Financial Anxiety: A Growing Concern for Americans

Financial uncertainty is causing intense worry and depression among millennials, with 54% reporting that financial anxiety is making them depressed. This is higher than Gen Z (47%) and boomers (20%). Factors contributing to this anxiety include high debt loads, previous recessions, and the impact of climate change. The COVID-19 pandemic has further exacerbated these concerns. Younger generations have had less time to build savings and face challenges such as inflation and housing costs. Experts recommend acknowledging emotions, seeking therapy, and being realistic with budgets. However, there is hope as millennials and Gen Z are starting to save and invest earlier, which can help build a safety net over time.