Finances cause stress for almost half of American adults, study finds

(InvestigateTV) — A new study by Bankrate found 47% of adults said money, at least occasionally, has had a negative impact on their mental health.

Ted Rossman with Bankrate said money ranked higher as a root cause of stress than relationships or current events.

He said inflation was driving this negative sentiment.

“It’s very understandable, the cumulative effect of inflation has been really significant these past couple of years,” Rossman commented. “You think about a collection of household expenses that cost about 20% more now than it did 2 years ago. This is a huge talking point for the election. It’s really a big part of how people perceive their financial wellbeing because a lot of the economic data is actually pretty good.”

He said this is the longest stretch of sub 4% unemployment the U.S. has had since the late 60s. Consumer spending has been robust, but he said people don’t feel good about the economy because inflation is gobbling up whatever wage gains they are making.

“Often when we worry about things, it is when we feel out of control,” he observed. “I think to take some of that control back is to put a plan, make a plan. The tactics are going to vary depending on what the issue is. If it’s credit card debt for example, maybe get a zero percent balance transfer card and use that as a tail wind to pay down your debt.”

Rossman said if people want to save or invest more, they should set up automatic transfers on pay day, so they don’t have to think about it. They could take on a side hustle or can sell stuff they don’t need anymore.

He also encouraged people to ask for help. Maybe that’s a professional financial advisor, maybe it’s a reputable nonprofit credit counseling agency.

Or maybe it’s a trusted friend or family member people can bounce ideas off of that can cheer them on along the way.

Copyright 2024 Gray Media Group, Inc. All rights reserved.