The main cause of stress for consumers is money and finances, according to 47% of respondents in the second annual “Money Mindset” survey by Huntington Bank, beating out the 40% who cited the ongoing pandemic as their main stressor.
Just 51% of respondents said they had an emergency fund set aside, down significantly from 64% in the previous survey. In addition, 36% of respondents said they chose between paying a medical bill or some other cost in the past two years, up from 27% in 2019. The number of people reporting they are living from paycheck to paycheck increased to 46% from 40% a year earlier. The survey also found that 16% of those aged 18-23 and 13% of respondents aged 24-39 said they had to borrow money for rent.
Meanwhile, concerns about not having enough money saved for retirement increased to 58% from 55% a year earlier. Concern was greatest among the 40 to 55-year-old cohort—with nearly seven in 10 expressing worry about their retirement savings.