Retirement and paying rent/mortgage are the biggest financial concerns of NOW readers.
In our recent poll asking about people’s financial issues, these were the things most people identified, with 33 per cent worrying about retirement and 24 per cent worrying about paying rent/mortgage. Close behind were debt (15 per cent) and the inability to save (13 per cent).
Obviously COVID-19 has greatly affected employment, but because of lockdowns and fewer traditional places to shop, many people are finding themselves with more disposable income. Fifty-three per cent of readers say they have more disposable income, whereas 26 per cent say they have less. Twenty per cent haven’t noticed any change.
As far as keeping a monthly budget, things are split. Fifty-four per cent of NOW’s readers keep a budget, compared to 46 per cent who don’t. And on the subject of saving, 33 percent invest their savings in stocks and ETFs, 24 per cent put them in mutual funds and seven per cent put them in real estate. Twenty per cent admit they aren’t saving.
Our most open question – “What, besides winning the lottery, would ease your mind about your personal financial situation?” – got the most interesting replies. Here are a few:
- Knowing the exact date on which I will die.
- Mean rich relatives dying.
- Knowing there was a livable pension coming to me at the end of all this when I am old and weak.
- Having adult kids take care of themselves
- Having a trustworthy pension.
- Having more safe, affordable housing options that don’t require single women to live with other people for survival.
- Earning more money. I know when I have to go back to the office my costs will go up.
- Knowing what inflation will be and how much return I’ll get on investments in future years.
- Safe interest of 4% anywhere.
Over the next few months, we’ll be following up with some respondents to find out in more detail how NOW readers feel about their personal finances.