Catch up quickly: A MarketWatch survey of 2,000 Americans revealed that financial stress is at an all-time high in 2024. With rising costs for essential goods, 65% of respondents say their finances are their biggest source of stress, according to a MarketWatch report.
The big picture: Nearly 47% say 2024 has been the most financially stressful year of their lives, with 88% of respondents reporting some level of financial stress. High costs, insufficient savings, and stagnant income are driving the strain.
By the numbers:
- 65% say finances are their biggest source of stress.
- 94% sacrifice mental health to manage financial demands.
- 92% report physical effects like insomnia and headaches due to financial stress.
Zoom in: Millennials, who already lag in wealth indicators like homeownership, are feeling the strain more acutely than older generations. The burnout is leading many to avoid financial problems until they reach crisis levels, with 44% admitting to ignoring issues.
Why it matters: Chronic financial stress takes a toll on mental and physical health, with people neglecting self-care and making poor financial decisions. This cycle worsens over time, leading to greater instability.
The Life Anew Angle: BIPOC and underrepresented communities, often facing compounded financial barriers, are disproportionately affected by this stress. Life Anew Behavioral Health is committed to providing culturally sensitive mental health support to help individuals break this cycle. By addressing both financial and mental health, Life Anew empowers communities to regain stability and productivity in their daily lives.
