A recent survey by Discover Personal Loans reveals that 80 percent of Americans experience financial anxiety, with 34 percent reporting moderate or severe anxiety. This trend has remained high over the past three years, up nine percentage points from 2021.
Financial stress is so severe that many Americans avoid looking at their financial situation. This is especially true among Gen Z, with 41 percent avoiding checking their bank balances, compared to 27 percent of Millennials and 20 percent of Gen X.
Dan Nickele, vice president of Discover Personal Loans, advises that writing out reasons for financial stress and addressing them in manageable steps can help. Suggested steps include building a budget, reviewing expenses, and planning for unexpected costs.
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