Americans are stressed about money and finances, which is detrimental to mental health

According to the American Psychological Association’s latest Stress In America Survey, Americans are more stressed about money than ever before.

“87 percent of Americans said inflation and the rising cost of basic necessities are the causes of their stress,” said Vaile Wright, senior director of health care innovation at the American Psychological Association.

According to Bankrate’s April 2022 Money and Mental Health report, more than 40% of American adults say money negatively affects their mental health.

“I was in debt throughout my 20s and early 30s,” Tawnya Schultz, founder of The Money Life Coach, told CNBC. “I was in this debt cycle where I was trying to get out of debt, pay off debt and get back in. And I was just tired of feeling like I could never get out or feeling like I would always be in debt. “

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

“I think people need to have a sense of hope,” said Mark Hamrick, Washington office manager at Bankrate. “When the economy works for them, there’s a greater likelihood that people will hope to achieve their basic personal financial goals.”

Watch the video above to learn why Americans are more stressed than ever about money and how it’s affecting their mental health.

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https://www.cnbc.com/2022/05/18/american-money-stress-mental-health.html Americans are stressed about money and finances, which is detrimental to mental health

Jane Marczewski

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