Having a strong financial strategy can help ward against budgeting issues, and may aid some individuals in getting more confidence in order. However, this may be lacking for a number of Americans, as debt remains a sore point.
More than 20 percent of households noted they are routinely stressed out by their debt levels, a report from Mintel explained. This has gone far enough to complicate the daily lives of 25 percent of those polled.
Less than half of those surveyed noted being debt-free by the time they retired would be attainable, the report showed. Also, just 30 percent felt they would live a comfortable lifestyle once they were able to retire.
Savings is a major problem for some, due to their debt levels. Close to 25 percent of respondents explained that they do not currently have a significant level of money saved up in their accounts because of the lack of an ability to avoid spending all of their money during the course of the week.
However, many people are prioritizing paying off debt as part of their financial strategy. The report noted that nearly two-thirds of those in debt are making getting rid of these bills a significant goal. Close to half of those asked said they plan on paying their bills completely off – or at least cutting them down – within the next year.