David Lerner Associates News

Top 5 Financial Worries for 2023

Core Facts

Main Article Image

Monday, January 23, 2023

Many of us are happy to say goodbye to a difficult year, 2022. However, 2023 looks set to be challenging in its own right. The cost of living has gone up and inflation has made people anxious about their financial stability and their retirement.

According to research by John Hancock, in the third quarter of last year, one in four retirement savers said that they were often stressed about their finances. That number is seven percent higher than in the first quarter of last year. (18 percent).

If you are saving for retirement, the cost-of-living increase and inflation are going to be a concern. Fifty-eight percent of Americans have experienced stress or depression in the last year because of their finances. Seventy-two percent have experienced moderate to extreme stress in the last six months alone.

Here are the top 5 financial worries the study found:

 

  1. Economic conditions: The cost of living has increased significantly, and this is causing people to worry not only about current bills but their retirement as well.
  2. Retirement savings: Retirement savings are a real concern, and many Americans do not have enough savings.
  3. Credit card debt: Credit cards are a tempting way to pay for things you need or want. However, credit card debt can quickly become crippling. High-interest rates and ease of access to debt can cause havoc with your financial situation.  
  4. Emergency savings: Having emergency savings is an essential part of a sound financial plan. It can be tempting to use these funds for other things, but it is vital to keep that emergency fund topped up so that if you are faced with a sudden emergency, it is not a financial disaster. 
  5. Overall, current financial situation: Having a good solid financial plan and understanding your money and investments is the first step to having a good financial situation. Folks who are concerned about their overall financial situation should seek professional advice and get on top of it. 

 

“The sooner you make a plan the better it will be in the long run,” says Richard Eden senior vice president of David Lerner associates, “Make sure you don’t make risky investments and stick to the sensible middle ground of investing.”

During the pandemic, people could save more money because there wasn’t much to do or spend money on. Commutes were slashed and working from home meant some Americans could save more than they had in previous years. Even though many found themselves in a better financial situation than they had been previously, retirement savers are worried about their money.

The longer that you live in worry and fear the worse it will be. There is professional financial help there for you, just have to find an investment counsellor who can advise you.  


IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities. 

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. 

Number of views (85)

^ Top

About

Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Lawrenceville, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 800-367-3000 Visit our website: www.davidlerner.com

^ Top

x
  • Connect With Us