Money Issues Having Negative Impact on Consumers’ Mental Health

Financial issues are the most common factor negatively impacting the mental health of consumers in the United States, with more than half of respondents to a nationwide survey indicating that money is having a negative impact on their mental health, up from 42% last year. More consumers are suffering from anxiety, stress, loss of sleep, and depression because of their financial worries, and among those who said that, 98% said they had at least one increased money-related worry in the past year.

Women and members of Generation X were the most likely gender and age demographic to indicate that money is having a negative impact on their mental health, but every group said that their money worries have increased in the past year.

The data underscores the need for companies in the accounts receivable management industry to obtain a consumer’s full and complete information — in an empathetic manner — because the person on the other end of the phone is likely a lot more stressed about money these days.

Nearly one-third of consumers said they feel some form of negative impact on their mental health — feeling anxious, losing sleep, etc. — every day. Fifty-six percent says it happens weekly, up from 52% last year.

More than 40% of those participating in the survey said that debt-related concerns are impacting their mental health, trailing only economic factors, and paying for everyday expenses.

“There are several sobering statistics in this report,” said Bankrate senior industry analyst Ted Rossman. “Americans are feeling pretty bad about their finances, with inflation at the center of many of these money worries. Despite a strong job market, wage growth has not kept pace with the rising cost of living. Debt has been increasing and savings have been dwindling.”