A new study by GOBankingRates.com reveals people are more afraid of living paycheck to paycheck, falling into debt and becoming homeless than dying.
The survey of 1,021 people, conducted in late August, revealed the level of debt fear varied among generations.
Millennials, from age 18 to 24, were more fearful about unemployment and not bring in a paycheck.
Baby boomers, however, age 45 and up, were more fearful of not being able to get out of debt as they approach retirement.
Of course, some would argue a lot of debt is avoidable. Atlanta-based Equifax reported last month that metro Atlantans had nearly $11 billion in credit card debt in the second quarter this year, up 4 percent from the level of debt a year earlier.
Atlanta was No. 6 among the top 25 U.S. metropolitan areas in percentage increase in credit card debt in the second quarter.
Equifax said part of the reason the debt load is higher is that lenders are increasingly issuing credit cards to consumers with subprime credit scores.
The GOBankingRates survey found one in three respondents worry about their finances “all the time.” Among the other findings:
• 30 percent dreaded paying bills the most out of other choices provided.
• 27 percent worried about being unemployed.
• 26 percent dreaded never being able to get out of debt.
• 14 percent never worried about money
• 10 percent worried about becoming homeless
• 9 percent worried about dying
“Money fears touch upon every one of our deepest psychological needs as a human being, those being: to love and be loved, to experience fun and enjoyment, to want freedom and to experience some degree of power over our lives,” certified financial planner Leisa Peterson told GOBankingRates .
What are you more afraid of, dying, debt or dying in debt?
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