More Americans List Money as Their Worst Stressor -- Here's How To Cope
Among top stressors, financial issues are king these days – well in front of other traditional trouble spots.
So says a recent MoneyLion survey of 1,000 American adults. Asked what has caused them the most emotional stress over the past year, 45% of respondents cited their finances. That’s a higher number than romantic relationships (17%), conflicts with family or friends (16%), and work or school issues (7%) -- combined.
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Money Is Usually a Leading Stressor
“I’m actually surprised that it’s not higher,” said Lindsay Bryan-Podvin, a financial therapist, author of "The Financial Anxiety Solution" and host of the "Mind Money Balance" podcast. “Over the last year, year and a half, money stress has been top of mind. Inflation, gas prices, groceries.”
In the same survey, 64% of Americans said money issues were at least one of the top stressors in their life. That includes 29% who said their finances are more stressful than anything else they’re dealing with.
Among different age groups, the 18-24 block saw 57% list financial issues as at least one of their top stressors. Money was far and away the top stressor for all of the other age groups surveyed, including age 25 to 34 (47%), age 35 to 44 (39%), age 45 to 54 (55%), age 55 to 64 (49%) and age 65 and up (38%).
“Really since 2008, we’ve seen money as the No. 1 stressor,” said Megan McCoy, program chair and an associate professor for Kansas State University’s Personal Financial Planning program. “With the exception of 2020, when COVID hit and health was No. 1.”
The Toll of Financial Concerns
Experts say financial issues are the top stressor not just due to recent economic trends, but also because of their pervasive nature. Money issues are often at the heart of relationship and health issues, for example. And stress related to finances can take a heavy toll, leading to sleep difficulties, poor eating choices, aches and pains, fewer enriching activities with the kids -- even little interest in doing things in general.
“It can cause people to ... do less,” said Laura Adams, a personal finance author and host of the Money Girl podcast. “Maybe they don’t feel like they can afford to go out with their friends, or maybe they think they can’t go on a vacation.”
The MoneyLion survey backs this up. Thirty percent of respondents (including 36% of the 35-44 age group) said there have been “many times” when they have turned down social plans mainly because of money, then felt lonely, embarrassed or left out. More than a third of respondents age 18 to 54 said money issues have kept them from sleeping well “very often” during the past year.
“We know there is a two-way relationship between who has debt and who has clinical depression,” Bryan-Podvin said. “It really speaks to just how stressful money stress is.”
How To Handle the Stress
Financial hope may be elusive for many Americans these days, but experts do offer numerous tips on how to cope.
McCoy said that for starters, it’s wise to remember that not all anxiety is bad.
“Some levels of it make us do the right things,” she explained. “Some levels are good.”
McCoy also advocates “moving toward joy” in your spending priorities and avoiding the social media-powered trap of “buying things we don’t need because people we don’t know are telling us that we need them.”
Adams emphasizes shifting into action, along with avoiding combativeness and tackling issues as a team if you have a partner. This may include some basic planning, or taking advantage of debt counseling services offered at little or no cost.
“It helps people with stress,” Adams said. “There’s a part of your brain that says, ‘I’m doing what I can.’
“It could be just creating a budget – a lot of people don’t even know what they spend. Basically, focus on what you can control. You can control your spending… You may not feel like you can control your debt, but there are services out there.”
Coping with today’s financial stressors takes more than just happy thoughts, Bryan-Podvin added. Setting goals, even small ones, can be an effective strategy.
“We feel good when we set a goal and achieve it,” Bryan-Podvin added. “Take a look at the progress you’ve made.”
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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