More than a quarter (27 per cent) of U.S. workers say they have high or overwhelming levels of financial stress, up from 20 per cent in 2021, according to a new report by Financial Finesse.

The report, which analyzed data from more than 34,000 workers who interacted with the consultancy’s financial wellness tools, found more than two-fifths (43 per cent) said the U.S. economy and stock market is their greatest source of financial stress.

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Black (38 per cent) and Hispanic (28 per cent) employees were less likely to report a positive cash flow than white workers. Single parents (57 per cent) were most likely to experience frequent and unmanageable financial stress, followed by single adults with no children (28 per cent), married parents (23 per cent) and married couples with no children (15 per cent).

The report also found the percentage of financially-resilient workers decreased from 37 per cent in 2021 to 32 per cent in 2022 due to the pressure of inflation on household finances. Nearly two-thirds (64 per cent) of respondents described themselves as struggling financially, while 20 per cent said they’re working on achieving financial resilience. Some 13 per cent said they’re in a financial crisis and just two per cent said they’re financially secure.

Amid increased financial stress, the percentage of workers who assessed their mental health as ‘good’ or ‘excellent’ decreased to 75 per cent from roughly 80 per cent in 2021. Similarly, 73 per cent assessed their physical health as ‘good’ or ‘excellent,’ down from 78 per cent.

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