Managing money is more complicated than ever. Between rising living costs, stagnant wages, and economic uncertainty, it’s no surprise that many individuals feel overwhelmed. According to recent data, Americans now carry more financial burden than they did just a few years ago. That burden takes many forms, from debt and housing costs to retirement planning and job instability. These common financial issues highlight the importance of seeking reliable financial guidance.
Here are five financial challenges facing people today—and why professional advice can make a difference.
- Carrying Too Much Debt
Debt is one of the most common financial issues in America. Experian reports that in 2024, the typical U.S. household carries $105,056 in total consumer debt. That’s a 13% jump from 2020, when it stood at $92,727. This includes mortgages, student loans, credit cards, and auto loans. High-interest debt, especially from credit cards, can quickly spiral and limit a household’s ability to save or invest for the future. Managing multiple monthly payments can also create long-term stress and delay important life milestones.
Getting out of debt often requires a clear repayment strategy. That’s where financial guidance comes in. Whether through refinancing, budgeting support, or a long-term repayment plan, a certified financial advisor can help make the numbers work for you—not against you.
- Paying for a Child’s College Education
Another major financial challenge? The rising cost of higher education. As of 2025, a four-year public in-state college costs about $25,668 per year. Private colleges average around $60,358 annually. Multiply that over four years—and possibly for more than one child—and the total can feel out of reach.
Many parents struggle with the decision to take on loans, tap into retirement savings, or ask their kids to take on debt. Planning ahead is key. Financial guidance can help families explore options like 529 college savings plans, financial aid strategies, or even investment accounts that help offset these costs without derailing other priorities.
- Planning for Retirement
Despite growing awareness, retirement planning remains a major concern. A recent report found that 20% of adults aged 50 and over have no retirement savings at all. And more than half (61%) worry they won’t have enough money to maintain their lifestyle in retirement.
This financial challenge affects people at all income levels. Retirement savings often take a backseat to immediate expenses, but delaying can have long-term consequences. A financial advisor can help build a retirement plan tailored to your situation—taking into account your current savings, expected expenses, tax considerations, and income projections.
- Finding Affordable Housing
The housing market remains another area of concern. Whether you’re looking to rent or buy, affordability is slipping further out of reach in many parts of the country. For some, housing costs eat up a large portion of their monthly income, leaving little room for savings or investment.
This common financial issue is often tied to local job markets, interest rates, and inventory availability. A financial advisor can help you assess how much house you can realistically afford and whether it makes sense to buy, rent, or wait. Financial guidance can also help you factor in insurance, maintenance, taxes, and long-term equity goals.
- Employment and Career Instability
While the job market has shown signs of recovery in some sectors, instability remains a concern for many. Some workers are juggling multiple jobs, while others face unexpected layoffs or career shifts. Gig workers and freelancers, in particular, often struggle with income predictability and lack of benefits.
This type of financial challenge can make it harder to budget, save, and plan for the future. Having a flexible financial plan that adjusts with your employment situation is important. That’s where professional financial guidance proves helpful—especially when planning for taxes, insurance, and income variability.
Facing Financial Challenges? You Don’t Have to Go it Alone
When you’re facing multiple financial pressures, it’s easy to feel stuck. Debt, housing, college tuition, retirement, and job changes are common financial issues—but they don’t have to be permanent setbacks. With the right support, you can build a strategy to move forward.
If you’re ready to take the next step toward a more confident financial future, the team at Korhorn Financial Group is here to help. Our advisors provide personalized financial guidance to help you make smart, informed decisions—no matter what challenges you’re facing.
