A recent survey across various advanced economies found that roughly half of adults are stressed about personal finance. According to the International Your Money Financial Security Survey conducted by SurveyMonkey, at least half of adults in major economies feel stressed about their personal finances, with inflation being a significant trigger. Additionally, a notable number of respondents feel financially worse off compared to their parents and are pessimistic about their children’s financial futures.
In countries like the U.S., Australia, Spain, and Mexico, around 70% of adults reported being stressed about money, with slightly lower percentages in the U.K., Germany, Switzerland, Singapore, and France. Despite many considering themselves part of the middle class in these countries, between 45% and 62% admitted to living paycheck to paycheck.
Inflation, lack of savings, economic instability, and rising interest rates were commonly cited as sources of financial stress. Only adults in Singapore and Mexico reported feeling better off financially than their parents. The survey, conducted in March and released recently, revealed a general sense of financial stress among adults globally, even as the health of the global economy remains relatively stable.
The survey findings reflect a global economic slowdown, with developed economies avoiding recession despite predictions of high inflation and interest rate hikes. While labor markets have shown resilience, consumers have been affected by rising prices in household bills and everyday goods, leading to widespread financial stress.
A recent survey conducted by SurveyMonkey found that roughly half of adults in major economies are stressed about their personal finances. The study, conducted in the U.S., Australia, Spain, Mexico, the U.K., Germany, Switzerland, Singapore, and France, revealed that inflation is a major reason for financial stress. Many adults also feel worse-off financially than their parents, and are pessimistic about their children’s financial futures.
The survey found that between 45% and 62% of those who identified as middle class described themselves as “living paycheck to paycheck,” despite the traditional notion of middle class individuals being financially comfortable. In countries like Australia, Germany, and the U.K., half of adults reported being worse off than they were five years ago. However, adults in Singapore and Mexico were more likely to say they were better-off financially than their parents.
Inflation, a lack of savings, economic instability, and rising interest rates were cited as major sources of financial stress. Despite the fact that most developed economies have avoided recessions and labor markets have remained resilient, consumers have been hit hard by price rises in household bills and everyday goods.
Overall, the survey found that the health of the global economy is not being reflected in the perceptions of the average person, as roughly half of adults in every country studied are stressed about their personal finances. This suggests a disconnect between economic performance and consumer sentiment when it comes to financial well-being.
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