Nov, 2022 - By SMI
A survey done on 2200 American participants describes the magnitude of financial stress observed among them and things they do to cope with it.
Financial stress is not new to today’s world. Majority of Americans often experience the strain of financial planning, budgeting. Endless talks about the inflation and assumptions made nowadays about upcoming recession are also contributing to the stress scenario. US citizens express pressure of financial stress. The major effect of planning and managing a tight budget owing to this scenario is on the mental health of individual. A survey was conducted to find out the effect of financial stress on individuals and different ways they take help of, to cope with it.
Robinhood, a financial service company, conducted a survey on 2200 American adults aged 18 to 57, in August this year. The reports found that 84% of participants are feeling stress of financial planning. The survey surprisingly puts forward a fact that high-income participants are not experiencing much relief than low-income individuals, when it comes to planning a budget.
As holidays approach, over a third of Americans are expected to feel more weight of financial planning, because it is when the spendings will increase. When studied about the ways chosen by the participants of the survey, to cope up with this stress, the examiners found out that one third of the high-income participants chose to have a drink. 81 percent of the low-income participants stated that they started to eat less owing to the rinsing inflation.
In Robinhood’s press release about the survey, Amanda Clayman, a psychotherapist specializing in financial therapy expressed that instead of opting such harmful ways to reduce the strain, people should increase their financial literacy, which will help them improve their budget management.
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