Financial Stressors Differ by Generation, Study Highlights Concerns Over Inflation and Retirement

Many Americans think that to reach financial happiness, it is important that they have 1.2 million dollars. 71% of Americans believe that having more money is equivalent to having fewer problems. This makes us wonder are Americans content with the money they make? Even though many Americans say that their happiness is linked to money, only 17% believe that one must have some specific amount of money to find happiness.

70% say that paying their bills on time is the key to finding their financial happiness while 65% say that they can reach their financial happiness goal by avoiding debt. It is really hard to manage bills and avoid debts nowadays and people find it difficult to budget their finances. That's the reason that 42% of Americans believe that an extra $25000 can only help them for 6 months, no more than that.

Americans are trying to find happiness in other things and not in how they manage their finances, but more than half of Gen-Z and Gen-X are disappointed with how their finances are turning out. Many financial stressors don't let people be content with their finances. The biggest stressor, 73% of Americans agree, is inflation. However, thoughts are different in every generation. The older generation thinks that the things that are blocking their financial happiness are their worries about politics and their retirement. Millennials and Gen-Z are more worried about being laid off from jobs and increases in property prices.

The younger generation says that they can be safe from financial stress if they get a proper financial education (80%). 65% say that they didn't receive good financial advice and that's why they couldn't reach their financial goals. 56% are still waiting for a piece of good financial advice that will help them in their life. Financial planning is three times better than having no financial planning, and people with more financial planning tend to be more content with their finances.

Almost all people want financial happiness and most of them can do anything for it. That's why a quarter of the Americans in the survey said that they are ready to give up social media for their financial happiness while 25% can even give up their love for it. Financial happiness helps individuals become more goal-orientated. It makes life worthwhile and that's why every individual out there wants to achieve financial happiness.

H/T: Empower / VC

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by Arooj Ahmed via Digital Information World