As the COVID-19 pandemic continues to batter the nation, 54% of Americans say they are experiencing high or very high levels of stress.
Health care is their top financial concern, according to a survey conducted by the Certified Financial Planner Board of Standards Inc. in early November. The survey found that 41% of adults worry about the cost of health care, while 32% say they worry about unemployment or reduced income, 31% about protecting assets and 30% about managing debt.
“The uncertainty and volatility of this past year have strained Americans physically, mentally, emotionally and financially,” CFP Board CEO Kevin R. Keller said in a release about the survey results.
[More: Clients are tapping HSAs amid COVID-19]
In early March, 25% of respondents to a similar survey said their personal economic situations were worse than four years ago. In November, 34% of respondents said their personal economic situations were worse than four years ago; a percentage increase of nine percentage points.
Younger survey respondents in particular are stressed. Gen Z and millennials report high or very high levels of stress (60% and 64%, respectively), while 46% of baby boomers and 28% of the silent generation report high levels of worry.
Understandably, older respondents indicated they are more concerned about the cost of their health care, with 46% of baby boomers and 50% of the silent generation responding that it is a top financial concern. Millennials are most concerned about unemployment or reduced income (40%), and the silent generation is most concerned about protecting assets (59%).
[More: Keeping clients on track in an era of uncertainty]
The post Americans experiencing high levels of financial stress, CFP Board finds appeared first on InvestmentNews.
As our second lead editor, Cindy Hamilton covers health, fitness and other wellness topics. She is also instrumental in making sure the content on the site is clear and accurate for our readers. Cindy received a BA and an MA from NYU.