SALT LAKE CITY (ABC4) – It is not surprising that money problems have a large impact on people’s happiness. You may be surprised, however, by just how much it affects people’s mental health.
Here are some of their top findings:
Unsurprisingly, Bankrate’s data shows that money negatively affects most people’s mental health. They report that 43% of U.S. adults feel that money is compromising their mental and emotional wellbeing. Interestingly, their data shows that women and low-income earners are more likely to report a negative relationship between money and their mental health.
More specifically, Bankrate’s analysis shows that the top money-related issue according to 57% of respondents is “having insufficient emergency savings,” with everyday expenses worrying 56% of respondents.
In addition to the above issues, Bankrate reports that 48% of Americans are worried about their personal debt and 46% are worried about not having enough discretionary spending power.
Bankrate also includes data about the frequency of money-related woes for Americans. They report that 28% of respondents feel that money is negatively impacting their mental health every day. Regarding specific symptoms, respondents to Bankrate’s study mention feeling stress, worry, anxiety, and overwhelmed.
Interestingly, Bankrate reports that Gen X respondents (ages 42-57) were more likely than any other generation to cite debt, savings, and retirement as their primary financial concerns. In contrast, millennials were reported to likely be stressed about paying for housing as their biggest money worry.
They say money can’t buy happiness. According to Bankrate’s findings, money woes may keep you from being happy on a daily basis.