Why Americans Are So Stressed About Money

Americans are more worried than ever about money and the economy. In a survey by the American Psychological Association, 87% of Americans said inflation and the rising costs of everyday expenses were causing them stress. Roughly two out of every five U.S. adults said money is negatively impacting their mental health, according to Bankrate. Watch the video above to learn what’s causing this anxiety around money and how Americans can deal with their stress.

0:00 -- Introduction
1:17 -- Financial stress
5:14 -- Mental health
7:45 -- Personal finance

More than 40% of U.S. adults say money is negatively impacting their mental health, according to Bankrate’s April 2022 Money and Mental Health report.

“I was in debt off and on all of my 20s and early 30s,” Tawnya Schultz, founder of The Money Life Coach, told CNBC. “I was in this debt cycle of trying to get out of debt, paying off debt, getting back into it. And I was just tired of feeling like I could never get out of it or feeling like I was always going to have debt.”

Some Americans lack hope they will ever have enough money to retire, with roughly 40% saying their ability to be financially secure in retirement is “going to take a miracle,” according to the 2021 Natixis Global Retirement Index.

“I think that people need to have a sense of hope,” said Mark Hamrick, Washington bureau chief at Bankrate. “When the economy is working for them, there’s a greater likelihood that people will have hope that they can accomplish their basic personal financial objectives.”

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Why Americans Are So Stressed About Money

[cerdayes]

you can make all the right decisions your entire life and still end up losing it all due to a health issue

[glenbert]

America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun..

[kortyEdna]

Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?

[joesphcu]

What bothers me about this situation is the fact that the news and media are all going about a recession which is understandable due to the war and pandemic but still the same media still publish articles about folks in the same economy pulling off hefty 6figure profit(Averg. 200k in barely 8weeks) in this downtrend how is that possible?

[inctru]

I'm stressed about living in a country that has normalized corrupt, sociopathic behavior across all levels of the public & private sector, & seeing total societal/economic collapse likely in the not so distant future.

[GoranIsmov]

Having been concerned about finances throughout my entire adulthood, it's captivating to observe this video and realize that I can confidently identify with level 6. Experiencing the freedom of not being preoccupied with the financial concerns that consumed me for numerous years is truly liberating. I suppose this is the result of putting in diligent effort for the future.

[rotmage]

It's stressful because we don't have enough to live or enjoy life. We are all waiting to get sick and go bankrupt. Feels pointless.

[elizabethyork]

Biggest financial mistake I ever made was with my 401k. My company had a Roth 401k when my kids were in college, but I didn't actually start contributing until year 3 of the 6 years I had kids in college. Because I was helping them with expenses, I was entitled to the tax credits, so my effective tax rate was extremely low. That is the time you NEED to be in a roth! i still retired with about $250k in my 401k.

[guitarislife]

I love how the answer is always, Here's how you can increase your ability to handle stress, rather than actually fixing the problem

[sivezt]

When baby boomers were in their 30s, they acquired 20% of the money supply.
Millenials in their 30s hold 3% of the money supply.

[shawjose-ucxn]

Why stress to get money when you can invest in cryptocurrency

[peterblair]

Money is stressfully, because you never get paid enough. You don't really need much more than you get, but keeping you desperate makes you work harder. Corporates love it that way.

[haydencraig]

When you invest you're buying a day you don't have to work

[cynicalrecidivist]

I love how they use people who are purposely spending on consumer extras and not about poor wages, high rents, rising prices etc. You cannot budget your way out of poverty.

[tateoften]

With the way the market is moving, we'll mostly hold for longer than 2030 to realize profit gain, I think a video on "How to profit from the present market" will be more effective, I mean I've heard of people making upto 250K within few months and I'd like to know how.

[madbug]

Too many people out there trying to steal or scam you out of your money. There are also people who just want to leach off you until you have no money left. I just tell everyone that I am broke. My money is no one's business.

[dupeusa]

It’s not even about the financial literacy. That information used to be for people that want to get rich, now it’s information to just stay alive. Rent is high, food costs are high, and gas is high. We are now working our butts off to just pay for essentials. And of course mental health is affected. You gotta work more for less leisure time which is where you decompress. Also, look at the bad processed food we all eat…making our health even worst. We can avoid it but what time do we even have to make a meal from scratch anymore.

[elvismark]

The markets are still doubtful that the Federal Reserve will keep to its plan to raise interest rates until inflation is under control, even if bond yields are rising while stock prices are falling. What is the greatest method to profit from the current bear market while I'm still deciding whether to sell my $401, 000 worth of stocks?

[bosedohne]

I'm a German living in Germany and just thinking about living in America where there is no universal Health Insurance (at least not to the extent as it is in Germany), no reliable Pension, no childcare benefits, no parental leave, no free university...., stresses me out

[murdelabop]

For me the big stressor is healthcare. I long ago accepted that I would never be able to retire, but the major reason for that is the cost of healthcare.