A new study has found that the majority of Americans are stressed about their finances, with 85% reporting that money is a significant source of anxiety. This worrying trend is particularly evident among young adults, with 92% of those aged 18-34 feeling financial stress.
The study, conducted by WalletHub, found that the top financial concerns for Americans include saving enough for retirement, paying off debt, and affording healthcare costs. Surprisingly, even high-income earners are not immune to financial stress, with 77% of those making over $100,000 a year reporting anxiety about their finances.
With financial stress having a negative impact on both physical and mental health, it is important for individuals to take steps to lessen the blow. According to experts, one way to reduce financial stress is to create a budget and stick to it. This can help individuals track their spending, prioritize their expenses, and avoid unnecessary purchases.
Another strategy to alleviate financial stress is to build an emergency fund. Having savings set aside for unexpected expenses can provide a sense of security and peace of mind. Additionally, seeking professional help from a financial advisor or counselor can help individuals better understand their financial situation and develop a plan to improve it.
Overall, the study highlights the pervasive issue of financial stress in America and the importance of taking proactive steps to address it. By implementing strategies such as budgeting, saving, and seeking professional help, individuals can work towards reducing their financial anxiety and improving their overall well-being.
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