Millennials Stressed, but Confident about Money (Oct. 13, 2015)
Money is a significant source of stress among millennials, with financial concerns affecting their emotional and physical well-being, personal relationships and work performance, a new report says. Bank of America and USA TODAY’s newly released Better Money Habits Millennial Report canvassed 1,320 consumers age 18 to 34 to gain insight into their behaviors, attitudes and challenges relating to personal finances. Forty-one percent of survey respondents reported being “chronically stressed” about money. Furthermore, money woes touched on all aspects of their lives. Sixty-five percent said financial anxiety affects their emotional well-being, while 49 percent reported their personal relationships are affected and 55 percent cited effects on their leisure activities and interests. Physical health and work performance also suffered due to financial worries, with 42 percent and 22 percent, respectively, citing those areas being affected. Overall, just 34 percent of millennials reported feeling “content” about their finances, while 27 percent said they were “anxious” and 22 percent said they were “overwhelmed.”
Despite the financial stress they’re under, millennials remain confident in their ability to manage money, budget, maintain good spending habits and save. But maintaining financial fitness takes work; respondents reported spending roughly the same amount of time tending to personal finances as they do working out. The outcomes, however, are less satisfying in the financial realm; 61 percent of respondents were satisfied with their physical fitness, compared with 40 percent content with their financial fitness.
“Even though millennials are confident about money and focused on their finances, they’re still experiencing a great deal of stress,” said Andrew Plepler, global corporate social responsibility executive, Bank of America. “Amid the uncertainty, it’s important to focus on things they can control, such as their level of financial knowledge and awareness.” To that end, Bank of America offers a free online financial resource, BetterMoneyHabits.com, which contains content on a range of personal finance topics geared toward millennials.