Four in five Americans have anxiety about their financial situation, with 34% experiencing moderate or severe anxiety, according to a national survey conducted by Discover. More than half of respondents said high inflation contributes to their financial stress, while roughly half also cited “everyday expenses” and “state of the economy.” (Respondents could select more than one stressor.)
About one-third (30%) of respondents cited debt as a cause of financial stress, according to Discover. Of those, 84% have credit card debt and 55% have medical and/or home loan debt. Nearly nine in ten (88%) survey respondents have been in debt at some point, and of those 55% say their main priority is to pay their debt off quickly.
Respondents also were asked about the reasons they don’t take out personal loans. Thirty-three percent of millennials and 32% of Gen X say they don’t take out a personal loan because the fees are too high, compared to 18% of Gen Z. At the same time, 22% of Gen Z say they don’t understand how to apply for a personal loan, versus 6% of millennials and 2% of Gen X. Twenty-one percent of Gen X consumers don’t believe they will qualify for a personal loan, compared to 18% of millennials and 15% of Gen Z.
