Four in Five Americans Are Anxious About Their Finances

Four in five Americans have anxiety about their financial situation, with 34% experiencing moderate or severe anxiety, according to Discover Personal Loans.

Its survey found that while financial anxiety among Americans has remained consistently high over the past three years, it has increased by nine percentage points since 2021.

Financial stress is so intense that many Americans appeared to be fearful to even look at their financial situation, a trend especially noticeable among the Gen Z generation.

Gen Z respondents were most likely to avoid checking their bank account balances, as 41% expressed this reluctance, compared to 27% of Millennials and 20% of Gen X.

When it comes to the sources of financial stress, 58% of Americans reported high inflation as the top contribution, while 49% said the strain of everyday expenses.

About one-third (30%) of Americans cited debt as a cause of financial stress. Of those, 84% have credit card debt, while 55% have medical and/or home loan debt.

Nearly nine in ten (88%) survey respondents had been in debt at some point, and of those 55% said their main priority is to pay their debt off quickly.

However, 31% of Americans felt that they will never get out of debt, which was similar across all generations (36% Gen Z, 39% Millennials and 34% Gen X).

Dan Nickele, vice president of Discover Personal Loans, said:  “Creating and sticking with a plan for paying off debt may give consumers peace of mind, open up new financial opportunities and could put them on a path toward a more rewarding financial future.

“Consumers across generations and economic situations may not be aware of the financial tools available to help them manage their debts and unexpected expenses.”