Rising prices and inflation not only affect our bank accounts, but also negatively impact our mental health. This is revealed in a new bank interest rate survey.
Half of U.S. adults say money has a more negative impact on emotional support than work or health concerns.
The majority, 65%, said that rising prices are what keep them up at night.
“The biggest concern and the biggest explanation is inflation. That’s what really rose to the top of the rankings. It’s not about retirement that’s stressing people out, it’s about short-term money issues. “There’s a trend,” said Ted Rothman, senior analyst at Bankrate.
A new study also reveals that women worry more about money than men. “There are two possible explanations. One, sadly, would be the gender pay gap. The other is that many women play the role of CFO of the household and pay the bills on a day-to-day basis. So they know their electricity bill and their credit card bill.”
So what should you do when you’re feeling stressed? Ted says the best thing to do is to have a plan. “When we feel anxious about things, it’s often because we feel out of control. Make a plan to take back some of that control. Here are some specific tactics: It depends on the issue. If you have credit card debt, you might consider getting a 0% balance transfer card and suspending that interest for up to 21 months. Or if you’re worried about your savings and investments. , set up automatic transfers so that every paycheck goes toward that purpose,” says Rothman.
