With the average American hitting regular small financial setbacks more often, such as discovering a drop in credit score, missing a credit card payment, or finding a bank account has dipped into overdraft, worry and anxiety have been increasing.
Because events like these are smaller than having the huge impact of a job loss or home repossession, they can quietly chip away at individual mental well-being. This, in turn, can harm health, causing anything from sleep disturbances to increased risk of cardiovascular issues and chronic stress.
To better understand how often these financial micro-stresses affect people, and what their impact can be, BadCredit.org carried out a survey of 3,000 respondents, which aimed to quantify how frequently these micro-stresses occur and identify which specific financial events contribute most significantly to stress levels.
When analyzing the data by state, it was found that the average Hoosier suffers an average of 19 financial micro-stresses a week, or 988 per year.
The specific financial events that contributed most significantly to Indiana residents’ stress levels were unexpected fees or charges, sitting at 21%. In second place, 20% of people mentioned bill payments, and in third place, 18% said the biggest stressor was a credit score dropping.
The survey also found that fifteen percent of people have difficulty tracking their spending, meaning that certain payments might slip through the net and are left with less money at the end of the month. This is followed by over-drafting on a bank account (14%), a declined credit card transaction (10%), and only 1% had issues with direct deposits.
BadCredit.org’s survey went on to ask how much financial micro-stresses affect our mental health. Nearly a third of Hoosiers said ‘significantly’ (31%), while nearly half said ‘moderately’ (49%). A very laid-back 20% said only ‘slightly’.
Over half (55%) keep the fact stated they keep their suffering from regular micro-stresses to themselves, and only 45% discuss it with friends or family.
A lot of people lie awake worrying about financial micro-stresses too; with over two-thirds (68%) admitting it keeps them up at night and affects their sleep. A fortunate 32% can sleep through any amount of worry.
Finally, BadCredit.org asked whether financial micro-stresses have a cumulative effect on overall stress levels, and over three-quarters (76%) admitted they do.
To see the full study by BadCredit.org, visit badcredit.org/studies/weekly-financial-microstressors/
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