The study of 1,000 respondents, which was conducted by Opinion Research Corporation on behalf of Edward Jones, proves that age plays a big factor, with younger Americans considerably more nervous than older Americans about job security (50% vs. 22%). Older Americans, however, are more stressed over stock market performance (37%) and cost of healthcare (33%) than their younger counterparts (17% and 18% respectively). Not surprisingly, saving for retirement is viewed as more important to middle-aged Americans (23%) than younger Americans (8%).
According to Scott Thoma, Director of Investment Advisory at Edward Jones, Americans should stay focused on their long-term plans in the midst of the current economic environment. "Challenging times bring a lot of uncertainty, but this uncertainty also reinforces just how important it is to have a solid financial foundation and savings plan in place," Thoma said.
Respondents' ethnicity reveals a significant difference in opinion with 55% of African Americans more concerned about job security versus Whites (37%) and Hispanics (31%). Interestingly, Hispanics are more concerned than other ethnicities about the cost of healthcare (26%) but less concerned with retirement savings (9%).
In terms of geography, the North Central region has the highest percentage of individuals concerned about job security (46%) but ranked least overall for stock market performance (20%) and cost of healthcare (17%).
Differences in household income also had an impact on responses. Higher earners are more concerned about stock market performance (36%) and saving for retirement (21%) while lower earners worry more about the cost of healthcare (30%).
The survey found little difference in opinion across education levels but confirmed that high school graduates are more stressed about job security (43%) and the cost of healthcare (27%) compared with college graduates (35% and 15% respectively).
