Personal Finances, a Major Source of Stress

The concern for tomorrow weighs heavily on most inhabitants of this planet. At least half of the adults in several economically strong countries state that they are stressed due to their personal finances, citing inflation as one of the main reasons. A significant number also claim to feel worse off financially than their parents and are pessimistic about the financial future of their children, as found by the International Survey of Financial Security, conducted by SurveyMonkey. In the United States, Australia, Spain, and Mexico, approximately 70% of adults said they are "very or somewhat stressed" about money. The percentage decreased slightly to 63% in the United Kingdom, 57% in Germany, 55% in Switzerland, and about half of the residents in Singapore and France. In these countries, between half and two-thirds of people said they consider themselves part of the middle class - except for the United Kingdom, where the proportion was lower, at 37%. However, despite the traditionally comfortable financial status associated with the middle class, between 45% and 62% of those who placed themselves in that group described themselves as "living paycheck to paycheck." Half of the adults in Australia, Germany, and the United Kingdom said their financial situation is worse than it was five years ago. Among the surveyed countries, only adults in Singapore and Mexico were more likely to say they are better off financially than their parents. Inflation was widely cited as a source of financial stress, along with a lack of savings, economic instability, and rising interest rates. The study, which included 4,342 adults, was conducted in March. "The health of the global economy, though diminished in some areas, is not reflected in the perceptions of the average person... Despite the overall performance of the economy, approximately half of adults are stressed about their personal finances in every country studied worldwide," said Eric Johnson, CEO of SurveyMonkey. Global economic growth is slowing, but most developed economies have avoided the recessions that were forecasted amid high inflation and rising interest rates. Labor markets have proven resilient, but numerous surveys have suggested a bleak sentiment among consumers who have been heavily impacted by rising prices of household bills and everyday goods.