With the year 2023 winding down, that means it’s time to think about resolutions for the coming year. As the year has seen an easing of inflation, the aftermath of increased costs has left a lasting impact on our savings and financial wellbeing.
More than half of Americans (52 percent) said in a 2023 Bankrate survey that money negatively impacts their mental health, marking a significant increase from 42 percent just a year ago.
In the face of financial challenges, it’s crucial to explore practical money resolutions that not only brace you for economic shifts but also ensure you’re feeling good overall. Improving your finances in the coming year can benefit your overall health by reducing your worries over being in debt or not having enough in your savings account to cover an emergency.
Financial wellness statistics
According to Bankrate’s 2023 money and mental health survey:
- Of those who worry about money, 56 percent have that worry at least once a week, and 29 percent worry daily.
- A large majority (82 percent) of those who say money negatively affects their mental health blame economic factors, including: inflation (68 percent), rising interest rates (31 percent) and not having a stable income or job (29 percent).
- Meanwhile, 56 percent say not having enough emergency savings contributed to negative mental health impacts.
- Gen Xers and millennials were most likely to say that money negatively affected their mental health of the generations — 60 percent and 55 percent said so, respectively.
Americans and their financial goals
Money issues are impacting Americans’ quality of life and progress toward financial milestones:
- Over half (56 percent) feel behind in their retirement savings. (Retirement savings survey)
- Similarly, 57 percent are uncomfortable with their level of emergency savings. (Emergency savings report)
- Of those who do not currently own a home, 47 percent say the current housing market is why they don’t. (Financial security survey)
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