Next week, Americans will be heartily celebrating the country’s freedom over fireworks, barbecues and a long, warm weekend. And yet when it comes to money, most of the country actually doesn’t feel free.
According to a new CapitalOne 360/Harris Interactive survey, 89% of Americans said they haven’t reached financial freedom—and less than half think they ever will.
Of course, everyone has his or her own definition of what financial freedom means. Almost half define it as being free of mountains of debt, while about a quarter interprets it as having enough cash put away in an emergency fund.
Of those who don’t feel in control of their finances, 84% have at least pinpointed their major obstacle. Surprisingly, debt is only the second biggest deterrent. The chief challenge among those surveyed was actually found to be the everyday managing of finances.
Optimistically, the survey also took a look at the country’s financial goals. Traveling the world led the list, while the next most popular plan was to retire early once financial freedom is achieved. Others plan to splurge on their loved ones, purchase a dream house or turn their passion into a new business.
How would you celebrate your own independence?