• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick More Americans are so worried about money, it’s hurting their mental health
Editor's Pick

More Americans are so worried about money, it’s hurting their mental health

by May 10, 2023
by May 10, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Worries about money are taking a toll on Americans, leading to some negative impacts on their mental health.

That’s according to a new survey from the financial information group Bankrate.

The survey found 52% of respondents listed money as the thing that takes the biggest toll on their mental health, compared with 42% who blamed worries about their own health and 41% who listed current events as their top concern.

The latest finding compares with 42% of U.S. adults who said money was their top concern last year.

Mental health distress can manifest in many ways. For the Bankrate survey, that definition includes feelings of anxiety, stress, worried thoughts, difficulty sleeping and depression.

The results come ahead of Wednesday’s inflation report, which is predicted to show year-on-year price increases stayed at 5% for the second consecutive month through April. Still, some analysts say the inflation rate is likely to come in ahead of that figure given recent increases in used car prices and ongoing wage hikes.

That money-induced stress is also unfolding at a time when more American adults are confronting financial disaster, including upticks in car repossessions and home foreclosures.

Within the ‘money’ category in Bankrate’s survey, concerns about inflation ranked the most stress-inducing, with 68% naming high prices as their biggest worry. As many as 60% of the people who responded said they were concerned about paying for everyday expenses, while 56% said lacking emergency funds has them on edge.

‘There are several sobering statistics in this report … with inflation at the center of many of these money worries,’ Ted Rossman, Bankrate senior industry analyst, said in the write-up of the survey. ‘Despite a strong job market, wage growth has not kept pace with the rising cost of living. Debt has been rising and savings have been dwindling.’

The frequency of concerns about money has also increased, with 56% of people with money concerns saying the worries happen at least once a week — up from 52% last year who said the same. And 29% of those who say money has a negative impact on their mental health say they worry about money daily, Bankrate said.

The survey also found important demographic differences in the rates of concern, namely that 61% of women said inflation and rising prices had the biggest negative impact on their mental health, compared with 51% of men saying so. Overall, 73% of women named ‘economic factors’ as the top driver affecting their own mental health, compared with 66% of men.

And among generations, the survey found 60% of Gen Xers (ages 43 to 58) said money was negatively impacting their mental health, compared with 55% of millennials (ages 27 to 42), 52% of Gen Z (ages 18 to 26), and 45% of baby boomers (ages 59 to 77).

Lindsay Bryan-Podvin, a financial therapist interviewed by Bankrate, said Gen X finds itself as the ‘sandwich’ generation where they may be supporting multiple dependents.

“They’re at this double whammy disadvantage of not just caring for themselves, but also often caring for children and their aging parents, and getting toward the later half of their earning years,” Bryan-Podvin said. “So of course, they’re experiencing higher rates of financial anxiety.”

This post appeared first on NBC NEWS
You Might Also Like
  • FDA officially authorizes Zyn nicotine pouches for sale following health review
  • Boeing workers to vote on new proposal that could end strike
  • Hunter Biden sues Fox News under New York’s ‘revenge porn’ law
  • Social Security advocates brace for U.S. debt default: Seniors should ‘be prepared’
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Texas rep says Guatemalan president told him 80,000 migrants headed to border with Title 42 set to expire
next post
The Ord Oracle May 9, 2023

You may also like

Macy’s confirms rogue employee hid $151 million in expenses over...

December 11, 2024

23andMe files for bankruptcy as co-founder Anne Wojcicki resigns as...

March 25, 2025

Nissan issues ‘do not drive’ warning for 84,000 older-model vehicles...

May 31, 2024

Bank of America to pay more than $100 million for...

July 13, 2023

Howard Schultz, former Starbucks CEO, steps down from company’s board

September 14, 2023

Southwest Airlines is now limiting a service that lets passengers...

August 25, 2023

Iridium Introduces its Next Generation Satellite IoT Data Service

December 22, 2022

Skydance bid for Paramount hinges on Shari Redstone as special...

May 4, 2024

Peloton recalls 2.2 million exercise bikes due to safety hazard

May 12, 2023

Treasury delays deadline for small businesses to file new form...

December 27, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Amazon taps Xbox co-founder to lead new team developing ‘breakthrough’ consumer products

      May 30, 2025
    • Nvidia results spark global chip rally

      May 30, 2025
    • Boeing to resume airplane deliveries to China next month, ramp up Max production, CEO says

      May 29, 2025
    • Nuclear Power Trio: OKLO, SMR, and CCJ in Focus

      May 29, 2025
    • Analyzing SIL, USO, and NVDA: Could These Bullish Patterns Trigger?

      May 29, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,764 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,470 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,450 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,430 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,307 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,105)
    • Investing (538)
    • Stock (2,578)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Amazon taps Xbox co-founder to lead new team developing ‘breakthrough’...

      May 30, 2025
    • Nvidia results spark global chip rally

      May 30, 2025
    • Boeing to resume airplane deliveries to China next month, ramp...

      May 29, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,105)
    • Investing (538)
    • Stock (2,578)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    In wake of L.A. wildfires, a...

    March 3, 2025

    Chrysler recalling 338,000 Jeep Grand Cherokees...

    March 2, 2024

    Some Juul users are receiving thousands...

    October 22, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here