Report Finds Majority of U.S. Adults Say Money Has A Negative Impact on their Mental Health
A Bankrate report released earlier this month found that money has a negative impact on the mental health of 52 percent of U.S. adults, up from 42 percent in 2022. This group has experienced anxiety, stress, worrisome thoughts, depression, and loss of sleep over their financial situation, and 98 percent of this group has at least one increased money worry in the last year.
“Americans are feeling pretty bad about their finances, with inflation at the center of many of these money worries,” said Ted Rossman, Bankrate senior industry analyst. “Despite a strong job market, wage growth has not kept pace with the rising cost of living. Debt has been increasing and savings have been dwindling.”
86 percent of U.S. adults said at least one factor has had a negative impact on their mental health, including an individual’s health (42 percent), current events (41 percent), family/friends’ health (36 percent), relationships with family/friends (32 percent), work (31 percent), personal appearance (25 percent), household obligations (22 percent), romantic relationships (21 percent), parenting (14 percent), and something else (3 percent).
Among adults who say money has a negative impact on their mental health, 56 percent say this occurs once a week, including 29 percent who say it happens daily. 82 percent of adults say the concerns happen at least monthly.
60 percent of those who say money has a negative impact on their mental health cited paying for everyday expenses as the reason. Other reasons include inflation/rising prices, increased interest rates, lack of job security, insufficient emergency savings, and being in debt.
Younger generations are more likely to say they stress about money; 38 percent of millennials and 32 percent of Gen Zers say they worry about money daily, compared to 26 percent of Gen Xers and 22 percent of baby boomers.
