Good news: you are less likely stressed now than you were about a year ago. The stress levels of Americans have gone down to a 7-year record low. Nevertheless, stress still happens, and interestingly the cause isn't work.
In a Stress in America survey conducted by the American Psychological Association and participated by more than 3,000 people, the number one source of stress in the country is money. In hindsight, more than 70% of the respondents felt stressed financially at least once in the previous month while more than 20% confessed they felt extreme stress, which meant their levels were between 8 and 10.
On the other hand, around 26% believed they consistently felt the financial burden, especially with regard to unexpected spending, retirement savings, and regular expenses like utilities.
The financial stress is also affecting their decision making. For instance, about 12% of the respondents revealed they avoided going to doctors or seeking medical help due to financial constraints. More than 30% believed that their lack of enough money prevented them from enjoying a healthier life.
Those who often feel the financial stress are people who belong to low-income households, or whose take-home pay is no more than $50,000. They are twice as likely to complain about financial stress than the rich households, especially because, as the report shared, there's a widening gap between the poor and the wealthy in the country.
When it comes to generations, the younger ones are often the ones to likely feel the money stress. Based on the survey, about 75 percent of the millennials and 76 percent of the generation Xers worried about money. But the biggest worriers of all are the parents at 77%, higher than the average percentage of Americans at 64%.
As explained by the association's executive vice president and CEO, Norman Anderson, money helps someone live in security.
To cope with stress, Anderson suggests that it's time to talk about money with trustworthy individuals and establish a strong support system a person can count on in times of financial trouble. It is also ideal to train young ones to develop better financial habits.
