Young Americans have a lot to worry about these days, and we’re not just talking about the coronavirus. Here are the top 5 financial worries that young adults are now facing, according to a survey by TermLife2Go.
The survey studied the most searched for terms across each state and found that the five top financial issues that Americans were most concerned about were income taxes, insurance, college, mortgage, and estate planning.
This was the most searched topic when it comes to finances across the United States. It is speculated by TermLife2Go that the increased interest is a result of the Tax Cuts and Jobs Act that took effect for 2018 returns for the first time.
Many people are worried after finding out that they’re getting far less than normal back as a refund after filing their taxes.
The states that searched for this term the most include Arkansas, Alaska, Hawaii, Connecticut, Illinois, Idaho, Kansas, Kentucky, Michigan, Maine, Missouri, Minnesota, Oklahoma, Pennsylvania, Ohio, Tennessee, Vermont, South Dakota, South Carolina, Virginia, and West Virginia.
Across ten states, Alabama, Georgia, Indiana, Nevada, Louisiana, Florida, New Mexico, Ohio, Texas, and North Carolina, people were more interested in insurance than other topics. It is believed that the high level of retirees in those states might be playing a role in the results, especially when it comes to life and health insurance information.
In four states, Mississippi, Massachusetts, Pennsylvania, and Nebraska, the college was the most-searched-for term. It is believed that affordability plays a big role in that, and a 2015 analysis found that Massachusetts is considered to be one of the 10 most expensive states to attend college.
For example, a private nonprofit school costs $40,748 a year, which is the highest average in the country.
Younger folk are buying fewer homes these days compared to older generations, and mortgages were what people in nine states searched for the most, more than any other financial topic. It is believed that the influx of new residents in those states one reason why they’re becoming the top 10 fastest-growing states.
The states that searched for this term include Montana, Delaware, Arizona, Colorado, New Hampshire, Rhode Island, Oregon, Washington, and Utah.
People living in New York’s biggest financial concern is estate planning, according to the top searched word in that state. The survey by TermLife2Go speculated that this might be because more millionaires live in New York City than any other location on the entire planet.