According to the latest Stress in America survey from the American Psychological Association, Americans are more stressed about money than they have ever been.
“Eighty-seven percent of Americans said inflation and the rising cost of everyday consumer goods were causing their stress,” said Vaile Wright, senior director of innovation for health care at the American Psychological Association.
More than 40% of American adults say money has a negative impact on their mental health, according to Bankrate’s April 2022 Money and Mental Health report.
“I was in debt all through my 20s and early 30s,” Tawnya Schultz, founder of The Money Life Coach, told CNBC. “I was in this cycle of debt where I was trying to get out of debt, pay down debt, get back into it. And I was just tired of feeling like I could never get out of it or that I was always going to have debts.”
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Some Americans have no hope of ever having enough money to retire, with around 40% saying their ability to be financially secure in retirement is “going to work a miracle”, according to the Natixis Global Retirement Index 2021.
“I think people need to have a sense of hope,” said Mark Hamrick, Washington bureau chief at Bankrate. “When the economy works for them, people are more likely to have hope that they can achieve their basic personal financial goals.”
Watch the video above to find out why Americans are more stressed than ever about money and its impact on their mental health.
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