Money Worries Interview with KKOH Radio Reno, NV
CreditCards.com Senior Industry Analyst Matt Schulz spoke on Tuesday, June 30, 2015, with Ross Mitchell and Monica Jaye of KKOH Radio Reno, NV about the results of the June 2015 Money Worries survey. The interview and transcript are below.
Ross Mitchell: So what do you lose sleep over? Well, 62% of Americans lose sleep over one particular concern. What do you think it is?
Monica Jaye: Money?
Mitchell: You’re right.
Jaye: Really? Wow.
Mitchell: Yep, the majority of Americans lose sleep worrying about money. 62%, financial problems including worrying about how to pay for retirement and education. It’s a new survey from CreditCards.com.
Jaye: I stopped a long time ago worrying about the education.
Mitchell: Well, the results show that the most common money worry was the cost of retirement with Americans between the ages of 50-64 saying they’re the most concerned about retirement costs. CreditCards.com teamed up with Princeton Survey Research Associates International to compile the data by conducting phone interviews with 1,000 Americans. But for millennials financial nightmares are focused on how to pay for school – which was the only financial worry included in the survey to actually get worse since the Recession. However, that statistic shouldn’t be surprising. After all the national student loan debt is close to a staggering $1.4 trillion when you put it all together.
Mitchell: According to Matt Schulz, a Senior Industry Analyst at CreditCards.com, retirement is the biggest worry, but worries about education expenses are growing. At this rate, he says, paying for school could soon be America’s biggest worry. The survey shows the nation is not quite back to pre-Recession numbers. Though majority of Americans are losing sleep over their finances, the numbers are getting a little bit better.
Jaye: Well that’s good.
Mitchell: Survey found that 69% of Americans weren’t sleeping soundly at the height of the Recession back in ’09. And getting back to those numbers, according to Schulz referring to a large number of millennials saying, they’ve come of age in the worst economy since the Great Depression. Horrible job market. The question is still out there whether this will shape their views permanently or if their views will evolve as the economy gets better. The great unknown in all of this. And I know what he’s talking about. You know my grandmother lived through the Recession, so did my mother. She was one of those people who cash loaded everything. If you can’t pay for it in cash, you don’t do it.
Jaye: Well, and I think that’s going to be good, actually, for this next generation.
Mitchell: I mean, I’d love to be able to live that way. Just can’t always do that.