American workers are likelier to feel more secured in their physical and mental health rather than their financial wellbeing, finds new research by Northwestern Mutual.
The Northwestern Mutual Planning & Progress Study finds that when asked how strong they feel about the current state of various areas of their lives, 79% of 2,740 U.S. adults say they feel strong or very strong about their friendships, while 75% say the same about their mental health and 74% about their physical health. Another 69% report feeling strong or very strong about their job stability, compared to the 57% who felt the same over the current state of their finances.
“Given the uncertainty we’ve all experienced these past few years, it makes sense that some people are feeling less confident in their financial situation right now relative to other factors in their lives,” said Tim Gerend, chief distribution officer at Northwestern Mutual, in a statement. “Finances are just one part of people’s lives, but they can have a real impact on overall wellness – especially if people are not sure if they are making sound financial decisions.”
Financial anxiety varies across workers
Northwestern Mutual found that financial anxiety tends to differ between generations, usually peaking for Millennials and eventually settling for Generation X workers and Baby Boomers. Thirty-six percent of Americans said the uncertainty surrounding their finances keeps them up at night at least once a month and tends to increase for Gen Z (44%) and Millennial workers (53%).
In fact, Millennials were likelier across all age groups to experience financial insecurity, given the point that many are entering their “sandwich” years as dual caregivers to aging parents and young children. Fifty-four percent of Millennials were likelier to say that financial uncertainty made them feel depressed, 45% say it has created issues with family members or friends, 42% reported the stress has impacted their relationship with their spouse or partner, 38% say it has made them physically ill, and 38% attribute the stress to poor job performance.
Easing financial worries with a professional
According to Northwestern Mutual, workers who utilize a financial professional’s advice were likelier to report higher confidence in both their personal and professional lives.
Those who work with a financial advisor said they felt strong or very strong about their friendships (87%), mental health (85%), physical health (83%), job stability (77%), and finances (75%), compared to those who didn’t. They were also likely to feel disciplined in all areas of their life, including job stability (80%) and finances (76%).
SEE ALSO:
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
