Paige DeVriendt, a 32-year-old living in Columbus, Ohio, has spent most of her life associating money with shame and anxiety.
Today, DeVriendt and her husband both work, bringing in a combined annual salary of around $225,000. With that, they’ve been able to pay their bills, save and invest, all while chipping away at six figures of combined student loan debt. Although she’s been able to comfortably afford her lifestyle, she’s felt shame about money for a long time. Growing up, DeVriendt lived in a small town in northwest Ohio and absorbed a lot of her parents’ financial stress.
“When I got to college and saw how other people lived on different (financial) levels, I was like, ‘I want to be that,’” DeVriendt says. “’I don’t want to be stressed for the rest of my life about money.’”
Still, for most of her adult life, her nagging anxiety about money didn’t go away. She felt a lot of shame over her high student loan balance and was terrified of the possibility of facing a layoff or other emergency — and no longer being able to pay her bills.
“I was very much functioning in the scarcity mindset when we did not need to be,” DeVriendt says.
After years of shame about her student loan balance and feeling behind on her financial knowledge, DeVriendt is now finally in a place where she no longer feels such strong money anxiety. But it was a hard-earned fight to get there, and it took years of reading up on personal finance and learning how to budget.
DeVriendt is far from alone; she’s one of millions of Americans who have lain awake at night with money-related anxieties. More than 2 in 5 (43 percent) U.S. adults say money negatively affects their mental health, at least occasionally, causing anxiety, stress, worrisome thoughts, loss of sleep, depression and other effects, according to Bankrate’s new Money and Mental Health Survey (polled March 19-21, 2025).
That percentage is down from 47 percent in 2024 and 52 percent in 2023 — but remains the No. 1 factor affecting mental health, among other factors asked by Bankrate, such as politics, world news and climate change (38 percent) or one’s health (36 percent).
While more people say money impacts their mental health than current events, today, those two factors are deeply intertwined. President Donald Trump’s on-again-off-again tariff announcements have roiled the stock market and are expected to increase prices for many common goods. In March, consumer confidence dropped for the second straight month to a 12-year low, according to the Conference Board.
Today, tariffs, inflation, high interest rates and concerns of an upcoming recession are all exacerbating a problem that has existed for decades.
“The role of economic factors in mental health has been identified, studied, for over 50 years. This is not a new thing,” says Edwin B. Fisher, a professor at the Department of Health Behavior at the University of North Carolina-Chapel Hill Gillings School of Global Public Health.
Money is an integral part of everyday life, Fisher says, affecting everything from our ability to care for our families to having fun to creating new opportunities. When money is the linchpin of so many of our lives, not having enough in savings or not knowing how to manage money can be terrifying.
To demonstrate how money affects our mental health, Bankrate and polling partner YouGov Plc polled over 2,000 Americans on their feelings about money and mental health. The findings demonstrate that, while the percentage of Americans who say money is negatively affecting their mental health has fallen year-over year, money-related stresses are still pervasive.
Fewer Americans say money is harming their mental health at a time when interest rates have edged a little bit lower, inflation has slowed and the U.S. economy has so far avoided the recession that once seemed inevitable. But how long will those calming money stresses last?
— Sarah Foster, Bankrate U.S. Economy Reporter
Bankrate’s insights on money and mental health
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More than 2 in 5 Americans say money negatively impacts their mental health
Money negatively affects more Americans’ mental health, at least occasionally, than many other common stressors such as current events like politics, world news and climate change (38 percent); their health (36 percent); or the state of the U.S. economy (33 percent).
“We often see a ‘hierarchy of needs’ when it comes to Americans’ mental health,” Bankrate U.S. Economy Reporter Sarah Foster says. “If you’re concerned about day-to-day bills, affording basic essentials or putting food on the table, you might not have much room left to fixate on the world around you, the U.S. economy or current events.”
Source: Bankrate’s Money and Mental Health Survey, March 19-21, 2025
Note: Respondents could select multiple answers.
Gender-wise, women are more likely than men to say money negatively impacts their mental health, at least occasionally (45 percent and 41 percent, respectively).
What’s more, baby boomers are less likely than younger generations to say that money negatively impacts their mental health, at least occasionally:
- Gen Zers (ages 18-28): 46 percent
- Millennials (ages 29-44): 47 percent
- Gen Xers (ages 45-60): 49 percent
- Baby boomers (ages 61-79): 34 percent
Democrats are more likely to say current events, rather than money, negatively impact their mental health
In 2024, Republicans and Democrats said money negatively impacted their mental health more than any other factor — but that’s no longer the case for Democrats.
This year, Democrats cite current events as the No. 1 factor that negatively impacts their mental health, at least occasionally (52 percent), while 46 percent cite money. Money was Democrats’ No. 1 issue in 2024, when 49 percent said it negatively affected their mental health, at least occasionally. In 2024, only 41 percent of Democrats cited current events.
Republicans, however, cite money as the No.1 factor that negatively impacts their mental health, at least occasionally (38 percent). This is down slightly from 41 percent who said so in 2024.
Also, college-educated people are more likely than those without a college degree to say current events, rather than money, negatively impact their mental health:
- Post graduate degree: 55 percent cite current events, 40 percent cite money
- Four-year degree: 49 percent cite current events, 44 percent cite money
- Some college/two-year degree: 41 percent cite current events, 47 percent cite money
- No high school diploma/only a high school diploma: 25 percent cite current events, 41 percent cite money
Inflation is a top stressor for many Americans
The majority of Americans whose mental health is negatively impacted by money say inflation/rising prices (69 percent) is a culprit. Today, more people whose mental health is negatively affected by money cite inflation/rising prices than in 2024 (65 percent) and 2023 (68 percent).
As of March 2025, the inflation rate is actually the lowest it’s been since February 2021, according to the Bureau of Labor Statistics (BLS). But there may be a public disconnect between the publicized inflation rate and the high price tags people see on store shelves.
“The slowing inflation that economists celebrated last year does not mean prices are cheaper, just that they aren’t rising as fast as they once were,” Foster says. “For households, every future increase in inflation is still piled on top of previous price hikes.”
People whose mental health is negatively affected by money also frequently cited paying for everyday expenses, such as groceries or utilities (61 percent); not having enough emergency savings (57 percent); not having enough discretionary spending money (46 percent); being in debt, such as credit card debt, medical debt or student loan debt (43 percent); paying for housing, such as rent or mortgage payments (37 percent); and being unprepared for retirement/having a low return on their investments (34 percent):
Source: Bankrate’s Money and Mental Health Survey, March 19-21, 2025
Note: Percentages are among U.S. adults who have money concerns that impact their mental health; Respondents could select multiple answers.
Less frequently, people who say money negatively impacts their mental health cite not having a stable income (30 percent), high interest rates (25 percent), job security (21 percent), saving for a home or being unable to afford a home (21 percent) or financial market volatility or investment losses (17 percent).
Among people who say money negatively impacts their mental health, women are more likely than men to cite inflation/rising prices (72 percent of women and 64 percent of men). They are also more likely than men to cite not having enough emergency savings, while men are more likely to cite their job security or not having a stable income.
Types of money concerns:
- Not having enough emergency savings: 62 percent of women, 51 percent of men
- Paying for everyday expenses (e.g. groceries, utilities, etc.): 65 percent of women, 56 percent of men
- Paying for housing (e.g. rent, mortgage, etc.): 41 percent of women, 32 percent of men
- Not having a stable income: 26 percent of women, 34 percent of men
- Job security: 17 percent of women, 26 percent of men
Among those who say money negatively impacts their mental health, Gen Zers are the most likely generation to cite not having a stable income as a reason why:
- Gen Zers: 43 percent
- Millennials: 33 percent
- Gen Xers: 30 percent
- Baby boomers: 13 percent
They’re also most likely to cite saving for a home (or being unable to afford a home):
- Gen Zers: 35 percent
- Millennials: 29 percent
- Gen Xers: 16 percent
- Baby boomers: 6 percent
More Republicans say inflation negatively impacts their mental health
The economy was a major sticking point for Republican voters in the 2024 election, and it’s still a major issue for them today: In both 2024 and 2025, 68 percent of Republicans who said money negatively impacts their mental health cited inflation as a reason why. A slightly lower 64 percent of Democrats cite inflation in 2025, up from 61 percent in 2024.
Money-related mental health issues can create a vicious cycle
When money negatively affects our mental health, it can create a knock-on effect, making it easier for financial tasks to fall by the wayside. Americans who say money is negatively impacting their mental health are three times more likely to have paid a bill late over the past month, compared to people who say money isn’t impacting their mental health (22 percent versus 7 percent). They’re also less likely to have saved for the future or for a goal (20 percent versus 24 percent).
Still, many are keeping an eye on their finances. People who say money negatively impacts their mental health are more likely to have reviewed their budget in the past month, checked their credit card or bank account balances, tracked their spending and looked up their credit score:
Source: Bankrate’s Money and Mental Health Survey, March 19-21, 2025
Note: Respondents could select multiple answers.
How you can bring down financial stress in uncertain times
If economic or financial worries are impacting your mental health, it helps to focus on what you can control. You probably don’t have any influence over trade policy or inflation, but you can still control other aspects of your finances.
“Tariffs, inflation, higher interest rates and a recession are all forces that Americans can’t prevent, no matter how much they want to,” Foster says. “Taking proactive steps to manage your finances can provide a sense of stability and security.”
Here’s what you can do, starting today:
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Watch your cash flow. Know how much money you have coming in your checking account and how much is leaving by downloading a budgeting app, creating a budget spreadsheet or just regularly checking your bank and credit card statements.
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Check prices and make substitutions when necessary. Download your local grocery store’s app or check its website to compare prices on your frequently-purchased items before heading to the store. Similarity, if you haven’t compared prices for your car insurance, utility services, internet or other bills, consider switching to a cheaper carrier, or call your carrier and see if they can lower your bill.
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Get in the habit of saving, even if it’s only a few dollars a week. If you don’t already, set periodic, automated transfers from your checking to your savings account. Even if you’re only able to set aside a few dollars every week or pay period, having those savings will come in handy in an emergency.
Foster refers to these steps as an emergency financial game plan.
“Having an emergency financial game plan functions much in the same way as fire extinguishers or emergency exits,” Foster says. “They can’t do much to prevent an urgent situation, but knowing where they’re located can probably help you feel a little bit more at ease.”
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When you’re feeling overwhelmed by your finances, even small tasks can seem insurmountable. Instead of leaping into the deep end by creating complicated spreadsheets or making a five-year debt plan, take baby steps towards your financial goal to get the ball rolling.
If your goal is…
Try…
Eventually, you’ll want to…
Spending less
Looking at your bank or credit card statements from the past month. Tally up one category where you’d like to spend less (for example, eating out or shopping) to understand how much you’re spending. Does it feel too high or on target?
Create a budget and track your spending over time.
Saving more
Setting up a recurring, automated transfer from your checking account to your savings every pay period or every month.
Target what you can cut from your budget to give you more wiggle room for savings.
Investing more
If your employer has a 401(k) match, making sure you’re contributing enough to receive it. It’s free money for your retirement fund.
Meet the contribution limit for the year and/or open a Roth IRA.
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Social media can be a great source of financial advice, but it can also suck you in quickly. Doomscrolling — or compulsively scrolling online for a long period of time, even when it makes you feel depressed or anxious — can negatively affect your mental health. DeVriendt learned much of what she knows today from personal finance content creators online, but she is judicious with blocking accounts and avoiding advice that’s overly negative or makes her feel bad.
“It’s so important to only follow people and only engage with content that makes you feel good, or (makes you feel like) you are taking something away that’s going to make your life better,” DeVriendt says. “Don’t get me wrong, I’m human, there are absolutely times that I doomscroll, but I think controlling what we can and really looking out for yourself (is effective).”
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If your concerns about money are interfering with your day-to-day life, you might want to consider seeking the services of a financial therapist who can help you get to the root of your concerns. A financial therapist is a licensed mental health professional who specializes in financial problems, can help you understand why money is affecting you and guide you through coping strategies.
If your concerns are more tangibly money-related — for example, you’re worried you’re not investing wisely or you want to create a financial plan for the future — you can seek the services of a financial advisor, who can help with the dollars and cents.
If you’re still concerned and need more local, personalized guidance, call 211 or visit your state’s 211 site for a list of mental health and personal finance resources in your area.
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All figures, unless otherwise stated, are from YouGov Plc. The total sample size was 2,363 U.S. adults, of whom 1,046 have money concerns that impact their mental health while 1,317 do not. Fieldwork was undertaken between March 19th-21st, 2025. The survey was carried out online and meets rigorous quality standards. It gathered a non-probability-based sample and employed demographic quotas and weights to better align the survey sample with the broader U.S. population.
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