FinMasters Survey Highlights Impact of Inflation on Mental Health: Roughly 90% of Respondents Report Negative Mental Health Consequences From Financial Stress.

Overwhelming majority report feeling stressed, anxious, or worried.

NEW YORK, Nov. 14, 2022 /PRNewswire/ -- A new report from FinMasters reveals that a large majority of Americans are suffering from financial stress. Paying bills is the largest single problem, followed by rising interest rates, debt payments, and affording food.

The Impact of Inflation on Mental Health report, based on a recent survey of 1549 American respondents commissioned by FinMasters, highlights that individuals across all genders, ages, and income groups are feeling the pressure to keep up with rising costs and paying the bills, worrying about rising interest rates, paying down credit card debt and even about putting food on the table.

Key findings

• Roughly 90% of respondents reported negative mental health consequences from financial stress.
• Older and more affluent respondents reported negative consequences at a lower rate but large majorities still suffered psychological stress.
•  Paying bills was the largest single source of stress, followed by rising interest rates, debt payments, and affording food.

The relationship between financial stress and mental health problems is well established, and the survey set out to assess the self-reported impact of inflation on the mental health of consumers.

The survey found that routine daily expenses were generating substantial stress. Paying bills was the leading source of stress, cited as a factor by 40.67% of respondents. 30.86% were worried about being able to afford food, 29.24% about affording fuel for a car, and 29.76% about housing costs. 33.7% cited credit card debt as a cause of stress or anxiety.

Respondents earning over $150,000 per year were more likely to be concerned with investment losses, but still cited high levels of stress over routine expenses.

More findings can be found in the Finmasters Impact of Inflation on Mental Health report.

About the survey

The survey was conducted in October 2022, with 1,549 participants. Respondents represent a national sample balanced by age, gender, income level, and region. The survey had a margin of error +/- 4.159% with a 95% confidence level.

About FinMasters.com

FinMasters, a Vertigo Studio brand, is a personal finance platform dedicated to financial education and in-depth research of financial products and services. For more information please visit www.finmasters.com.

SOURCE FinMasters

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