Personal finances
Photo by Roberto Hund on

Personal finances have biggest impact on mental health for women and Gen Z – study

Worries about personal finances cause more harm to the mental health of more than half (55.1 percent) of US adults aged 21 to 80 than concerns about climate change, geo-political or social issues, according to a new study(1) from Point, the leading home equity investment platform.

Well over one-third (36.5 percent) said the issue was causing them to lose sleep. 

Gold Investment | Build Your Financial Future | Vaulted

Related article: Workers feel overwhelmed by debt, reveals study

Financial stress is most pronounced for women and adult members of Gen Z, born between 1997 and 2011.

Women(2) carry a heavier burden when it comes to stress about personal finances than men(3). Nearly 60 percent of women said personal finances impact their mental health “a great deal” or “quite a bit”, compared with about 45 percent of men.

Among generations, Gen Z was most likely to say their worries about personal finances impact their mental health. While they are also the generation that says social issues impact their mental health the most (47.4 percent said “a great deal” or “quite a bit”), even more (64.7 percent) cited personal finance as having an impact on their mental health.

Homeowners less worried about personal finances

“The impact of stress on personal finances can be profound for people, and clearly some groups, like women, are bearing the brunt more than others,” said Amanda Woolley of Point.

“Interestingly, homeowners feel more secure than non-homeowners, even as chatter that another recession is looming. Homeowners today are sitting on record equity, unlike in 2008, so it’s unlikely we’ll see the same impact as during the Great Recession. This equity provides security, giving them something to fall back on if the need arises.”

Indeed, homeowners were less worried about their personal finances overall, with 37.9 percent saying personal finances impacted their mental health “a great deal” or “quite a bit”. More than half (51.5 percent) of non-homeowners said the same.

Best Debt Consolidation Loans in May 2023 | LendingTree

Percent of each generation that said the below issues impact their mental health “a great deal” or “quite a bit”.

 Baby Boomers (1946-64)Gen X


Adult Gen Z (1997-2003)All generations
Personal finances45.2%54.7%56.6%64.7%55.1%
Climate change28.8%24.1%27.7%30.2%27.1%
Geo-political issues31.1%26.0%26.9%26.7%28.1%
Social issues32.8%32.0%29.4%47.4%33.1%
Gold Investment | Build Your Financial Future | Vaulted

Percent of each gender that said the below issues impact their mental health “a great deal” or “quite a bit”.

 MaleFemalePercentage point difference
Personal finances45.2%59.3%14.1
Climate change26.2%27.7%1.5
Geo-political issues32.7%24.5%8.2
Social issues18.8%34.0%15.2

Differences in concerns and dealing with financial stress

How people across generations and genders respond to financial stress is similar — everyone cuts down on non-essential expenses and tries to exercise more. A few highlights from the report include: 

  • Gen X (23.9 percent) and Millennials (26.1 percent) were much more worried about losing their jobs than other generations. 
  • People across generations have side hustles to address their financial concerns. It was most common among Gen Z (37.7 percent), but many working Baby Boomers also have side hustles (26.1 percent).
  • While pets are not the most common way to deal with the stress from financial worries (cutting down on non-essential spending is), 16.2 percent of all people said they got a pet to lessen the stress caused by finances. This was relatively even across generations.
  • Gen Zers were most likely to turn to social media for financial advice — and TikTok in particular. 15.8 percent have done so.

A whole investment firm of one.

Investing doesn’t have to be that hard.

Access stocks, ETFs, and more. Oh, and no commission fees. That’s right. Zero. Nada. Zilch. Your first stock is even on us.

*Conditions apply

 (1) For this survey, we asked 1,085 people ages 21-80 who were working full- or part-time, or looking for work, about the impact different stressors had on their mental health. We defined the generations according to Pew Research’s definitions, and used Survey Monkey’s online panel. The survey was conducted from April 28, 2023-April 30, 2023, with a margin of error of +/- 3.043%.

(2) Defined here as people who answered “female” when asked about gender

(3) Defined here as people who answered “male” when asked about gender

Amanda Woolley

– Globe Newswire, Palo Alto, Calif


Every month in 2023 we will be giving away one PlayStation 5. To qualify join our Facebook group, TikTok and Subscribe to our Sweet TnT Magazine YouTube channel


When you buy something through our retail links, we may earn commission and the retailer may receive certain auditable data for accounting purposes.

You may also like:

Anxiety and Mental Health poll shows 70% US adults worry about safety

Surviving medical school admissions: Prioritising mental health

Mental health nurses offered USD$14,000 to work in Colorado

Nursing reimbursement: Commission founded to improve model of payment

Miscarriage: Cope with painful emotions in 8 subtle ways

Online Counseling: Try Talk Therapy from Home | hims

About Sweet TnT

Our global audience visits daily for the positive content about almost any topic. We at Culturama Publishing Company publish useful and entertaining articles, photos and videos in the categories Lifestyle, Places, Food, Health, Education, Tech, Finance, Local Writings and Books. Our content comes from writers in-house and readers all over the world who share experiences, recipes, tips and tricks on home remedies for health, tech, finance and education. We feature new talent and businesses in Trinidad and Tobago in all areas including food, photography, videography, music, art, literature and crafts. Submissions and press releases are welcomed. Send to Contact us about marketing Send us an email at to discuss marketing and advertising needs with Sweet TnT Magazine. Request our media kit to choose the package that suits you.

Check Also


Andropause: How to tell the symptoms and 10 ways to cope

Andropause, often referred to as male menopause, is a natural decline in testosterone levels that …

Kratom gummies

Are Kratom gummies really effective or just a myth?

Kratom gummies have garnered significant attention in recent years, raising questions about their actual effectiveness. …

Leave a Reply