St Casimirs Mortgage Minute

Survey: Millennials’ Money Stress Affecting Other Areas of Life 

More than four in 10 U.S. millennials -- those aged 18 to 34 -- say they are “chronically stressed” about money, adding that money stress is spilling over into their emotional well-being, leisure activities, personal relationships and physical health, according to a Bank of America/USA Today survey released yesterday.

Of those who worry about money, more than half say they get anxious about it on a weekly basis, and 30 percent say they worry they won’t have enough money to make it through month’s end. More than six in 10 say they worry some or a lot about the cost of living, and 58 percent say that where they live makes them concerned about their ability to save. Taxes are a source of worry for about 43 percent of millennials.

Compared to a similar survey last fall, top financial stress points remain similar but show a longer-term focus in some areas. For example, millennials are six percentage points less likely this year to worry about spending too much, while they are four points more likely to worry about the costs of having children and three points more likely to be concerned about putting aside enough for retirement.

---ABA Daily Newbytes