The prospect of paying off debt remains the The No. 1 Cause of Financial Stress in Every State in the U.S., according to a new survey by personal finance website GOBankingRates on Wednesday.
Everyday costs (like groceries and utilities) and the cost of healthcare follow closely behind as the second- and third-greatest financial concerns among Americans.
In 2016, GOBankingRates conducted a similar survey with slightly different answer choices. However, responses from both surveys confirmed that lingering debt is the No. 1 financial stress point for the second consecutive year.
To determine the cause of financial stress, GOBankingRates surveyed more than 7,000 people in all 50 states and the District of Columbia. Respondents were asked the following question: “Of the following, what is your No. 1 cause of financial stress?” Respondents could choose one of the following answers (includes percentage of respondents who elected this choice):
• Debt – 23.47%
• Everyday Costs – 19.38%
• Healthcare – 17.91%
• Taxes – 12.65%
• Housing – 11.11%
• Education – 9.18%
• Family – 6.39%
Other findings:
• California has the highest debt balance per person of any state, according to the Federal Reserve Bank of New York.
• Education remains the top source of financial stress in Hawaii, most likely due to a sharp rise in tuition prices from $4,302 in 2004 to $10,671 in 2016.
• The average monthly health insurance premium in Vermont is among the highest in the U.S., making healthcare the top financial worry in the state.
