According to the survey, residents are stressed out because of the money survey
A new poll, conducted between November 2020 and May 2021, found that 65% of Central Massachusetts residents surveyed describe themselves as insecure, stressed, or extremely stressed out when thinking about money.
Workers Credit Union regularly surveys members about their financial health to combat the shame and stigma associated with many people’s financial hardships.
“Starting the conversation about financial wellbeing can be challenging for many people and needs to be approached in an unbiased and empowering way,” said Peter Rice, chief banking officer for Workers Credit Union.
Only 55% of respondents said they had an emergency fund, 78% said they were in debt, and a third said they lived from paycheck to paycheck.
The survey gives a glimpse of how residents’ feelings about their finances have changed from month to month during the pandemic. When asked “What keeps you up at night?” The answer “My creditworthiness” was the best answer in the entire survey period. Concerns about buying a home rose to second place in May, and the need to save on a car and other expenses steadily rose from eighth to third. Longer-term concerns about funding future college expenses or planning retirement were less of a priority, suggesting that Massachusetts residents are more preoccupied with day-to-day financial problems and less focused on their long-term financial goals.
Answers to the question “What keeps you up at night” (as of May 2021):
1. I am concerned about my creditworthiness.
2. I’m not sure I can buy a house.
3. I need to save up for a car or other purchase.
4. I have no idea how to budget.
5. None of this is true. I can do this!
6. I don’t understand “the market”.
7. I will never be able to retire.
8. I don’t know if I can pay college.
9. I’m not sure I have the right insurance.
Workers Credit Union found that quality financial coaching can help alleviate member fears expressed in this survey. It empowers people to express their fears and turn them into a plan that can improve their financial wellbeing.
Responses reported are for the period November 2020 through May 2021. Respondents primarily live in central Massachusetts and represent a diverse population. Fifty-five percent of respondents were identified as female, 44% were male, and 1% gave no answer. 27% of the respondents were 25-34 years old, 21% were 35-44 years old, 20% were 18-24 years old, 16% were 45-54 years old, 11% were 55-64 years old and 6% were 65 years old and older.