are much more likely to struggle than white adults (20%).