Worrying about money can take up a lot of time and energy and new research suggests just how much. A survey of 2-thousand U.S. adults with less than two months of savings finds that they stress about their finances for nearly 25 minutes a day, which adds up to almost 19 work days (18.63 days) a year.
According to the poll:
- A third (33%) of respondents feel paralyzed about what to do when a “financial disruption” happens.
- The most common disruptions that make people feel paralyzed are an unexpected bill or expense (55%), medical emergency (52%), increase in cost of necessities (44%), increase in loan payments (37%) and losing a job (36%).
- Just over three-quarters (77%) say they carry the mental load of their finances for their household.
- Nearly half (46%) admit it’s hard to balance their financial wellness with other priorities, including spending time with friends (41%), and family (40%), their mental wellbeing (39%) and even their day job (39%).
- Respondents define financial wellness as being able to pay their bills on time (50%), maintaining good credit (47%), being able to afford necessities (47%), not having any debt (46%), having an emergency fund (45%), being able to save for retirement (42%) and for their kids’ education (42%).
- When asked about their financial confidence, only 57% rated theirs as “high.”
- They describe financial confidence as feeling prepared for unexpected expenses (54%), knowing how to make the right decision when it comes to money (53%), understanding their financial situation and goals (52%) and feeling financially secure (49%).
- For 24% of those surveyed, financial stress tends to peak at the end of the month.
- Fortunately, 85% say they have their family’s support to help with financial stress.
Source: SWNS Digital
Photo: Getty