Costa Mesa, Calif., Oct. 25, 2023 — A staggering 68% of U.S. adults feel they have suffered from, or are currently suffering from, financial trauma according to new research released today by Experian®. The research sheds light on the prevalence of negative feelings and angst related to financial matters, with approximately 65% of adults admitting to experiencing negative thoughts, flashbacks and anxiety when dealing with financial issues.
Financial stress among younger generations
Younger generations, namely Gen Z adults and millennials, stand out regarding their reported levels of stress and financial anxiety, with 73% of Gen Zers and 77% of millennials experiencing negative thoughts, flashbacks and/or anxiety about money.
The survey revealed a lack of discussion about money growing up and limited access to trustworthy information about finances as possible contributing factors to financial stress:
“Small steps can make a big difference in helping consumers feel less financially stressed and live more financially empowered lives,” said Christina Roman, Consumer Education and Advocacy Manager at Experian. “Our goal is to normalize conversations about money and financial stress and connect consumers with the financial education and resources necessary to help bring financial power to all.”
Education and planning key to reducing financial stress
Experian’s research underscores adults’ eagerness to improve their financial well-being. More than half (55%) expressed that access to more financial education would help alleviate their financial stressors, and 45% believe establishing a more concrete financial plan for their future would reduce their financial anxieties.
These sentiments were particularly strong for America’s youngest consumers, with 74% of Gen Zers and 75% of millennials stating that more financial education would reduce financial stress.
Free credit education resources and tools
Experian is committed to partnering with organizations dedicated to helping consumers navigate and overcome financial challenges, including the National Foundation for Credit Counseling (NFCC).
“We recognize many consumers are feeling the effects of financial trauma and stress,” said Bruce McClary, Senior Vice President, NFCC. “Whether a consumer is struggling with debt or recovering from a financial setback, financial knowledge can help consumers confidently manage their current situation and prepare for their future. We can help consumers make informed decisions about the solutions that may be best for their unique situation.”
Consumers can receive one-on-one support from one of over 1,200 certified financial counselors at 250 locations across the U.S. to establish debt relief plans through the NFCC by visiting https://www.nfcc.org/.
Those looking to reduce their financial stress and improve their financial well-being are also encouraged to take advantage of Experian’s free tools and resources, including:
Get your personal finance and credit questions answered
For additional support, watch this video to learn more about credit and personal finance. Education experts from Experian and NFCC recap these survey findings, address common consumer questions, and share tips to improve your financial health and overcome financial stress.
For more information on Experian’s financial trauma research, visit: https://www.experian.com/blogs/news/2023/10/20/breaking-the-chains-of-financial-stress/
Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.
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