The money issue stressing Americans out the most

If you're stressed about money, you're not alone. A survey by Bankrate published in June found that 52% of adults in the U.S. said "money has a negative impact on their mental health, including causing stress." Of all money-related issues, the one that's the biggest thorn in Americans' side, according to the survey, is not having enough emergency savings. This was cited by 56% of survey respondents as "having a major negative impact on their mental health."

Further, the survey revealed that not everyone is suffering from financial stress to the same degree. Here's a look at who in America is bogged down by it the most, as well as some tips for how to combat that stress.

What are the main stressors?

The No. 1 money-related stressor weighing on the surveyed U.S. adults was "insufficient emergency savings," reported Bankrate. Having some funds stashed away in case of an emergency can serve as a lifeline in a pinch, and without that "sturdy basis of financial support to withstand financial volatility," Bankrate said that people can "feel stressed and lacking control."

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But the amount consumers have in savings is dwindling. In its 2022 emergency savings report, Bankrate found that "almost half (44%) of consumers have either less savings or none compared to a year ago." This is likely due at least in part to rising prices amid inflation, which leads to another major stressor among American adults: the economy.

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Bankrate's survey found that of those who said money "negatively affected their mental health," 82% named the economy as the main driver of that stress. Specifically, 68% said they were worried about inflation and rising prices; 31% expressed concern about rising interest rates; and 29% cited worries about job security and lack of a stable income.

Which Americans are most stressed about money?

The survey conducted by Bankrate also looked at cross sections of the population to see how financial stress was impacting different groups. Here's what it found:

• By generation: The middle generations are weathering the most financial stress. "Gen X (ages 43 to 58) had the highest share saying money negatively impacts their mental health, followed by millennials (ages 27 to 42)," Bankrate said. This is compared to 52% of those in Gen Z (ages 18 to 26) and 45% of baby boomers (ages 59 to 77).
• By race/ethnicity: Survey participants who identify as white were likeliest to point to economic factors as cause of financial stress. Specifically, 70% of white participants who reported negative impacts to their mental health due to money cited rising prices and inflation as the top financial stressor, compared to 56% of Black participants and 68% of Hispanic participants.
• By income level: Perhaps unsurprisingly, those with incomes under $50,000 have the highest share of financial stress. While 59% of survey participants in that group reported experiencing financial stress, just 45% of those earning $100,000 or more did.
• By education level: The most stress related to money is felt among those "who have completed some college, but have less than a bachelor's degree," per Bankrate. Those with the highest level of education surveyed — post-graduate — had the lowest share of economic stress.
• By sex: According to the survey, women are feeling financial stress more than men are. Specifically, 56% of women said that money negatively affected their mental health, compared to 47% of men.

How can you better manage financial stress?

Financial stress can have serious impacts. Citing the American Psychological Association, Bankrate reported that financial stress can hurt everything from relationships, work, the completion of everyday tasks, and physical health.

Some common signs that you're stressed financially include difficulty managing your finances, feeling unprepared for financial emergencies, experiencing uncertainty about the future, and struggling to live in the present, said Capital One.

In other words, if you're dealing with financial stress, it's important to address it. Here are some tips for how to do so:

• Pinpoint the source of your stress: You may already know which aspect of your financial situation is freaking you out the most, and you're scared to look it in the eye. But if you don't, try identifying the main sources of your financial stress, and then coming up with a plan to deal with them, Time advised. "When you understand the main sources of your financial stress, you'll be able to better tackle the problem."
• Make a plan: Financial stress often leads to feeling a loss of control. One way to take that control back is to create a plan to get your financial life on track. Consider creating a budget and taking steps to keep your spending in check. The latter is especially important given the role emotions can play in our discretionary spending. "You might find you tend to shop when you're in a good mood or as a quick pick-me-up on a rough day," Capital One said. Pay attention to your own spending triggers, especially given that they "might be amplified during trying times."
• Ask for help: Muddling through a stressful financial situation doesn't have to be a DIY activity. Even just talking to someone about your sources of stress can be a step in the right direction. "Let the people closest to you know your financial situation and how you'd like it to change or improve," Capital One said. You might also turn to a trusted friend who is financially savvy for guidance, or consider enlisting the help of a financial professional, such as a credit counselor, to create a debt payoff plan or formulate your financial goals for the future.

Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She has previously served as the managing editor for investing and savings content at LendingTree, an editor at SmartAsset and a staff writer for The Week.