Money continues to be a top cause of stress for Americans, finds a survey.
The American Psychological Association (APA) survey finds parents, younger generations and those living in lower-income households report higher levels of stress than Americans overall, especially when it comes to stress about money.
“Regardless of the economic climate, money and finances have remained the top stressor since our survey began in 2007,” says APA CEO and executive vice-president Norman B. Anderson. “Furthermore, this year’s survey shows that stress related to financial issues could have a significant impact on Americans’ health and well-being.”
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Twenty-two percent say they experienced extreme stress about money during the past month. For the majority of Americans (64%), money is a somewhat or very significant source of stress, but especially for parents and younger adults (77% of parents, 75% of millennials and 76% of gen Xers).
A gap also appears to be emerging in stress levels between people living in lower-income (making less than $50,000 per year) and higher-income households that mirrors the growing wealth gap nationwide.
In 2007, there was no difference in reported average stress levels between those who earned more and those who earned less than $50,000, with both groups reporting the same average levels of stress (6.2 on a 10-point scale). By 2014, a clear gap had emerged with those living in lower-income households reporting higher overall stress levels than those living in higher-income households (5.2 vs. 4.7 on the 10-point scale).
Stress about money and finances appears to have a significant impact on many Americans’ lives. Some are putting their health care needs on hold because of financial concerns. Nearly one in five say that they have either considered skipping (9%) or skipped (12%) going to the doctor when they needed health care because of financial concerns. Stress about money also impacts relationships: 31% of adults with partners report that money is a major source of conflict in their relationship.
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The report also uncovered good news about stress management.
Americans who say they have someone they can ask for emotional support, such as family and friends, report lower stress levels and better related outcomes than those without emotional support. Unfortunately, some say that they don’t have anyone to rely on for emotional support. According to the survey, 43% of those who say they have no emotional support report that their overall stress has increased in the past year, compared with 26% of those who say they have emotional support.
On average, Americans’ stress levels are trending downward: The average reported stress level is 4.9 on a 10-point scale, down from 6.2 in 2007. Regardless of lower stress levels, it appears that Americans are living with stress levels higher than what the APA believes to be healthy—3.7 on a 10-point scale—and some (22%) say they are not doing enough to manage their stress.
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