Food Costs Top List Of Americans' Financial Concerns, Quinnipiac University National Poll Finds; 68% Concerned They Won't Have Enough Money To Live Comfortably In Retirement
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Food costs rank as the most pressing financial worry, with 22 percent of Americans naming it as their biggest personal financial concern right now, followed by retirement savings (18 percent), healthcare costs (17 percent), mortgage or rent payments (13 percent), college tuition (8 percent), energy bills (7 percent), credit card or loan payments (5 percent), and loss of a job (4 percent), according to a Quinnipiac (KWIN-uh-pea-ack) University national poll of adults released today. The survey was conducted in collaboration with the Quinnipiac University School of Business and its Global Asset Management Education (GAME) Forum XII event.
There are differences among most listed groups, particularly when considering age.
The top three personal financial concerns broken down by age:
- 18 to 34 year olds: mortgage or rent payments (23 percent), college tuition (20 percent), and food costs (19 percent);
- 35 to 49 year olds: food costs (24 percent), retirement savings (17 percent), and mortgage or rent payments (15 percent);
- 50 to 64 year olds: retirement savings (25 percent), food costs (23 percent), and healthcare costs (19 percent);
- 65 years of age and over: retirement savings (26 percent), food costs (22 percent), and healthcare costs (20 percent).
"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. One silver lining: concerns about losing jobs is at the bottom of the list," said Quinnipiac University School of Business Professor of Finance and Director of GAME Forum, Osman Kilic, PhD.
CUTTING BACK
With the exception of grocery shopping, a majority of Americans indicate they have cut back on a wide range of items and activities...
- dining out: 63 percent say yes, while 35 percent say no;
- entertainment or leisure activities like going out to movies, shows or sporting events: 62 percent say yes, while 36 percent say no;
- vacation plans: 61 percent say yes, while 37 percent say no;
- clothes shopping: 61 percent say yes, while 38 percent say no;
- consumer electronics: 52 percent say yes, while 44 percent say no;
- home improvement projects: 52 percent say yes, while 44 percent say no;
- grocery shopping: 44 percent say yes, while 56 percent say no.
DELAYING
When thinking about their personal financial situation, Americans say economic conditions have caused them to delay...
- buying a vehicle: 31 percent;
- purchasing of big items such as furniture or appliances: 30 percent;
- buying a home: 27 percent;
- when they plan to retire: 22 percent;
- receiving medical treatment: 19 percent;
- college plans for themselves or their children: 16 percent;
- having children: 13 percent;
- getting married: 11 percent.
Thirty-five percent of Americans say that they have not had to delay any of these things.
There are differences between age groups when looking at their most delayed item. Forty-two percent of 18-34 year olds have delayed buying a home, 40% of 35-49 year olds have delayed buying a vehicle, 32% of 50- 64 year olds have delayed when they plan to retire, and 23% of those 65 years of age and over have delayed buying a vehicle.
UNEXPECTED BILL OF $1,000
When asked how difficult it would be to pay an unexpected bill of one thousand dollars right away, slightly more than half of Americans (52 percent) say it would be either very difficult (25 percent) or somewhat difficult (27 percent), while 47 percent say it would be not so difficult (20 percent) or not difficult at all (27 percent). Today's results are similar to an April 27, 2022 Quinnipiac University poll.
There are big gaps by race. Forty percent of Black adults and 35 percent of Hispanic adults say it would be very difficult to pay an unexpected bill of one thousand dollars right away, while 20 percent of white adults say it would be very difficult.
SAVINGS & DEBT
Roughly 4 in 10 Americans (42 percent) say they have less in savings compared to a year ago, 17 percent say they have more in savings, and 39 percent say they have about the same amount in savings.
More than one-quarter (27 percent) of Americans say they have more debt compared to a year ago, 21 percent say they have less debt, and 49 percent say they have about the same amount of debt.
RETIREMENT CONCERNS
Nearly 7 in 10 Americans (68 percent) say they are either very concerned (33 percent) or somewhat concerned (35 percent) that they will not have enough money to live comfortably during retirement, while roughly 3 in 10 Americans (31 percent) say they are not so concerned (16 percent) or not concerned at all (15 percent).
"When it comes to the golden years, Americans young, old and in-between share the same worry. 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," added Kilic.
SOCIAL SECURITY
A vast majority of Americans (78 percent) would oppose raising the full retirement age for Social Security from 67 to 70, while 17 percent would support it.
When Americans were asked whether they would support raising the full retirement age for Social Security from 67 to 70 if it meant that benefits would last longer, Americans would still oppose it 62 - 30 percent.
1,795 U.S. adults nationwide were surveyed from March 9th - 13th with a margin of error of +/- 2.3 percentage points.
The Quinnipiac University Poll, directed by Doug Schwartz, Ph.D. since 1994, conducts independent, non-partisan national and state polls on politics and issues. Surveys adhere to industry best practices and are based on random samples of adults using random digit dialing with live interviewers calling landlines and cell phones.
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Poll Questions
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Question 32. What is your biggest personal financial concern right now: food costs, healthcare costs, mortgage or rent payments, energy bills, credit card or loan payments, college tuition, retirement savings, or loss of a job?
ADULTS..................................................... WHITE........ 4 YR COLL DEG Tot Rep Dem Ind Men Wom Yes No Food costs 22% 30% 15% 18% 22% 22% 12% 26% Healthcare costs 17 11 18 20 16 18 18 15 Mortgage/Rent 13 9 16 14 15 12 9 12 Energy bills 7 8 5 7 6 7 6 8 Credit card/Loan 5 3 9 4 5 5 6 4 College tuition 8 4 9 10 9 7 8 7 Retirement savings 18 23 20 17 17 19 32 17 Loss of a job 4 4 3 5 4 3 3 3 SOMETHING ELSE(VOL) 3 3 2 3 3 3 3 2 DK/NA 4 5 4 2 4 5 3 6 AGE IN YRS.............. WHITE..... 18-34 35-49 50-64 65+ Men Wom Wht Blk Hsp Food costs 19% 24% 23% 22% 21% 21% 21% 15% 27% Healthcare costs 13 14 19 20 16 17 16 19 17 Mortgage/Rent 23 15 10 4 13 9 11 19 17 Energy bills 2 7 9 10 6 9 7 7 6 Credit card/Loan 8 6 4 3 6 4 5 11 3 College tuition 20 6 3 1 9 6 7 7 8 Retirement savings 6 17 25 26 21 24 23 15 12 Loss of a job 4 5 4 2 3 3 3 4 5 SOMETHING ELSE(VOL) 2 3 3 4 3 2 2 1 2 DK/NA 2 4 1 9 4 6 5 2 3 -
Question 33. How difficult would it be for you to pay an unexpected bill of one thousand dollars right away: very difficult, somewhat difficult, not so difficult, or not difficult at all?
ADULTS..................................................... WHITE........ 4 YR COLL DEG Tot Rep Dem Ind Men Wom Yes No Very difficult 25% 21% 22% 28% 21% 28% 7% 27% Somewhat difficult 27 27 25 28 26 28 20 29 Not so difficult 20 19 22 19 21 19 24 18 Not difficult at all 27 30 30 25 31 24 48 24 DK/NA 1 3 - 1 1 2 1 2 AGE IN YRS.............. WHITE..... 18-34 35-49 50-64 65+ Men Wom Wht Blk Hsp Very difficult 29% 29% 27% 15% 17% 23% 20% 40% 35% Somewhat difficult 30 25 28 25 23 29 26 24 29 Not so difficult 24 19 17 18 22 19 20 18 18 Not difficult at all 17 27 28 40 37 28 32 18 18 DK/NA - - 1 3 1 2 1 - - -
Question 34. Have you cut back on - grocery shopping, or not?
ADULTS..................................................... WHITE........ 4 YR COLL DEG Tot Rep Dem Ind Men Wom Yes No Yes 44% 52% 33% 46% 40% 47% 31% 47% No 56 47 67 54 59 53 68 52 DK/NA 1 1 - 1 1 - 1 1 AGE IN YRS.............. WHITE..... 18-34 35-49 50-64 65+ Men Wom Wht Blk Hsp Yes 37% 48% 52% 40% 39% 44% 41% 46% 49% No 63 51 48 59 61 55 58 54 51 DK/NA - - - 1 1 1 1 - - -
Question 35. Have you cut back on - clothes shopping, or not?
ADULTS..................................................... WHITE........ 4 YR COLL DEG Tot Rep Dem Ind Men Wom Yes No Yes 61% 66% 57% 61% 55% 66% 49% 61% No 38 33 42 37 43 33 50 38 DK/NA 1 1 1 2 2 1 1 1 AGE IN YRS.............. WHITE..... 18-34 35-49 50-64 65+ Men Wom Wht Blk Hsp Yes 61% 64% 64% 55% 49% 64% 57% 71% 68% No 39 34 35 43 51 35 42 29 30 DK/NA - 2 1 2 1 1 1 - 3 -
Question 36. Have you cut back on - dining out, or not?
ADULTS..................................................... WHITE........ 4 YR COLL DEG Tot Rep Dem Ind Men Wom Yes No Yes 63% 68% 56% 68% 64% 63% 53% 67% No 35 31 43 31 35 36 46 32 DK/NA 1 1 - 2 1 1 1 1 AGE IN YRS.............. WHITE..... 18-34 35-49 50-64 65+ Men Wom Wht Blk Hsp Yes 65% 68% 65% 58% 61% 63% 62% 64% 69% No 35 31 34 41 39 35 37 36 30 DK/NA - 1 - 1 - 1 1 - 1 -
Question 37. Have you cut back on - entertainment or leisure activities like going out to movies, shows, or sporting events, or not?
ADULTS..................................................... WHITE........ 4 YR COLL DEG Tot Rep Dem Ind Men Wom Yes No Yes 62% 69% 54% 65% 63% 62% 56% 64% No 36 29 45 33 36 35 43 33 DK/NA 2 3 1 1 1 3 1 3 AGE IN YRS.............. WHITE..... 18-34 35-49 50-64 65+ Men Wom Wht Blk Hsp Yes 59% 68% 67% 56% 61% 61% 61% 66% 70% No 41 31 31 39 38 36 37 32 30 DK/NA - 1 2 5 1 4 2 1 - -
Question 38. Have you cut back on - vacation plans, or not?
ADULTS..................................................... WHITE........ 4 YR COLL DEG Tot Rep Dem Ind Men Wom Yes No Yes 61% 63% 56% 65% 59% 62% 49% 61% No 37 34 43 34 40 35 50 36 DK/NA 2 3 1 1 1 3 1 3 AGE IN YRS.............. WHITE..... 18-34 35-49 50-64 65+ Men Wom Wht Blk Hsp Yes 63% 65% 64% 54% 53% 60% 57% 64% 71% No 36 33 35 43 46 36 41 34 29 DK/NA - 2 1 4 1 4 2 1 - -
Question 39. Have you cut back on - home improvement projects, or not?
ADULTS..................................................... WHITE........ 4 YR COLL DEG Tot Rep Dem Ind Men Wom Yes No Yes 52% 57% 45% 56% 50% 54% 40% 54% No 44 38 51 41 46 41 58 40 DK/NA 5 5 4 4 3 6 2 6 AGE IN YRS.............. WHITE..... 18-34 35-49 50-64 65+ Men Wom Wht Blk Hsp Yes 44% 60% 60% 47% 47% 50% 49% 62% 58% No 50 37 36 48 51 43 46 35 40 DK/NA 7 3 4 4 2 7 5 3 2 -
Question 40. Have you cut back on - consumer electronics, or not?
ADULTS..................................................... WHITE........ 4 YR COLL DEG Tot Rep Dem Ind Men Wom Yes No Yes 52% 57% 45% 56% 54% 50% 39% 56% No 44 40 52 41 43 45 59 41 DK/NA 3 4 3 2 3 4 2 3 AGE IN YRS.............. WHITE..... 18-34 35-49 50-64 65+ Men Wom Wht Blk Hsp Yes 53% 62% 52% 45% 53% 47% 50% 53% 60% No 45 36 44 51 46 48 47 41 38 DK/NA 1 2 4 5 2 5 3 5 2 -
Question 41. In thinking about your personal financial situation, have economic conditions caused you to delay any of the following: when you plan to retire, buying a home, buying a vehicle, purchasing of big items such as furniture or appliances, receiving medical treatment, getting married, having children, college plans for yourself or your children, or haven't you had to delay any of these? (Totals may add up to more than 100% because multiple responses were allowed)
ADULTS..................................................... WHITE........ 4 YR COLL DEG Tot Rep Dem Ind Men Wom Yes No When plan to retire 22% 21% 18% 21% 21% 22% 18% 21% Buying a home 27 18 25 29 28 25 17 24 Buying a vehicle 31 29 27 34 32 31 24 32 Big item purchases 30 29 27 31 28 33 24 29 Medical treatment 19 19 15 22 18 21 11 21 Getting married 11 7 9 12 14 9 5 9 Having children 13 6 11 15 14 12 7 10 College plans 16 11 13 17 14 17 7 14 Haven't had to delay 35 36 41 32 35 34 46 34 DK/NA 4 5 2 5 5 4 2 4 AGE IN YRS.............. WHITE..... 18-34 35-49 50-64 65+ Men Wom Wht Blk Hsp When plan to retire 17% 27% 32% 10% 20% 20% 20% 25% 27% Buying a home 42 35 19 10 24 19 21 34 43 Buying a vehicle 32 40 31 23 31 27 29 33 35 Big item purchases 33 39 29 22 26 28 27 37 33 Medical treatment 22 21 23 13 16 19 17 24 25 Getting married 18 13 8 3 10 5 8 11 20 Having children 25 17 6 3 11 8 9 15 23 College plans 26 20 12 5 11 13 12 18 25 Haven't had to delay 29 29 33 49 39 38 38 26 27 DK/NA 2 3 3 4 3 4 3 4 4 -
Question 42. Compared to a year ago, would you say you have more debt, less debt, or about the same amount of debt?
ADULTS..................................................... WHITE........ 4 YR COLL DEG Tot Rep Dem Ind Men Wom Yes No More 27% 28% 23% 27% 27% 27% 17% 26% Less 21 19 22 20 21 21 28 19 About the same 49 49 53 50 50 48 52 51 DK/NA 3 4 1 2 2 3 2 5 AGE IN YRS.............. WHITE..... 18-34 35-49 50-64 65+ Men Wom Wht Blk Hsp More 30% 31% 31% 16% 23% 23% 23% 30% 37% Less 20 23 20 21 24 21 22 25 14 About the same 47 45 47 56 51 52 51 44 49 DK/NA 3 1 2 6 2 5 4 1 - -
Question 43. Compared to a year ago, would you say that you have more in savings, less in savings, or is your savings about the same?
ADULTS..................................................... WHITE........ 4 YR COLL DEG Tot Rep Dem Ind Men Wom Yes No More 17% 10% 24% 17% 21% 14% 23% 15% Less 42 49 34 42 39 46 36 43 About the same 39 39 40 40 38 39 40 41 DK/NA 2 2 1 1 2 1 - 2 AGE IN YRS.............. WHITE..... 18-34 35-49 50-64 65+ Men Wom Wht Blk Hsp More 28% 14% 14% 14% 22% 14% 18% 21% 19% Less 35 43 51 42 37 44 40 40 45 About the same 37 41 33 42 41 40 41 38 34 DK/NA - 2 2 2 1 2 1 1 2 -
Question 44. How concerned are you that you will not have enough money to live comfortably during retirement; very concerned, somewhat concerned, not so concerned, or not concerned at all?
ADULTS..................................................... WHITE........ 4 YR COLL DEG Tot Rep Dem Ind Men Wom Yes No Very concerned 33% 36% 29% 34% 29% 38% 22% 36% Somewhat concerned 35 38 37 34 36 34 42 33 Not so concerned 16 12 21 15 17 15 22 14 Not concerned at all 15 13 12 15 17 12 13 16 DK/NA 1 - 1 2 2 1 - 1 AGE IN YRS.............. WHITE..... 18-34 35-49 50-64 65+ Men Wom Wht Blk Hsp Very concerned 24% 43% 43% 24% 28% 34% 31% 38% 41% Somewhat concerned 39 34 33 35 39 34 36 38 30 Not so concerned 21 12 15 15 16 17 17 10 17 Not concerned at all 14 11 9 24 16 14 15 14 11 DK/NA 2 - - 2 - 1 1 - 1 -
Question 45. Would you support or oppose raising the full retirement age for Social Security from 67 to 70?
ADULTS..................................................... WHITE........ 4 YR COLL DEG Tot Rep Dem Ind Men Wom Yes No Support 17% 18% 17% 16% 19% 15% 22% 13% Oppose 78 77 81 75 77 79 73 82 DK/NA 5 5 2 9 4 6 4 5 AGE IN YRS.............. WHITE..... 18-34 35-49 50-64 65+ Men Wom Wht Blk Hsp Support 19% 14% 12% 20% 18% 14% 16% 16% 14% Oppose 75 83 86 73 78 80 79 81 80 DK/NA 6 3 2 8 4 6 5 3 6 -
Question 45a. Would you support or oppose raising the full retirement age for Social Security from 67 to 70? COMBINED WITH: (If oppose q45) If it meant that full Social Security benefits would last longer, would you support or oppose raising the full retirement age for Social Security from 67 to 70?
ADULTS..................................................... WHITE........ 4 YR COLL DEG Tot Rep Dem Ind Men Wom Yes No Support 30% 31% 34% 28% 31% 30% 37% 27% Oppose 62 61 61 63 62 61 56 66 DK/NA 8 8 5 10 7 9 7 7 AGE IN YRS.............. WHITE..... 18-34 35-49 50-64 65+ Men Wom Wht Blk Hsp Support 34% 28% 23% 37% 32% 29% 31% 28% 25% Oppose 57 67 73 53 63 62 63 68 65 DK/NA 9 4 4 10 5 9 7 4 10