According to the 2012 Bad Financial Habits Survey released by the Allianz Life Insurance Company, 44 percent of American workers cite unemployment as their top economic concern of the year. The approaching “fiscal cliff” was number two on the list indicated by 31 percent of respondents. When asked about bad financial habits, 30 percent said not saving money was their worst habit in 2012 and 18 percent said spending beyond their means was their top concern.
“Americans want Uncle Sam to address the economic issues that are affecting the country’s finances, yet it’s troubling that they’re guilty of many of the same poor spending and savings habits themselves,” said Katie Libbe, vice president of Consumer Insights for Allianz Life. “It’s our hope that discussion about these topics will prompt more Americans to take action to secure their own financial future.”
Though still topping the chart as the most troubling economic concern of 2012, unemployment actually fell 4 percent from 2011 when 48 percent of respondents said it was their top concern. Other worrisome economic events identified as generating the most concern in 2012 were: home prices and sales (11 percent), volatile stock market (9 percent), and the European debt crisis (4 percent). Other poor financial habits admitted by poll respondents included: saving only some money, but not as much as possible (24 percent), lack of a household budget (18 percent), overspending (18 percent), uneducated about financial planning (15 percent), late bill payments (12 percent), making only minimum credit card payments (10 percent), gambling (9 percent), not seeking professional help with finances (9 percent), and not contributing to an employer-sponsored retirement plan (5 percent).