Study finds financial anxiety is higher than last year

Of Americans that are stressed about finances, 29% of them worry about money every day
Published: Oct. 3, 2023 at 2:04 PM CDT
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(InvestigateTV) — More than half of Americans experience negative mental health consequences, such as anxiety and sleeplessness, due to their personal financial situation, a Bankrate study has found.

Cherry Dale, a financial coach with the Virginia Credit Union, said the best advice for those experiencing financial anxiety is to tackle it head on:

  • Take a step back and analyze spending habits
  • Write down where every dollar goes
  • Record feelings about how and where money is spent

“If we are depressed or sad, we might go into an avoidant behavior when it comes to our finances,” Dale explained. “And that’s actually the worst thing you can do, because if we avoid what is going on, it generally just becomes worse.”

Dale said tracking spending will also help reveal patterns. Some shop when depressed or as a coping mechanism, while also spending more than intended.

“The way we were raised and any traumatic experiences we might have had as a child growing up can impact the way we view money, the way we value things,” Dale said. “And if you can start connecting those dots for yourself, you’re starting to give yourself more power and more control over your finances.”

Dale said for those feeling a little bit out of control and worried about their mental health, an important first step is to recognize the signs and seek counseling. But the same goes for financial health.

Financial coaches can help work through spending habits and patterns when it comes to money and mental health.

NerdWallet has an article on free or reduced costs financial help.

The Center for Disease Control (CDC) has a list of tools and resources for those seeking mental health support.