More Americans Are So Worried About Money, It's Hurting Their Mental Health

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Worrying about money hurts Americans and has negative effects on their mental health.

That's according to a new survey by financial information group Bankrate.

According to the survey results, 52% of respondents cited money as the top cause of harm to their mental health, 42% cited health problems, and 41% cited "current events" as the top cause for concern. .

The latest finding compares with the 42% of adults who said money had worried them in the past year.

Mental health problems can manifest in many ways. According to a Bankrate survey, this definition includes anxiety, stress, worry, sleep problems, and depression.

The results preceded Wednesday's inflation report, which showed a 5% annual price rise for the second straight month in April. However, some analysts say that inflation will exceed this figure due to recent increases in used car prices and rising wages.

This financial stress comes at a time when more American adults are facing financial disasters, including car repossessions and foreclosures.

In the money category of Bankrate's survey, inflation concerns were the top cause of stress, with 68% citing high prices as their top concern. 60% of the people who responded said they were worried about covering daily expenses and 56% said they were stranded without emergency funds.

"There are alarming statistics in this report...inflation is at the heart of many of these financial problems," Bankrate chief industry analyst Ted Rossman said in a Bankrate research note. "Despite a strong job market, wage growth has not kept pace with the cost of living. Debt has risen and savings have declined."

The frequency of worrying about money has also increased, with 56% of people who worry about money saying they worry about it at least once a week, up from 52% last year. Bankrate says that 29% of those who say money negatively affects their mental health say they worry about money every day.

The survey also found significant demographic differences in anxiety levels, with 61% of women saying inflation and rising prices had the most negative impact on their mental health, compared to 51% of men. Overall, 73% of women named “economic factors” as the main factor affecting their mental health, compared to 66% of men.

And an intergenerational survey found that 60% of Xer Xers (ages 43-58) say money has a negative impact on their mental health, compared to 55% of Millennials (ages 27-42). old) and 52% of Gen Zers (among the oldest). them) said the money had a negative impact on his mental health. 18 and 26 years). ) and 45% are baby boomers (59-77).

In an interview with Bankrate, financial therapist Lindsey Bryan-Podvin said Generation X is in a "sandwich" generation that can handle multiple addictions.

“They have the double problem of taking care of themselves, taking care of children and elderly parents, and getting to the second half of their earning year,” Brian-Podvin said. "Then, of course, they feel greater financial anxiety."

This article originally appeared on NBCNews.com

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