Most people are anxious about their finances, and as the anxiety grows, so does their fear of unexpected expenses — which have displaced saving for retirement and running out of money during retirement as uppermost in their minds.
That’s according to the 2016 Northwestern Mutual Planning & Progress Study, which found that 85 percent of people report feeling financial anxiety — and 36 percent say that anxiety has gotten worse over the past three years.
Twenty-eight percent say they worry about their finances at least daily (an unfortunate 3 percent do so hourly). At the top of their worry list? Unexpected expenses, cited by 55 percent of respondents. Thirty-eight percent said having an unplanned financial emergency was their top fear, while 34 percent dreaded an unplanned medical expense because of an illness.
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