Half of Millennials Think Financial Stress Affects Their Health
A majority of Millennials worry that financial stress has a negative impact on their health, according to a new survey published by CNBC. Debt is a “major source of stress for under-35 Americans,” specifically student loan debt.
A similar study published in August 2016 found that Millennials worry about their future financial security. 40% said saving for retirement was a prominent source of financial stress, while 21% said paying off credit cards was their biggest concern.
The CNBC study, conducted by E-Trade Financial, discovered 53% of Millennials think their finances have a negative impact on their relationships. According to other studies, this may be true. Research from Elevate’s Center for the New Middle Class earlier this year found people with non-prime credit scores (under 700) are 45% more likely to get divorced than those with prime credit scores.
Social media has become a major influencer in the way Millennials view their finances. 59% of 25- to 34-year-old adults said the exaggerated wealth portrayed on social media makes them feel less successful. By comparison, only 25% of participants above the age of 55 said that social media affected their financial confidence.