Nearly half of Americans say finances are taking toll on their mental health

foxbusiness.com:

 Jason Furman, former National Economic Council chair under Obama, says there is nothing structural about inflation on 'Barron's Roundtable.'

About half of U.S. adults are struggling with their mental health because of their financial situation. 

Forty-seven percent of adults say concerns about money have, at least occasionally, caused anxiety, stress, worrisome thoughts, loss of sleep, depression or other effects, according to Bankrate’s latest Money and Mental Health Survey.

About 65% of them say their biggest concern is inflation and rising prices, and nearly 60% say their stress derives from paying for everyday expenses such as groceries and utilities. About 56% say they are worried about having enough emergency savings, and 47% are most concerned about being in debt, according to the survey. 

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Nearly half of Americans admit their financial situations are taking a toll on their mental health. (iStock / iStock)

«That's why this is such an important strain. In fact, now we're talking about necessities. People are worried about daily expenses,» Bankrate senior industry analyst Ted Rossman told FOX Business. «They're worried about rent and groceries and other near term bills.»

As of November, over 60% of households were living paycheck to paycheck, according to data from LendingClub.

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Meanwhile, a January Bankrate report underscored how more than a third of U.S. consumers have more credit card debt than emergency savings. 

Rossman blamed persisting inflation,which has fallen considerably from a peak of 9.1%, but progress has largely flatlined since the summer. 

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