Diseases, wars, Taylor Swift’s relationship with Travis Kelce…there’s a lot to be anxious about right now. According to a recent study, Americans are very anxious about their finances, too. The specific sources of those anxieties are very telling.
Here’s Five Fast Facts About Financial Anxiety:
- 💸 Intimidation Domination - The study shows that nearly four in five Americans (79%) find at least one financial topic intimidating. That’s a C+, but not a good one.
- 💰 High Anxiety - Diving a bit deeper, most Americans (84%) said they feel financial anxiety about the cost of food (50%) and housing (40%).
- 🤑 Source Code - Those surveyed said that topics like cryptocurrency (thanks Brad/Chad/Tanner) investing and creating or sticking to a budget are particularly confusing.
- 💵 Happy Place - It’s not all angst, though. Two in five Americans (41%) said they feel good about their personal financial knowledge.
- 🪙 Source Code - The study goes on to reveal that half of Americans (50%) learned to manage their money from their parents or relatives, but only 30% say their family talked about money when they were growing up. Scariest of all: one in eight Americans (13%) say they learned about managing their personal finances from social media.
🔥Bottom line: When social media is considered a source of financial education, we might want to re-think how we’re teaching Zoomers about their finances. Sure, they might be learning but as we know, social media is also the same place where people share homebrew COVID remedies and your mom talks about that time you threw up at Six Flags.
What do you think of this study?
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