5 fast financial stress statistics. Americans opened up about debt, housing and spending habits in a survey from Freedom Debt Relief and the results underscore a desperate need for financial wellness.
More than 20 percent of Americans would rather go to the dentist or the DMV than talk about their finances, according to research by Freedom Debt Relief, which got people to open up about debt, housing and financial habits in their latest survey.
Nearly 80 percent of Americans said they have debt. More than 45 percent of them have debt over $10,000 and 5 percent of them are more than $250,000 in debt.
When asked about their financial habits, these are the five statistics that best highlight mounting financial stress for Americans:
5 Fast Financial Stress Statistics
- 41% don’t set aside any money for their household retirement plan.
- 25% have charged their credit card for groceries/food and not been able to pay it off right away.
- 33% said it would take more than 3 years to pay their credit card debt.
- 29% said if they needed $2,000 for an emergency, they would use a credit card.
- 20% of those with children in childcare said the cost is as expensive as, or more expensive than, their monthly rent or mortgage payment.
How Debt Impacts Personal and Professional Life
Most Americans carrying debt are suffering in silence. More than 40 percent of Americans said they find it difficult to talk about debt with friends and families, and as we mentioned earlier more than 20 percent would prefer a date with the dentist or the DMV over a discussion about debts and finances.
Americans bring their financial stress with them to work. Nearly 20 percent say the amount of their debt impacts their productivity. Research by PwC found more than 40 percent of employees who are distracted by financial stress spend 3 hours or more at work thinking about or dealing with issues related to their personal finances each week.
Financial wellness programs, like Best Money Moves, give employees an opportunity to privately learn how to better manage their debt, spending and saving. It empowers employees to resolve their financial stress, without having to talk about it.