Today’s tough times are damaging more than just our wallets. Soaring inflation, a rising wave of layoffs and other money issues are having an impact on the mental health of millions of workers.
Recently, John Hancock surveyed some 3,800 of its retirement plan participants and found that more than two-thirds — 68% — worry about their finances bringing more stress to their lives. That is a jump of 10 percentage points from just two years ago.
In addition, around 7 in 10 workers says the economy is negatively impacting their mental health.
Some people are feeling the affects more than others. Following are the groups who most commonly say today’s economy is adversely impacting their well-being.
Single people
Respondents in this group who say the economy is affecting their mental health: 76%
When you are single, you must face life’s challenges on your own. Perhaps the weight of bearing such responsibility has become too much for many single people as the economy has begun to sour.
Women
Respondents in this group who say the economy is affecting their mental health: 77%
The good news is that women are more likely than men to consider themselves “very happy,” as we explained in “7 Things the Happiest Americans Have in Common.”
The bad news is that just a tiny percentage of women overall feel that way. For the rest, financial stress may be the rule, not the exception.
Households earning less than $50,000
Respondents in this group who say the economy is affecting their mental health: 77%
When you are living paycheck to paycheck, rising prices can push you right up to the edge of insolvency. That type of stress is bound to impact your mental health.
If you are looking for help in paying off your obligations, check out the tips in “5 Things You Need to Know About Paying Off Debt This Year.”
Members of Generation Z and millennials
Respondents in this group who say the economy is affecting their mental health: 81%
Today’s economic uncertainty is swallowing up the notion that young people are carefree. More than three-quarters of younger folks say financial concerns are wrecking their mental health.
It’s not too late to turn around your fortunes this year. For tips, check out “14 of the Best Money Moves You Can Make in 2023.”
Add a Comment
Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.