Vicky Arias, FISM News
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According to a new survey from Bankrate, at a time of national economic instability, a majority of Americans are attributing feelings of anxiety and stress to concerns over their financial stability.
The survey found that 52% of those polled equate money woes to declines in their mental health. That figure is up 10% from last year. In fact, when asked which factor weighs heaviest on their mental health, respondents placed money in the top slot, above work, current events, and even their own physical health.
Women, older Americans, and low-wage earners correlated financial worries with mental health issues more often, although all categories polled reported higher stress related to money.
ECONOMIC WOES TAKING A TOLL
As a recession looms and the nation continues to reel from last year’s 40-year-high inflation rates, many Americans are feeling the heavy weight of financial burdens and concerns. Of those who reported money-related stress and anxiety, 82% say economic factors, including inflation/ rising prices, job security, and rising interest rates, contribute to their worries.
Inflation continues to grip lower-income households under the strain of higher prices. According to an Epoch Times report, financial therapist Lindsay Bryan-Podvin stated that “often lower income earners are working hourly wage jobs, which means that if they get sick or can’t work, they’re not getting paid.”
“They might be putting expenses on a high-interest credit card,” Bryan-Podvin continued. “The stakes are just literally so much higher because they don’t have the financial cushion.”
According to an April 2023 report from the USDA Economic Research Service, “the all-items Consumer Price Index (CPI), a measure of economy-wide inflation … was up 5% from March 2022.”
Additionally, the USDA’s report found that grocery store purchases as of April 2023 were “8.4 percent higher than March 2022” and restaurant food purchases were “8.8 percent higher than [in] March 2022.”
Rent prices have also continued to skyrocket, with an 8.3% rise in costs from March 2022 to March 2023, representing the largest-ever increase in rental prices in a 12-month period, according to NBC News.
Reports show that while inflation has started to decline, it’s still at 5%, which is more than double the 2% Federal Reserve target. Even with decreased inflation, food and rent prices have caused many Americans to be leery of potential economic downturns.
Speaker Kevin McCarthy recently tweeted about the “record inflation” and the terrible effects it’s had on families.
“Biden’s reckless spending caused record inflation and rapid interest rate hikes that broke family budgets and banks too,” McCarthy asserted. “We must restore fiscal sanity.”