Survey Finds Nearly Half Of People Say 2024 Is The Most Stressful Year Financially – 94% Admit Sacrificing Mental Health To Make Ends Meet

Everyone seems to complain about their finances, even though we keep hearing that inflation is cooling. It's a confusing paradox: some economic indicators show slight relaxation while many Americans still feel the pinch in their wallets. In fact, MarketWatch Guides’ recent research survey indicates that 47% of Americans think 2024 has been their most financially stressful year.

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However, despite this narrative of a better economy, many are coming to terms with high prices. Most of the population faces difficulty making ends meet due to rising costs of food, shelter, and fuel.

The survey demonstrated that 57% of respondents stated that high prices for necessary products caused great pressure on their money, 47% said that they do not have savings, and 46% said that their salaries are insufficient. The survey found that 88% of respondents feel some level of financial stress, with 65% saying finances are their biggest source of stress overall.

What surprised the researchers was that financial strain is no longer limited to the financial aspect of people's lives: it has spilled over to the realm of health. A staggering 92% of those asked said that they feel the economic pressure in their bodies, experiencing sleep loss, back aches, headaches and other related symptoms. Additionally, financial stress has been determined to have a negative impact on employees' sleep patterns (56%), mental health (55%), self-esteem (50%), physical health (44%) and relations with their family members (40%). 

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The survey also revealed that 58% of respondents admit to hiding financial stress from loved ones, and 44% say they will ignore a financial problem until it becomes a crisis. This suggests that many people struggle to cope with their financial challenges healthily. The avoidance behaviors highlight a significant issue where financial stress is not only a personal burden but also a societal one, affecting interpersonal relationships and overall quality of life. Sadly, 94% say they sacrifice their mental health to get by financially.

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Gen Xers, in particular, seem to be carrying a heavy load. Over half of working Gen Xers say they’re way behind where they should be on retirement savings. More than half are stressed about their emergency fund. It’s enough to make anyone pull their hair out.

These findings highlight how money worries can impact people’s overall well-being. It’s not just about the numbers in your bank account – it’s about how those numbers make you feel.

Considering what a tough year it's been for nearly half of all Americans, consulting a financial advisor can be a smart move. A good advisor can help you sort through your financial situation and create a plan that fits your unique needs. Whether trying to stick to a budget, build up your savings, or plan for retirement, having someone in your corner can make a big difference.

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