Money woes stressing out more than half of Americans, survey finds
BOSTON - Money trouble is stressing out a growing number of Americans.
There has been a lot of uncertainty in recent years about the U.S. economy with inflation, rising interest rates, and constant talk of a recession.
In a new survey by Bankrate, Americans place financial concerns above health, current events, relationships, and work when it comes to the impact on mental well-being. Compared to 42-percent just a year ago, now 52-percent of respondents say money has a negative impact on their mental health, causing stress, anxiety, worrisome thoughts, loss of sleep, and depression.
Gen X-ers (those ages 43 to 58) seem to be the most worried about finances, followed by millennials, then Gen Z-ers. Baby boomers rank last, though 42-percent still say money concerns impact their mental health.
Experts recommend focusing on what is in your control, like your food budget, cutting back on discretionary spending and focusing on the necessities, building up emergency savings, and chipping away at high-interest debt.