Latest news with #financialanxiety
Fast Company
21-07-2025
- Health
- Fast Company
Exclusive: 77% of employees have worked through a mental health crisis
In 2025, our collective mental health in the U.S. is worsening, with some reports calling it a 'crisis.' But when it comes to millennials and Gen Z employees, that national concern may be even more urgent with financial anxiety driving the crisis. A Modern Health report published today revealed just how mentally strained 18- to 44-year-old workers are, and the findings are troubling. In a survey of 1,000 American professionals within the age range, a staggering 79% said that economic uncertainty is fueling their anxiety. A dismal 16% rated their mental health as excellent. For millennials and Gen Z, financial anxiety seems to be all encompassing. Three in four workers said it is to blame for their burnout, 68% said it interferes with their ability to be productive at work, and it keeps 76% up at night, routinely disturbing their sleep. In a press release, Matt Levin, CEO of Modern Health, said, 'Our latest report reveals that many of today's young workers are quietly pushing through mounting mental health challenges just to keep up at work.' One massive issue seems to be the feeling that they can't step away or log off. Nearly three quarters (74%) said they've delayed taking time off due to financial concerns. And 77% say they check emails when they do take time off. A concerning 80% said they've sacrificed their mental health for work and 77% say they've even worked through a mental health crisis. While you might think 18- to 44-year-olds are more in tune with mental health concerns than older age groups, they largely feel forced to ignore their mental health concerns. Over half (58%) said they delayed seeking mental health care until their symptoms became unmanageable, with 66% pointing to financial stress as the reason for delaying getting the care they needed. 'For many employees, the pressure to perform outweighs the permission to pause,' Jessica Watrous, senior director of Clinical Research and Scientific Affairs at Modern Health, said in the report. 'They want to do well, but they feel they can't ask for help even when they need it most.' Gen Z and millennials say they want mental health support at work, but aren't getting it or the support isn't effective. In fact, nearly three quarters (71%) say that company mental health programs just mask toxic work culture that deprioritizes employee mental health over all. While an overwhelming majority, (96%) say prevention is key, with 94% saying it would improve their life overall, and 52% saying that mental health care would increase the trust they have in their employer, the vast majority do not feel a culture of prevention exists in their workplace. Only 31% of employees actually feel that their employers care about their mental health and create work cultures that support it. Millennials and Gen Z are struggling, while not getting the help they need. They also feel stuck. While 52% have considered quitting due to mental health concerns, 69% said they're avoiding changing jobs, even if it means staying in toxic environments. Essentially, financial anxiety is simply so crushing, that making changes—whether that be seeking help or getting a new job—feels impossible.
New York Times
15-06-2025
- General
- New York Times
What My Dad Gave Me
My father gave me his freckly skin and, like him, I had melanoma. He gave me asthma and protruding elbows that are identical to his own. He gave me reddish hair that's kindly reluctant to go gray. He gave me an aversion to drinking by not having one himself. He did not give me the seat next to him at a San Diego Chargers game. He had season tickets when I was a kid, but I only found out about it years later. He gave me the ability to talk to anyone because I couldn't stand the awkward silences that he provided. He gave me really nice houses to grow up in, but we moved a lot for his work, and things never seemed to be going well, so he gave me financial anxiety, too. He gave me the tools to withstand a sexist world. He would say: Hillary looks ugly in her pantsuits. And her voice! Women don't belong on the golf course. This was my exposure therapy. He gave it generously. He didn't give me a response when I was little and watching a baseball game on TV with him. Why, I wanted to know, did the umpire call a strike when the batter didn't swing his bat? He couldn't be bothered to explain. Want all of The Times? Subscribe.
Yahoo
08-06-2025
- Business
- Yahoo
A Software Developer Who Finally 'Escaped Retail Hell' Says They Finally Hit Six Figures But Feel Poorer Than Ever—'I Thought I'd Feel Rich'
After years in low-paying retail, a Reddit user recently landed a software development job with a $105,000 salary. But instead of feeling relief or success, they're overwhelmed by financial anxiety. 'Just hit $105K salary (software dev, finally escaped retail hell) and I thought I'd feel... rich? Or at least comfortable?' the poster wrote in the r/MiddleClassFinance subreddit. 'Instead, I'm lying awake at 2 a.m. doing mental math about whether I can afford the $6 fancy coffee tomorrow.' Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Invest where it hurts — and help millions heal:. They explained that their old life on a $45,000 salary came with simplicity. 'I lived in a sh*tty studio, ate ramen, had like $200 leftover each month but somehow felt fine??' Now, with more income, they shop at Whole Foods, rent a one-bedroom apartment, and save $1,500 a month. Yet every expense feels heavier. 'Now I'm stressed about every purchase over $50.' 'I think I'm experiencing some twisted version of lifestyle inflation,' they added. 'When I made $45K I'd buy a $15 shirt without thinking. Now I make $105K and I spent 20 minutes last night researching if a $40 sweater was 'worth it.'' This sentiment hit home for many commenters who said they've experienced the same thing. 'When I was making less, I mentally felt 'whatever' since the progress I was going to make on lower income was minimal,' one person shared. Trending: 'Before I made enough to save anything, there was no point thinking about money that much. Now my spending habits can make thousands of dollars of a difference in my annual savings and I am thinking of everything in terms of how it impacts my retirement,' another added. Another person said, 'My higher-paying job is miserable so now every dollar has inherently more value to it. Each one represents endured suffering and relatively few things seem worth the cost.' Others blamed the problem on lifestyle creep and expectations. 'At $50K, spending $100 on a fancy keyboard was a way to feel like I could spend money. At $110K, spending $100 on a fancy keyboard I don't really need is just opportunity cost,' a commenter explained. One philosophical reply suggested this is a predictable psychological trap. 'Kierkegaard coined the term 'angst' to describe how it feels when you know that your choices have future consequences, but you don't know exactly which choice will result lead to which consequence,' they wrote. In essence, when one is broke, their options are limited. When they're making six figures, there are more forks in the commenters pointed out that a six-figure salary today doesn't go as far as it once did. '$100K now is more like $60K pre-COVID,' one person wrote. Another broke down their expenses on a $160,000 salary and still had less than $1,200 a month left after taxes, healthcare, housing, and child support. 'I should be swimming in cash like Scrooge McDuck.' And when it comes to groceries? Whole Foods got roasted. 'Shopping at Whole Foods is kind of a waste unless you have certain health requirements,' one person noted. 'There's a reason they call it Whole Paycheck.' The original poster may not feel wealthy, but many agreed their habits show long-term thinking. Read Next: Can you guess how many retire with a $5,000,000 nest egg? .UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article A Software Developer Who Finally 'Escaped Retail Hell' Says They Finally Hit Six Figures But Feel Poorer Than Ever—'I Thought I'd Feel Rich' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
01-06-2025
- Business
- Yahoo
Here's how much you should have saved for retirement at age 30, 50 or 60 — are you at risk of falling behind?
Most Americans are worried about money, especially when it comes to retirement. A 2025 survey by Capital One and The Decision Lab found that 77% of U.S. adults feel anxious about their personal finances. A separate Allianz Life survey reveals that 64% of adults fear outliving their savings more than death itself. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) One way to deal with this anxiety is to check whether your retirement savings are on track depending on your age and income. Analysts at financial giant T. Rowe Price published retirement savings benchmarks to aim for depending on age and salary. Having ballpark figures to aim for at different periods in life can help you understand whether you're on track or behind and motivate you to take action. Here's a closer look at the figures suggested by the T. Rowe Price team. Your 30s are a critical time to start building momentum with your savings. On one hand, your income is probably accelerating as you start to make strides in your career. On the other hand, this is also a period that involves some of your biggest expenses, such as buying a house or starting a family. For example, the median age of a first-time homebuyer is 38, according to the National Association of Realtors. These big-ticket expenses could make it difficult to save any of your income. However, you also have the luxury of time, which means you have multiple decades of saving, investing and compounding wealth to look forward to, so your money still has plenty of time left to grow. T. Rowe Price suggests having 1x to 1.5x your annual income saved by your mid-to-late 30s to stay on track for retirement. That means if you earn $70,000 each year, you need at least $70,000 to $105,000 saved in financial assets to be on track for a comfortable retirement. The average 50-year-old probably has a more established career, a lower mortgage and adult children that don't need as much financial assistance. In general, this is a great time to double down on your savings and investments to get to your retirement goal as early as possible. T. Rowe Price suggests that if you have anywhere between 3.5x to 5.5x your annual income saved in your 50s, you're on track to retire comfortably. That means if your annual income is $100,000, you need up to $550,000 saved in total assets. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it The team also suggests ramping up your yearly savings rate to 15% of your income or more. 'We found that 15% of income per year (including any employer contributions) is an appropriate savings level for many people, but higher earners should likely aim beyond 15%,' says the report. While it may be difficult to save 15% earlier in your career, it becomes more achievable, and necessary, as your income increases. The average retirement age for men is 64 and for women it's 63, according to a study by the Center for Retirement Research at Boston College. However, you may decide to leave work earlier or later than the average age depending on how much wealth you've managed to accumulate by your 60s. According to T. Rowe Price, the average 60-something needs between 7.5x to 13.5x their annual salary in net assets to retire comfortably. This means if you're earning $120,000 you may need up to $1.62 million saved in total wealth to consider leaving the workforce. Keep in mind that these benchmarks are general rules of thumb based on a 4% withdrawal per year in retirement. Your target could be very different from T. Rowe Price's suggestions depending on your retirement goals. If you plan to move somewhere with a different cost of living or expect to increase your spending in retirement, your savings goal may differ significantly. If you're behind on your retirement savings, T. Rowe suggests the following to catch up: Take advantage of the full company match in your workplace retirement plan, if they offer one Increase your savings rate over time Make catch-up contributions to your workplace retirement plan or IRA, if you're over age 50 Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Fox News
31-05-2025
- Business
- Fox News
Evening Edition: Women Leading The Way In Overcoming Financial Anxiety
Young women in America are leading the way in taking steps overcome financial anxiety during times of economic downturn. They are changing their consumer behavior by cutting back on spending and embracing a DIY lifestyle. It is a trend of strategic smart saving coupled with smart spending that is helping to build a more stable financial future. FOX's Tonya J. Powers speaks with Emily Zekonis, finance expert for online savings platform Raisin, who says by using some financial foresight you could see a long-term change for the better. Click Here To Follow 'The FOX News Rundown: Evening Edition' Learn more about your ad choices. Visit
