Money can’t buy you happiness, but the lack of it can buy you stress.
Americans living in lower-income households have a higher level of stress compared to Americans overall, according to a new study released by the American Psychological Association.
The study conducted in August 2014 found that 72 percent of Americans reported feeling stressed about money at some point in the last month, while 22 percent said they experienced extreme stress about financial matters.
But the study reflected an income gap, with those earning less than $50,000 per year reporting higher overall stress than those earning more. In 2007, a similar study found that income had no direct impact on stress levels.
Age is also a factor into stress levels, as 77 percent of parents feel high levels of stress about money compared to 75 percent of millennials (ages 18 to 35 years old) and 76 percent of Gen Xers (ages 36 to 49-years-old).
“All Americans and particularly those groups that are most affected by stress — which include women, younger adults and those with lower incomes — need to address this issue sooner than later in order to better their health and well being,” APA CEO and Executive Vice President Norman B. Anderson, PhD, said in a statement.
But, the good news is that overall stress is spiraling down since the APA first started gathering their research in 2007. The average person reported stress level is 4.9 on a 10-point scale, lowered from 2007 when it was at 6.2.