Common Money Stresses Americans Face

Handling and managing your financial situation can be a very stressful thought. However, you are not alone with how you feel! There are common money fears that Americans face and this a list of the top 5:

Not making enough money

One of the biggest financial challenges facing Americans is too many bills with too little income (According to this Gallup Study). This is especially true now due to the amount of unemployment that Americans are facing due to the pandemic. On top of that stress, roughly 25% of American families rely on only one source of income which just worsens the stress that people face every day with their finances.

Owing too much money

According to an analysis done by Nerd Wallet the average American household's mortgage debt is $150,000. The average credit card debt is just over $15,000, and the average student loan debt is roughly over $30,000. Often times, households face many different types of debt all at once. These types of financial burdens can not only cause stress but can be detrimental for the lives tied to these debts. If you end up missing payments, then you can hurt your credit score which makes getting anything associated with your credit much more difficult than it needed to be.

High cost of healthcare

Family insurance premiums on average are roughly $833/month while individual insurance premiums average at $321/month according to data collected by eHealth Insurance. Due to these exceedingly high costs, families feel the financial burden these premiums hold. Many families struggle with deciding between getting insurance just in case anything happens or saving more money in the short term by getting no insurance. However, if a person opts not to have insurance, and an emergency happens then they can fall into debt with huge hospital bills. These types of situations are why it is important to have insurance even though it is very costly. This dilemma is what Americans primarily feel stress over.

Lack of Jobs

Around 39% of Americans do not feel certain about the stability of their job according to a Gallup survey. This was before the pandemic had hit the country. Now with over 40 million Americans that filed for unemployment, that stress has likely gone up. The anxiety about job loss can take a toll on a family especially with families who rely on a joint income for their household.

Financial values that don't align

Finances are a part of the leading cause of divorce in America, according to a Pew study. Regardless of the income, the disparities in intentions and values with money overall make couples disagree, and drift apart. That is why it is important before taking serious steps in a relationship to discuss each other’s views with finances.

These 5 financial problems are issues that Americans face every day, that is why it is important to remind yourself that you are not alone. With the proper steps, you will be able to get over these obstacles and prosper in every situation!