Survey: Lack of stable income, paying off debt top financial woes in Ocean State

IN RHODE ISLAND, the top causes of financial stress are lack of a stable income and paying off debt, according to GOBankingRates.com. / COURTESY GOBANKINGRATES.COM
IN RHODE ISLAND, the top causes of financial stress are lack of a stable income and paying off debt, according to GOBankingRates.com. / COURTESY GOBANKINGRATES.COM

PROVIDENCE – The lack of a stable income and paying off debt are the top financial stressors in Rhode Island, according to a survey released Monday by GoBankingRates.com.
The financial website surveyed more than 7,000 people in all 50 states and the District of Columbia and asked: “Of the following, what is your No. 1 cause of financial stress?”
Survey respondents had seven options to choose from: Paying off debt (i.e. credit cards), not being able to retire, not having enough money to fund an emergency, wanting a nicer lifestyle, paying for education, lack of stable income, and paying mortgage or rent.
Two-thirds of the states listed paying off debt as their top 1 financial stressor.
“Our survey results reiterate the impact the current debt crisis is having on Americans, really, no matter where in the country they are living,” Kristen Bonner, lead researcher on the study, said in a statement. “Americans are suffering from paying off their past expenses rather than looking forward and focusing on setting up their financial future.”
The website noted Rhode Island’s high unemployment rate of 5.5 percent in July, which was higher than the national unemployment rate of 4.9 percent for that same month.
“That might explain why a lack of stable income – along with paying off debt – is the top financial stressor in the state. Without a stable income, you might find it hard to pay bills and have to rely on credit,” the website stated.
Those who need to minimize expenses can track spending with an app such as Mint, You Need a Budget software or even a spreadsheet, the website said.
In Massachusetts, the top financial stressors were not being able to retire and paying for education.
GOBankingRates.com said the current financial stress rates in the United States are among the highest they have ever been over the last five years, citing consulting firm PwC’s 2016 Employee Financial Wellness Survey. To find out the financial stress causes, it collected responses through a Google Consumer Survey conducted from July 12 to 14. The survey has a 1.75 percent margin of error.

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