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Thursday, May 8, 2014

Young Americans Worry About College Costs

Paying for college, or the loans taken out to go to college, is the main financial concern for young adults in the United States, according to a new Gallup poll. College expenses were the primary concern for 21% of respondents in the 18-29 age bracket.

It also shared the top spot among the 30-45 age group, with an overall lack of money or low wages at 14%. The poll was based on telephone interviews of 1,026 adults in all 50 states conducted between April 3-6.

Not surprisingly, the research showed that financial concerns are age-specific. While younger Americans are concerned with education costs, seniors are focused on paying for health care and the rising cost of living.

“Knowing these differences could help lawmakers and financial advisers better serve consumers’ financial needs,” wrote Lydia Saad for Gallup Economy. “And if consumers become familiar with what others of a similar age or income level are concerned about, it might help them better understand and cope with their own financial challenges.”

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