You must have seen birthday messages saying ‘Don’t grow up, it’s a trap!’ As per a report, this could 100% be a correct analysis. Middle-aged people are rarely happy and studies reveal that they also have the lowest extent of satisfaction in life and highest extent of stress and anxiety. A study for the Office for National Statistics (ONS) find that people who are above 90 years of age report better levels of satisfaction with their life and they are much happier than their younger counterparts.

A survey done by Money-Rates asked people regarding their fiscal worries, fears and regrets. More than 2000 respondents were asked what they would prefer to change about their fiscal behavior. Using the results, here are few of the main financial challenges faced by individuals above 40 years of age.

#1: Making ends meet is a big issue

Being able to regularly meet vital expenses is the biggest financial concern among individuals above 40 years of age. More than 40% of the surveyed respondents said that they found difficulty in paying their daily monetary obligations which included a mortgage loan, bills, rent and credit card installments. Too many Americans live from one paycheck to another and hence this is definitely the first trouble to pay attention to.

#2: Living for the day is another trend among middle-aged men

As per what Federal Reserve survey released, 34% of the surveyed respondents who were non-retired have no pension or retirement savings and among this included 20% of the people aged in between 56 and 64. One among 5 respondents has nearly 0 retirement savings and there is no doubt about the fact that 45% showed dearth of savings as their deepest financial regret. 25% of people give very little focus on their retirement. Most Americans are busy planning their vacations rather than their retirement.

#3: Not being able to pay off their debt obligations

If you ask majority of the Americans that if $10,000 fell from the sky, how they would use it, you would find all of them answering that they would probably use it to repay their debt obligations. As per survey done in 2016, it was found that one among five individuals feel that racking up high interest debt is the second biggest fiscal regret faced by the middle-aged and the seniors. In addition, they also have debt on car loans, student loans and mortgages.

#4: Not being able to enjoy money

There are also handful of people who are entirely money-conscious, who are financially wise and who are smart enough to follow a budget and take thrifty decisions in life. Nearly 14% of the respondents from 2016’s survey said that not being able to enjoy their money is another monetary regret among them. They earnestly wish they could enjoy their dollars more freely.

So, now that you know the common financial challenges faced by the middle-aged individuals, you should try your best to stack up money in your emergency fund and savings accounts so that you can easily ward off all monetary odds.