Paige DeVriendt, a 32-year-old Columbus, Ohio resident, has spent the majority of her life linking finances to feelings of anxiety and shame.
Today, DeVriendt and her husband earn a combined annual income of approximately $225,000. This salary has allowed them to manage their bills, invest, and save, all while steadily paying down six figures of student loan debt. Despite being able to afford her lifestyle comfortably, she has struggled with financial shame for years. Raised in a small town in northwest Ohio, DeVriendt absorbed much of the financial stress her parents experienced.
“When I got to college and saw how other people lived on different (financial) levels, I was like, ‘I want to be that,’” DeVriendt says. “’I don’t want to be stressed for the rest of my life about money.’”
Nevertheless, for most of her adulthood, her persistent money-related anxiety remained. She felt significant shame regarding her large student loan balance and lived in fear of a potential layoff or emergency that might leave her unable to cover her expenses.
“I was very much functioning in the scarcity mindset when we did not need to be,” DeVriendt says.
After years of battling shame over her student debt and feeling behind on financial literacy, DeVriendt has finally reached a point where she no longer experiences such intense money anxiety. However, reaching this state was a difficult process that required years of studying personal finance and mastering budgeting techniques.
DeVriendt is not alone; she is one of millions of Americans who have spent sleepless nights worrying about their finances. More than 2 in 5 (43 percent) U.S. adults report that money negatively impacts their mental health at least occasionally, leading to stress, anxiety, intrusive thoughts, depression, and sleep loss, according to Bankrate’s new Money and Mental Health Survey, conducted March 19-21, 2025.
While this figure is lower than the 47 percent reported in 2024 and 52 percent in 2023, money remains the primary factor affecting mental health, ranking above other concerns such as climate change, world news, and politics (38 percent) or personal health (36 percent).
Although more individuals report that money affects their mental health compared to current events, these two issues are currently deeply intertwined.
Today, high interest rates, pressures will remain subdued.
Bankrate’s insights on money and mental health
Bankrate Data Center
More than 2 in 5 Americans say money negatively impacts their mental health
Financial concerns negatively affect the mental health of more Americans, at least occasionally, than other common stressors, including current events like world news, politics, and climate change (38 percent); personal health (36 percent); or the condition of the U.S. economy (33 percent).
“We often see a ‘hierarchy of needs’ when it comes to Americans’ mental health,” Bankrate U.S. Economy Reporter Sarah Foster says. “If you’re concerned about day-to-day bills, affording basic essentials or putting food on the table, you might not have much room left to fixate on the world around you, the U.S. economy or current events.”
Regarding gender, women are more likely than men to report that money negatively affects their mental health at least occasionally (45 percent versus 41 percent).
Furthermore, baby boomers are less likely than younger generations to state that money negatively impacts their mental health at least occasionally:
Gen Zers (ages 18-28): 46 percent
Millennials (ages 29-44): 47 percent
Gen Xers (ages 45-60): 49 percent
Baby boomers (ages 61-79): 34 percent
Democrats are more likely to say current events, rather than money, negatively impact their mental health
In 2024, both Democrats and Republicans identified money as the leading factor negatively impacting their mental health, but that has changed for Democrats.
This year, Democrats point to current events as the primary factor negatively impacting their mental health at least occasionally (52 percent), while 46 percent identify money. Money was the top issue for Democrats in 2024, when 49 percent reported it negatively affected their mental health, compared to 41 percent who cited current events that year.
Conversely, Republicans identify money as the leading factor negatively impacting their mental health at least occasionally (38 percent). This is a slight decrease from the 41 percent reported in 2024.
Additionally, individuals with college degrees are more likely than those without to report that current events, rather than money, negatively impact their mental health:
Post graduate degree: 55 percent cite current events, 40 percent cite money
Four-year degree: 49 percent cite current events, 44 percent cite money
Some college/two-year degree: 41 percent cite current events, 47 percent cite money
No high school diploma/only a high school diploma: 25 percent cite current events, 41 percent cite money
Inflation is a top stressor for many Americans
The majority of Americans who report that money negatively impacts their mental health identify inflation and rising prices (69 percent) as the cause. Today, a higher percentage of those whose mental health is harmed by money cite inflation than in 2024 (65 percent) and 2023 (68 percent).
As of March 2025, the inflation rate is at its lowest point since February 2021, according to the Bureau of Labor Statistics (BLS). However, there may be a disconnect between the official inflation data and the high prices consumers encounter at the store.
“The slowing inflation that economists celebrated last year does not mean prices are cheaper, just that they aren’t rising as fast as they once were,” Foster says. “For households, every future increase in inflation is still piled on top of previous price hikes.”
Individuals who report that money negatively affects their mental health also frequently cited covering daily expenses like utilities or groceries (61 percent); insufficient emergency savings (57 percent); a lack of discretionary spending money (46 percent); debt, such as student loans, medical bills, or credit cards (43 percent); housing costs like mortgage or rent payments (37 percent); and being unprepared for retirement or having low investment returns (34 percent).
Less common reasons cited by those who say money harms their mental health include lack of a stable income (30 percent), high interest rates (25 percent), job security (21 percent), inability to afford a home or saving for one (21 percent), and investment losses or financial market volatility (17 percent).
Among those who report that money negatively impacts their mental health, women are more likely than men to point to rising prices or inflation (72 percent of women compared to 64 percent of men). Women are also more likely to cite a lack of emergency savings, while men are more likely to mention job security or the lack of a stable income.
Types of money concerns:
Not having enough emergency savings: 62 percent of women, 51 percent of men
Paying for everyday expenses (e.g. groceries, utilities, etc.): 65 percent of women, 56 percent of men
Paying for housing (e.g. rent, mortgage, etc.): 41 percent of women, 32 percent of men
Not having a stable income: 26 percent of women, 34 percent of men
Job security: 17 percent of women, 26 percent of men
Among individuals who report that money negatively impacts their mental health, Gen Zers are the most likely generation to cite a lack of stable income as a primary reason:
Gen Zers: 43 percent
Millennials: 33 percent
Gen Xers: 30 percent
Baby boomers: 13 percent
They are also the most likely to cite the inability to afford a home or the struggle to save for one:
