Half of Millennials Think Financial Stress Affects Their Health

Half of Millennials Think Financial Stress Affects Their Health

August 7, 2017         Written By Natalie Rutledge

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.



The information contained within this article was accurate as of August 7, 2017. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


natalierutledge

About Natalie Rutledge

Natalie Rutledge majored in Communications at Mississippi State University. She was in sales for a number of businesses and spent nine years working as a communications advisor to various entities. Natalie can be contacted directly at natalie@lowcards.com
View all posts by Natalie Rutledge
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : No Annual Fee, Bonus Offer, Cash Back
Featured No Annual Fee Card
Top Features : Earn cash back twice. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : No Annual Fee; Cash Back match at the end of your first year; Social Security Alerts
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time