About half of U.S. adults are struggling with their mental health because of their financial situation. Forty-seven percent of adults say concerns about money have, at least occasionally, caused anxiety, stress, worrisome thoughts, loss of sleep, depression or other effects, according to Bankrate’s latest Money and Mental Health Survey.About 65% of them say their biggest concern is inflation and rising prices, and nearly 60% say their stress derives from paying for everyday expenses such as groceries and utilities. About 56% say they are worried about having enough emergency savings, and 47% are most concerned about being in debt, according to the survey. AMERICANS EXPECT HIGH INFLATION TO STICK AROUND IN LATEST NY FED SURVEY"That's why this is such an important strain. In fact, now we're talking about necessities. People are worried about daily expenses," Bankrate senior industry analyst Ted Rossman told FOX Business. "They're worried about rent and groceries and other near term bills."As of November, over 60% of households were living paycheck to paycheck, according to data from LendingClub.INFLATION REDUCES BUYING POWER AS $100 GOES A LOT LESS FAR THESE DAYSMeanwhile, a January Bankrate report underscored how more than a third of U.S. consumers have more credit card debt than emergency savings. Rossman blamed persisting inflation,GET FOX BUSINESS ON THE GO BY CLICKING HERENot only that, but with higher cost of essentials, Gallagher also said the pressure to earn a high income or maintain a particular lifestyle is increasingly growing, which in itself can lead to chronic stress, burnout, anxiety and even lead to feelings of inadequacy. "What was once considered a high income is now what's needed to afford the essentials," he said, citing a recent GOBankingRates report, which revealed that on average, 22 states require a net income over $80,000 to afford the average cost of what most consider the essentials for a family of four. FOX Business' Megan Henney contributed to this report.
Source: https://www.foxbusiness.com/economy/nea ... tal-health
Nearly half of Americans say finances are taking toll on their mental health
