Financial Anxiety and Stress Among U.S. Adults: New Evidence From a National Survey and Focus Groups
Andrea Hasler, Annamaria Lusardi, and Olivia Valdes
Summary: The economic impact of the COVID-19 pandemic has shed light on the deeply rooted financial insecurity that many Americans face. Our research shows that even before the pandemic hit, and at a time of economic expansion, a large share of Americans was already stressed about their personal finances and could not face a midsized shock, let alone the loss of income and unexpected expenses that many have faced during this crisis. In this brief, we examine the state of financial anxiety and stress among U.S. adults, and the factors that likely contribute to high levels of financial anxiety and stress. The empirical analysis is based on the FINRA Investor Education Foundation’s 2018 National Financial Capability Study (NFCS) and complemented by focus group findings from December 2020.
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