Bankrate January 31, 2023
Because money can have a huge effect on day-to-day mental health, personal finance management and keeping debt low can, in theory, lead to better peace of mind.
But after years of COVID-19 effects, economic downturns and rising costs of living, staying out of debt just isn’t as simple as keeping a budget. Being in debt, or even worrying about finances generally, is negatively impacting people’s mental health — as of April 2022, 28 percent of U.S. adults who say that money negatively affects their mental health say that they worry about it daily.
Here’s how debt affects the mental health, regardless of income, age or other factors, of U.S. adults.
Key Bankrate insights on debt and mental health