Jenius Bank report shows the impact of finances on mental health

LOS ANGELES, June 24, 2024 – Jenius Bank, the digital banking division of SMBC MANUBANK and a member of the SMBC Group, today unveiled the findings of its new survey, The Mind-Money Connection: How Managing Your Finances Can Make You Happier, revealing the tangible ways consumers’ financial situations intertwine with our mental health and wellbeing.

The report, which surveyed more than 4,000 U.S. consumers*, comes as Americans face a wave of significant financial hurdles, from persistent inflation to rising debt to the increasing uncertainty of retirement. As the data shows, financial pressures – among many others – are causing stress and anxiety that may impact nearly every facet of people’s lives, from their relationships to their physical health to plans for the future.

“We’re deeply invested in identifying ways to help Jenius Bank customers feel more secure with better products and resources that help minimize or alleviate common financial stressors,” said John Rosenfeld, President of Jenius Bank.

The report reveals what respondents believe it means to live richer lives in 2024, how financial stress manifests, and the ways in which these consumers receive and seek out financial advice.

In the past, being “rich” might have been described as splurging on fancy cars and lavish homes, but in 2024, the true meaning of living a rich life reflects a new way of thinking about finances:

• Richness, Defined: Not having financial debt (33.4%), retiring early without concern of running out of funds (33.1%), and establishing generational wealth (27.8%) were the top definitions of “rich” among those surveyed.
• Wealth Perception Gap: Most respondents (80%) do not consider themselves rich, but 32% said others consider them to be, indicating they don’t see themselves as affluent as others may perceive them.
• How Financial Stress Manifests: Over 50% of respondents say finances make them stressed and cause anxiety and/or feelings of depression, also reporting loss of sleep (52.8%), feelings of guilt or hopelessness (41.4%), regular headaches (32%), and strained relationships with friends/family (30.1%).
• The Ripple Effect of Financial Stress: Approximately 1 in 4 respondents said financial concerns have impacted their decision to have children, 36.2% would consider moving to a less expensive new location because of them, and 55% of unmarried respondents say they’re less likely to get married due to their financial worries.
• Seeking out Financial Advice: Social media is increasingly influential, with 20% of respondents participating in viral money management trends such as “quiet luxury” and “loud budgeting.” Additionally, 65.7% of that cohort reported improved feelings about their finances from participating in these trends.

 

"When you feel financially secure, it helps to boost your confidence and peace of mind. On the flip side, financial stress may take a heavy toll on your mental and emotional health,” said Julie Guntrip, Head of Financial Wellness at Jenius Bank. “It's crucial for banks to recognize this connection between financial and mental wellbeing, and that starts with ensuring consumers have the knowledge they need to help live richer lives."

To read more insights from The Mind-Money Connection report, and for tips on how to build confidence and practice better financial hygiene, visit jeniusbank.com/mind-money-connection.