Four frequent money worries – and what to do about them

Published On: August 17, 2025

Almost four out of five Americans concur that their financial situation is concerning.

More specifically, in an online NerdWallet study done by The Harris Poll earlier this year in April 2025, 79% of respondents expressed specific concerns about their present financial status. Overall, 44% of Americans were concerned about having too much debt, 26% were concerned about not earning enough money, and 64% were concerned about not having enough money saved.

Although everyone’s financial journey is unique, some situations might be more typical than you might think. Here are some tips for managing four of the most prevalent financial issues identified by the poll.

1. Not having enough saved for emergencies

According to the U.S. Bureau of Economic Analysis, Americans only save roughly 4.3% of their income. According to the survey, it is likely to be expected that around two out of five Americans (41%) worry about not having enough money saved for emergencies.

Maintaining a sizeable emergency fund can protect your finances in the event that you incur unforeseen costs. This should be added to funds saved for other objectives, such as retirement, since it serves as a cushion.

Building up liquid savings equal to three to six times your monthly core costs is the ideal goal. Start small if that sounds intimidating. To determine how much you must save each month to meet your goal, use a savings goal calculator.

Assess your insurance requirements in addition to a savings account to ensure that you and your loved ones are protected in the event of a serious emergency. Your savings might be rapidly depleted by illnesses and injuries that prevent you from working, so you might want to think about getting disability insurance. Additionally, term life insurance can protect your dependents in the event of your death, such as children, a spouse, or elderly parents. As part of their benefits package, some firms provide life and disability insurance; speak with the human resources specialist at your organization.

2. Too little retirement savings

In the survey, over two out of five Americans (39%) said that they were worried about their retirement savings.

It should come as no surprise that families save an average of only $87,000 for retirement, according to the Federal Reserve’s 2022 Survey of Consumer Finances. This is despite the fact that 87% of Americans working in the private sector eventually intend to retire, according to a recent research conducted by the Transamerica Center for Retirement Studies.

What are you able to do then?

The 50/30/20 budget is a well-liked concept that recommends setting aside 20% of take-home pay for debt repayment, retirement investments, and savings. We advise utilizing any match your employer provides in a 401(k) or other workplace retirement account. You may also think about opening a Roth IRA or other retirement accounts outside of your place of employment.

3. Too much credit card debt

Twenty-three percent of Americans worry that they have too much credit card debt. According to the annual Household Credit Card Debt Study by NerdWallet, the average amount of credit card debt owing by Americans in 2024 was over $10,000.

Paying off this debt should be a top priority because it is expensive to carry a credit card balance from month to month. These high-interest debts can be paid off in a variety of ways.

The debt snowball is a well-liked strategy that emphasizes paying off your debts in order of greatest to smallest. You can apply more to the next smallest balance after your first balance has been paid off, and so on. Another tactic suggested by the debt avalanche is to use that money to settle your highest interest debts first.

You should, of course, stick to the debt payoff plan that works best for you.

A credit card that offers no interest or low rate balance transfers might allow you some time to pay off your debt if your credit is in good standing. A debt management plan from a nonprofit credit counseling organization may help you manage your payments and/or balances if your credit is bad and you are unable to make your payments.

4. Not making enough money

Over one in five Americans (21%) are concerned about their income at work.

The data supports this worry as well. The Bureau of Labor Statistics regularly reports that one in three college graduates is underemployed, meaning their work does not need their level of education, and the Census Bureau reports that growth in real median personal income has been comparatively stagnant since 2019.

Asking for a raise is the simplest way to solve the problem. Even while these discussions might be challenging, they are frequently worth the awkwardness.

Think about earning money outside of a full-time employment if you are unable to obtain a raise. If you are able to work extra hours, that may entail a gig or part-time job.

However, additional funding might not be the solution. After all, the poll found no statistically significant difference between the top and lowest earnings, indicating that the worry about earning too little money was identical across income categories.

Fortunately, there are frequently ways for people of all income levels to reduce their monthly expenses. Simple first steps include canceling unwanted subscriptions, locating a more affordable cell phone plan, and comparing insurance quotes.

There was some positive news from the survey as well. Approximately one out of five Americans (21%) claim to be unconcerned about their own financial circumstances. According to U.S. Census figures from 2024, that represents the same percentage of the population as California and Texas combined.

The original article, which was published at NerdWallet, has the entire survey methodology.

Additional Information From NerdWallet