GALLUP NEWS SERVICE
PRINCETON, NJ -- Healthcare costs are the most important personal financial concern facing Americans today, followed by low wages or a lack of money, the cost of owning or renting a home, and high oil and gas prices. This list of financial concerns has not changed significantly over the last eight months.
Healthcare Still on Top
With expenditures for healthcare rising at two times the rate of inflation and premiums for employer-sponsored health insurance also climbing, it may not be surprising that healthcare costs consistently rank at the top of the list when Gallup asks Americans what is the most important financial problem facing their families today.
Gallup periodically poses this question in its national surveys, most recently in July 2007.
What is the most important financial problem facing your family today? [OPEN-ENDED]
|
Jul 12-15,
|
|
|
% |
|
|
Healthcare costs |
19 |
|
Lack of money/Low wages |
15 |
|
Cost of owning/renting a home |
8 |
|
Energy costs/Oil and gas prices |
8 |
|
Too much debt/Not enough money
|
7 |
|
Retirement savings |
6 |
|
College expenses |
6 |
|
High cost of living/Inflation |
6 |
|
Taxes |
4 |
|
Unemployment/Loss of job |
4 |
|
Lack of savings |
3 |
|
Social Security |
2 |
|
Interest rates |
1 |
|
State of the economy |
1 |
|
Transportation/Commuting costs |
* |
|
Stock market/Investments |
* |
|
Controlling spending |
* |
|
|
|
|
Other |
3 |
|
None |
15 |
|
No opinion |
2 |
|
|
|
|
* Less than 0.5% |
|
|
Percentages add to more than 100% due to multiple responses. |
|
Nineteen percent of Americans interviewed in the July 12-15 Gallup Poll Social Series survey say healthcare costs are their top financial concern, with 15% citing lack of money or low wages. These percentages have remained virtually unchanged since last fall. Other financial concerns Americans mention include the cost of owning or renting a home, energy -- oil and gas prices -- and not enough money to pay their debts.
Differences by Income
Not surprisingly, those with lower annual incomes are more likely to say healthcare costs are the most important financial issue they face. Twenty-two percent of those earning under $30,000 a year say the cost of healthcare is their most important financial problem, compared with only 12% among those making $75,000 a year or more.
Among those in the higher-income group, college expenses are tied with healthcare costs as the top problem, followed by retirement savings.
|
What is the most important financial problem facing your family today?
|
|||||
|
Under $30,000
|
$30,000 to
|
$75,000 a year
|
|||
|
% |
% |
% |
|||
|
Healthcare costs |
22 |
Healthcare costs |
20 |
Healthcare costs |
12 |
|
Lack of money, cash flow |
17 |
Energy prices |
10 |
College costs |
12 |
|
Cost of owning, renting a home |
8 |
Cost of owning, renting a home |
9 |
Retirement savings |
11 |
|
Not enough money to pay debts |
8 |
Lack of money, cash flow |
9 |
Cost of owning, renting a home |
9 |
|
Low wages |
8 |
|
|
||
Also not surprisingly, Americans who are 50 and older are significantly more likely than those under 50 to mention health costs as their top financial concern.
Trends Over Time
Despite the rapid run-up in gas prices this year, the percentage of Americans saying energy costs are their top financial problem has stayed remarkably flat this year, rising to 11% in June before settling back to 8% in July. Since November of last year, most of the other trends in responses to this question have also been quite stable. Healthcare costs have been at the top of the list in every survey in which this question was asked except one, from December of last year.
What is the most important financial problem facing your family today? [OPEN-ENDED]
|
Recent Trend: |
Jul
|
Jun
|
Apr
|
Jan
|
Dec
|
Nov
|
|
|
% |
% |
% |
% |
% |
% |
||
|
Healthcare costs |
19 |
16 |
16 |
17 |
15 |
17 |
|
|
Lack of money/Low wages |
15 |
13 |
11 |
13 |
17 |
14 |
|
|
Cost of owning/renting a home |
8 |
8 |
9 |
6 |
9 |
8 |
|
|
Energy costs/Oil and gas prices |
8 |
11 |
8 |
7 |
5 |
7 |
|
|
Too much debt/Not enough money to pay debts |
7 |
7 |
8 |
9 |
9 |
10 |
|
|
Retirement savings |
6 |
8 |
7 |
3 |
7 |
6 |
|
|
College expenses |
6 |
7 |
9 |
8 |
9 |
9 |
|
|
High cost of living/Inflation |
6 |
7 |
7 |
8 |
3 |
5 |
|
|
Taxes |
4 |
6 |
5 |
5 |
4 |
4 |
|
|
Unemployment/Loss of job |
4 |
3 |
4 |
4 |
2 |
3 |
|
|
Lack of savings |
3 |
2 |
2 |
1 |
1 |
2 |
|
|
Social Security |
2 |
1 |
1 |
1 |
1 |
1 |
|
|
Interest rates |
1 |
1 |
2 |
* |
1 |
2 |
|
|
State of the economy |
1 |
* |
2 |
* |
* |
1 |
|
|
Transportation/Commuting costs |
* |
2 |
1 |
1 |
1 |
1 |
|
|
Stock market/Investments |
* |
1 |
* |
* |
1 |
1 |
|
|
Controlling spending |
* |
* |
1 |
1 |
1 |
* |
|
|
|
|
|
|
|
|
||
|
Other |
3 |
3 |
3 |
4 |
2 |
4 |
|
|
None |
15 |
12 |
13 |
17 |
18 |
16 |
|
|
No opinion |
2 |
4 |
4 |
6 |
4 |
3 |
|
|
* Less than 0.5% |
|||||||
|
Percentages add to more than 100% due to multiple responses. |
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|
Contact Gallup for full trend. |
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Survey Methods
Results are based on telephone interviews with 1,001 national adults, aged 18 and older, conducted July 12-15, 2007. For results based on the total sample of national adults, one can say with 95% confidence that the maximum margin of sampling error is ±3 percentage points. In addition to sampling error, question wording and practical difficulties in conducting surveys can introduce error or bias into the findings of public opinion polls.
