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This latest study finding will likely come as no surprise to most millennials. Millennials are the most stressed generation when it comes to money.
The latest survey of Stress in America conducted by the American Psychological Association found that money remained the top cause of stress reported by a group of more than 3,000 adults aged 18 years or older. However, the level of stress is at its lowest point since APA began the survey in 2007.
But while that’s true for most Americans, millennials and members of Generation X who are paying for children in college reported increased stress levels surrounding money.
“Where Millennials are concerned, we know that the cost of education is pretty high in this country, and student debt is higher,” Katherine Nordal, executive director of Professional Practice at the APA, told Time. “The job market until recently has also been problematic.”
About 40 million Americans have taken on student loan debt for a total of $1.2 trillion. The average student owes $29,000 in loans, which can take years if not more than a decade to pay back.
Beyond its pressure on their financial health, student loan debt also has been found to have a significant impact on mental health — another stressor.
The study also found that financial stress between lower and higher income families has widened.
In 2007 both groups reported the same amount of anxiety over money, but now those making less than $50,000 a year were twice as likely as those in higher income groups to feel stress about financial matters all or most of the time.
Given that millennials have not yet really started to see the signs of the economic recovery, it would make sense that they are feeling additional stress compared to the older generations. Unemployment is still much higher for this generation and, just as troubling, underemployment rates are also at some of their highest points.
