July 14, 2016
Financial Anxiety Amid Economic Growth
The economy keeps chugging along, unemployment has been bobbing at or below 5 percent all year, and wages have been creeping up.
Yet anxiety is rising, according to a newly released survey by Northwestern Mutual. In February,
85 percent of Americans said they had “financial anxiety,” particularly about how they would pay for an unexpected emergency or medical bill.
And here’s how financial anxiety affects them:
- 70 percent say it reduces their “happiness,” their mood, or their ability to pursue their dreams, passions, and interests.
- 67 percent say it impairs their health.
- 61 percent say it has a negative effect on their home life.
- 51 percent say it has a negative effect on their social life.
For more than half, the most popular answer to how financial security would change their lives was: “Peace of mind that I never have to worry about day-to-day expenses.”
Northwestern Mutual summed things up by saying “the levels to which financial anxiety is impacting all corners of people’s lives is extraordinary.”
Pretty strong words for a typically cautious insurance company.