If, like many other people in North Carolina, you are worried about your finances, you are not alone. It turns out that most people share many of the same concerns when it comes to money. A recent study of more than 35,700 people concluded that financial concerns are a source of stress for many Americans, according to MarketWatch.
It turns out that people are stressed about the same things when it comes to money. These include:
- Living a lifestyle above what they can afford
- Lack of funds saved for retirement
- Having large amounts of debt and not being able to pay it off
- Not having money saved up for emergencies
In fact, if you have no emergency savings, you are in the same boat as many other people. In 2015, 63 percent of people reported having no rainy day savings at all.
While all people likely experience stress about money from time to time, most are able to manage that stress. However, if your concerns are keeping you awake at night and you feel like there is no relief around the corner, your level of stress may be considered unmanageable.
Interestingly, you are more like likely to feel unmanageably stressed about money if you are a woman than if you are a man. The most stressed group identified in the study were women who made less than $60,000 per year and who had children at home. 24 percent of men in that income range reported feeling highly stressed about finances, compared to 26 percent of women. Women also reported feeling more stress in both the $60,000 to $100,000 and over $100,000 per year categories.