If you’re like a majority of Americans, dealing with your finances is stressing you out and wreaking havoc on your health. That’s the conclusion of a new report that asked people’s opinions about their money and their financial outlook.
Of the 1000 people surveyed, about 60 percent said managing their money affected their mental health and 56 percent said it had taken a toll on their physical health. The survey also found that women were more likely to be impacted physically and mentally because of their finances than men. More than 40 percent of recipients said they would give up all forms of social media if they didn’t have to manage their finances.
Aron Levine, the head of Bank of America’s consumer banking and investments division, says he’s concerned about the level of stress people have about their financial situation.
“There’s this combination of sort of hopeful optimism for the future but right now in this next three-to-five year period, people are incredibly stressed and they’re stressed on how they can manage to hold competing priorities.”
Other issues the survey found:
- 51% of Americans are worried about their finances over the next five years.
- The most concerning issues are:
- Not saving enough money
- The possibility of recession
- Political instability
- Market volatility
- 50% of respondents are seeking financial advice digitally or with an advisor and 2/3 of people surveyed intend to seek advice soon.
But while there is a preponderance of pessimism among people who responded to the survey, not everyone sees gloom and doom. 56 percent of people questioned said they are having some financial success, and they treat themselves when they meet a financial goal. The most popular rewards are buying clothes, taking a vacation, or having an expensive dinner.