Wednesday , August 5 2020
Home / Money / Older Americans Stress About Money Less Than Their (Much) Younger Counterparts
financial mistakes

Older Americans Stress About Money Less Than Their (Much) Younger Counterparts

When it comes to stress about money, baby boomers could teach younger generations to “chill.”

Besides baseball and apple pie, there may nothing more fundamentally American than the stress about money—nothing stresses us out in this country more. Constantly. The only good news among those baby boomers and even the older generations is we stress out less about money than the younger generations.

That’s based on the most recent survey of Stress in America: Paying With Our Health released by the American Psychological Association. The survey of more than 3,000 people shows that 72 percent reported feeling stress about money, and 22 percent say they experienced extreme stress.

On the stress meter scale of 1 being low stress and 10 being the highest stress, those feeling extreme stress described it as ranking between and 8 and 10.

“Regardless of the economic climate, money and finances have remained the top stressor since our survey began in 2007,” says Norman B. Anderson, the CEO and executive vice president of the association. “This year’s survey shows that stress related to financial issues could have a significant impact on Americans’ health and well-being,”

In essence, the saying that stress kills is something we have to understand and address and keep our blood pressure in order and overall health from deteriorating. READ MORE HERE:

Despite the concerns, the report cites how on average that Americans’ stress levels are trending downward. The average reported stress level is 4.9 on a 10-point scale, down from 6.2 in 2007.

Regardless of lower stress levels, it appears that Americans are living with stress levels higher than what we believe to be healthy—3.7 on a 10-point scale—and some (22 percent) say they are not doing enough to manage their stress, Anderson says.

“This year’s survey continues to reinforce the idea that we are living with a level of stress that we consider too high,” Anderson says. “Despite the good news that overall stress levels are down, it appears that the idea of living with stress higher than what we believe to be healthy and dealing with it in ineffective ways continues to be embedded in our culture. All Americans, and particularly those groups that are most affected by stress—which include women, younger adults and those with lower incomes—need to address this issue sooner than later in order to better their health and well-being.” READ MORE HERE:

It’s the younger generations—parents and younger adults that are feeling more stressed out about money than older ones. The survey shows 77 percent of parents, 75 percent of millennials from 18 to 35 and 76 percent of Gen Xers from 36 to 49 cite money as a significant source of stress. Some 55 percent of baby boomers and 36 percent of the older generation cite that.

Younger generations are the ones who say there stress has increased the most in the past year by more than 30 percent. Baby boomers say their stress levels have jumped 24 percent while the oldest generation says it increased 19 percent.

How the overall stress breaks down on the 1 to 10 scale, baby boomers put the stress level at 4.5 while those older say it’s 3.5. That’s lower than younger generations who cite their stress in the 5.5 range.

Just over 80 percent of the younger generations say they have experienced at one last symptom of stress compared to 70 percent of baby boomers and 62 percent of the older generation.

Where the gap narrows between the younger and older generations is the impact that people say it has on their physical health. Some 30 percent of millennials and 27 percent of Gen Xers say it has a strong impact on their body. Some 25 percent of baby boomers say it does. Only 11 percent of the oldest generation say it does.

It’s interesting how the generations deal with stress. Millennials, for example, are more likely to listen to music with 57 percent claiming that versus 42 percent of Gen Xers, 39 percent of baby boomers and 29 percent of the oldest generation.

Some 42 percent of baby boomers and 35 percent of the older generation say they watch television for more than two hours a day to deal with stress. It’s 44 percent for millennials and 37 percent for Gen Xers.

What’s also surprising is 37 percent of baby boomers and 31 percent of the older generation surf the internet to relieve stress. That contrasts to 46 percent of millennials and 33 percent of Gen Xers.

It’s the younger generations that are lying awake at night due to stress with 51 percent of millennials and 45 percent of Gen Xers. That compares to 37 percent of baby boomers and 27 percent of the oldest generation.

What can help people deal with stress, according to the report is having the emotional support of family and friends. That helps lower stress levels. The problem is that 43 percent of those who say they don’t have any emotional support have had higher stress levels in the past year. Some 26 percent who say they have support report those higher levels.

The study says 20 percent of baby boomers say they have no one to rely on and 10 percent of the older generation say that. READ MORE HERE:

What’s important to note about the study is how there’s a gap emerging in stress levels between people making less than $50,000 a year and those at higher income levels. There was no gap in stress levels between the income groups prior to the Great Recession.

The stressing out of Americans about money is playing a role in their lives in many ways.

Some are putting their health care needs on hold because of financial concerns. Nearly 1 in 5 Americans say that they have either considered skipping (9 percent) or skipped (12 percent) going to the doctor when they needed health care because of financial concerns, the study says.

Stress about money also impacts relationships: Almost a third of adults with partners (31 percent) report that money is a major source of conflict in their relationship, according to the study. READ MORE HERE:

If you are in need of money, a Reverse Mortgage can be a great way to help you out if you’re over 62. Be sure to read the pros and cons and see if it is right for you.

Check Also

Reverse Mortgage pros

5 Upsides To An HECM Reverse Mortgage

As you near your golden years, the last thing that you want to have to ...