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- Americans spend nearly four hours a day thinking about their finances, and many have increased financial stress compared to last year.
- The best financial concerns include bills, inflation, housing costs and debt, which vary from generation to generation.
- Younger generations, especially Gen Z and millennials, are worried about money and experience more sleep disruptions due to financial concerns.
Between bills paying, tariff news, and inflation mental worries, money lives a rent-free life in the minds of Americans.
They spend an average of nearly four hours a day on that, according to a new study from financial services firm Empower.
“It’s part-time work,” said Rebecca Rickert, Empower’s Director of Communications and Consumer Insights.
In 54%, more than half of the 2,206 adults surveyed said they were thinking about it more than last year. In fact, a June survey found that 53% of Americans were suffering from financial stress “more than ever” including 62% of Gen Xers and 41% of baby boomers.
When banks and investment apps tap on their phones, 17% of Americans check their financial accounts multiple times a day, and 24% check their bank accounts daily.
High levels of surveillance are more common among younger generations. 24% of GenZers and 21% of millennials consider their accounts several times a day, compared to 10% of baby boomers.
“People check their accounts to check the weather,” Likert said.
What exactly do Americans think?
Of course, the best mind for most Americans is future payments and due dates. 57% of Americans report thinking about the bill.
Inflation and price rises also account for 51% of Americans’ headspace. Of those surveyed, 34% were considering housing expenses, 30% were thinking about debt, 28% were thinking about tariffs, and 24% were thinking about retirement savings.
“Throughout external factors beyond control, such as market uncertainty, people are under more financial pressure, but they manage multiple priorities such as debt, daily expenses, and savings.
The main concerns of younger generations are housing costs, employment security and debt, Likert said. Meanwhile, older generations are thinking about retirement savings and preparations like emergency cash.
Young Americans spend more time worrying
The amount of time spent thinking about money varies from generation to generation, and appears to decrease as Americans age.
Gen Z spends the most time thinking about money, with an average of 4.82 hours a day. Millennials average close to 4.73 hours a day. The money is still heavy in the minds of Gen Xers and Baby Boomers, but they don’t think much about it. They average 3.74 and 2.4 hours per day, respectively.
Jack Howard, head of Financial Wellness at Ally Financial, said Gen Zers is unique because they have more information at their fingertips thanks to the internet and “compare themselves” thanks to social media.
“This is good because you want you to get information and use it. But I think that’s creating an overload of anxiety,” Howard said. “Social media creates some degree of competition.”
When do Americans think about money?
This topic is so stressful that 36% of Americans report losing sleep more than financial concerns. Millennials may have the least rest. 44% report that money concerns keep them. Baby boomers get better at night. Only 24% report that it affects sleep.
Money concerns will not be cancelled in the day. The survey found that 38% of respondents said that financial concerns hinder their ability to focus on their relationship and place a burden.
Gen Zers are most likely to think about money between 2pm and 5pm, while millennials and Gen Xers often worry about their finances before going to bed between 8pm and 11pm
Is the stress of money motivated?
Nearly half of Americans report thinking about money helps them take action to achieve their long-term goals, with 47% saying they are sure they will reach them.
Another 30% reported feeling neutral or fenced about whether they would reach their long-term goals. In the meantime, many Americans are looking for financial advice and information.
As we generally look into topics like inflation, budgeting, savings and more, more than half reported following financial news. The third said talking to a financial advisor would help clarify their financial goals.
Still, Frison warns people against anti-mining about finances and thinking too much about past mistakes and missed opportunities.
“Thinking about money is useless when it comes to an endless loop, so the key is to move from stress to structure, even one small move,” Frison told USA Today.
Helps to alleviate financial pressures
When asked what eases their financial worries, nearly half of survey respondents stated higher incomes, and 45% said lower costs of living.
However, 29% wanted “a wider economic improvement,” while 28% pointed to debt elimination. Almost a quarter said larger emergency funds would help, while 18% said they would have a positive impact on detailed financial plans.
Suppose your money takes up more mental headspace than you would like. In that case, Frison recommends doing a personal financial audit, developing small habits over time and seeking help from friends, family, or professionals.
“When people are in the silo about these things, that makes it difficult to take action,” Howard said. “That’s where shame comes from.”
She and Liquort highlighted the importance of people improving their financial situation and reducing stress, whether it is beginning to pay off their debts or contribute to the 401(k) from taking action from passive concern.
Reach Rachel Barber at rbarber@usatoday.com Follow her with x @Rachelbarber_
