Inflation and job concerns are top factors contributing to financial anxiety, new survey finds
As a new year begins, 64% of Americans are feeling anxious about their finances, according to a new survey from fintech leader Policygenius. Nearly three in ten (29%) respondents reported feeling more anxious about their 2022 finances than in 2021, and 23% reported feeling just as anxious.
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Those feeling anxious about their 2022 finances also named the top factor contributing to their financial anxiety, with inflation (32%), job and career concerns (16%), COVID-19 (14%), medical/health expenses (10%), and debt (10%) leading the pack. The list of choices also included stock market fluctuation (5%), retirement (5%), taxes (5%), and childcare or tuition expenses (4%).
Many people 55 and over who expressed concerns over their 2022 finances were concerned with inflation, with 37% reporting it as their top concern. Younger adults, aged 18-34, reported job and career concerns as the number one factor contributing to their financial anxiety (24%).
“As we enter another year of the pandemic and ongoing tumultuous world events, it’s understandable that so many people feel anxious about their finances,” Jennifer Fitzgerald, Policygenius CEO and co-founder, said. “While we only have so much control over outside sources of anxiety, there are things we can do to ease our financial stressors, like making a budget, building an emergency fund, and securing insurance to provide peace of mind for you and your family.”
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The 2022 Policygenius Financial Anxiety Survey also found that:
- Social media may be contributing to financial anxiety — only 54% of people not on social media said they were anxious about their finances in 2022, well below the national average of 64%.
- Anxiety levels were especially high among parents of children under 18, with 72% reporting financial anxiety, in contrast with 61% of non-parents. The pandemic was top of mind for many parents, with 19% of those anxious about their 2022 finances naming COVID-19 as their number-one reason for financial stress.
- Women were also more anxious about their finances than men (69% vs 60%).
- The percentage of respondents feeling financial anxiety varied by region: Western states (68%), Midwestern states (67%), the South (63%) and Northeast (60%).
Policygenius commissioned YouGov to poll a nationally representative sample of 1,257 Americans 18 or older. The survey was carried out online from Dec. 7 through Dec. 8, 2021. The results have been weighted to be representative of all U.S. adults. The average margin of error was +/- 3%.
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