February 04, 2015
Worries about money greatly affect Americans' health, a study released Wednesday said.
The Harris Poll, on behalf of The American Psychological Association (APA), conducted an online survey of 3,068 adults aged 18 and up in August 2014 and found that 72 percent of the participants were stressed about money at least some of the time in the last month. The study also concluded that 9 percent considered skipping and 12 percent did skip going to the doctor because of money concerns.
“Regardless of the economic climate, money and finances have remained the top stressor since our survey began in 2007. Furthermore, this year’s survey shows that stress related to financial issues could have a significant impact on Americans’ health and well-being,” APA CEO and Executive Vice President Norman B. Anderson, PhD, said.
While 64 percent of Americans said that money is a significant source of stress, parents and young adults were more affected by money woes. A reported 77 percent of parents, 75 percent of millennials [18- to 35-year-olds] and 76 percent of Gen Xers [36- to 49-year-olds] said that money is a significant source of stress.
Those living in lower-income households are also more stressed — those who made under $50,000 averaged 5.2 on a 10-point scale, while those in higher-income households averaged 4.7.
The study concluded, however, that those who have emotional support are less likely to report stress increasing over the years. Only 26 percent of those with emotional support felt more stressed in the past year versus 43 percent of those with no emotional support.
Click here to read the full study.
