Money Worries Weigh on 52% of Americans

Fifty-two percent of U.S. adults say that money has had a negative impact on their mental health, up from 42% in 2022, a Bankrate survey finds.

Among this group, 82% say they stress out or are anxious about money, have worrisome thoughts, lose sleep and/or are depressed.

Fifty-six percent say they worry about money at least once a week, up from 52% last year. Twenty-nine percent stew over money every day.

As to what people are worried about with respect to their finances, 57% say inflation, 22% rising interest rates, and 21% job security.

“Americans are feeling pretty bad about their finances, with inflation at the center of many of these worries,” says Ted Rossman, senior industry analyst at Bankrate. “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.”

Rossman suggests that if you have a high credit card balance, look for a 0% balance transfer card. He also is a big proponent of setting automatic 401(k) or 529 college savings contributions, and notes that now, with interest rates high, is an opportune time to look for a high-yield savings account.

Even these small steps can get one’s finances in better shape, Rossman says. “You might be amazed at how much money you’re able to accumulate over time,” he says.

Money worries surpass other common fears, such as one’s own health (42%), the health of other family members or friends (36%), current events, including COVID (41%), work and family relationships (32%), work (31%) and personal appearance (25%).

Further down the roster of concerns that money beats are: household obligations and chores (22%), romantic relationships (21%) and parenting (14%).

YouGov Plc conducted the online survey for Bankrate among 2,365 adults April 12-14, 2023.