CNBC published this video item, entitled “Why Americans Are So Stressed About Money” – below is their description.
Americans are more worried than ever about money and the economy. In a survey by the American Psychological Association, 87% of Americans said inflation and the rising costs of everyday expenses were causing them stress. Roughly two out of every five U.S. adults said money is negatively impacting their mental health, according to Bankrate. Watch the video above to learn what’s causing this anxiety around money and how Americans can deal with their stress.
0:00 — Introduction
1:17 — Financial stress
5:14 — Mental health
7:45 — Personal finance
More than 40% of U.S. adults say money is negatively impacting their mental health, according to Bankrate’s April 2022 Money and Mental Health report.
“I was in debt off and on all of my 20s and early 30s,” Tawnya Schultz, founder of The Money Life Coach, told CNBC. “I was in this debt cycle of trying to get out of debt, paying off debt, getting back into it. And I was just tired of feeling like I could never get out of it or feeling like I was always going to have debt.”
Some Americans lack hope they will ever have enough money to retire, with roughly 40% saying their ability to be financially secure in retirement is “going to take a miracle,” according to the 2021 Natixis Global Retirement Index.
“I think that people need to have a sense of hope,” said Mark Hamrick, Washington bureau chief at Bankrate. “When the economy is working for them, there’s a greater likelihood that people will have hope that they can accomplish their basic personal financial objectives.”CNBC YouTube Channel
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