Nearly 7 in 10 Adults in U.S. Say They Have Experienced Financial Trauma, Experian Survey Finds

Nov 14, 2023Financial Literacy, News

New research released last month from Experian found that 68 percent of U.S. adults feel that they have suffered from, or are presently suffering from, financial trauma. The research reveals how common it is for adults to have negative feelings about finances, as 65 percent of adults admitted to experiencing negative thoughts, flashbacks, or anxiety when dealing with financial issues.

“Small steps can make a big difference in helping consumers feel less financially stressed and live more financially empowered lives,” said Christina Roman, Experian’s Consumer Education and Advocacy Manager. “Our goal is to normalize conversations about money and financial stress and connect consumers with the financial education and resources necessary to help bring financial power to all.”

The main contributing factor to financial stress and anxiety was a lack of discussion about money, as well as limited access to trustworthy financial information. 51 percent of respondents said their family never talked about finances, leaving 43 percent of those feeling like they never learned financial planning. 37 percent of adults do not know where to access trustworthy financial information. 

The survey revealed that Gen Z and millennials stand out in terms of experiencing financial distress, with 73 percent of Gen Zers and 77 percent of millennials experiencing negative thoughts, anxiety, or flashbacks regarding money.

Alternatively, 55 percent of respondents stated that access to more financial education would reduce their financial stress, and 45 percent said that establishing a more solid financial plan for their future would alleviate their financial stressors and anxieties.

These opinions were especially strong for millennials and Gen Z, with 74 percent and 75 percent respectively stating that more financial education would lead to less financial distress.

“Whether a consumer is struggling with debt or recovering from a financial setback, financial knowledge can help consumers confidently manage their current situation and prepare for their future,” said Bruce McClary, Experian’s Senior Vice President, NFCC.

Pin It on Pinterest