Nearly Two-Thirds Of Americans Anxious About 2022 Finances: Survey
As a new year begins, 64% of Americans are feeling anxious about their finances, according to a new survey from fintech leader Policygenius. Nearly three in ten (29%) respondents reported feeling more anxious about their 2022 finances than in 2021, and 23% reported feeling just as anxious.
Those feeling anxious about their 2022 finances also named the top factor contributing to their financial anxiety, with inflation (32%), job and career concerns (16%), COVID-19 (14%), medical/health expenses (10%), and debt (10%) leading the pack. The list of choices also included stock market fluctuation (5%), retirement (5%), taxes (5%), and childcare or tuition expenses (4%).
Many people 55 and over who expressed concerns over their 2022 finances were concerned with inflation, with 37% reporting it as their top concern. Younger adults, aged 18-34, reported job and career concerns as the number one factor contributing to their financial anxiety (24%).
"As we enter another year of the pandemic and ongoing tumultuous world events, it's understandable that so many people feel anxious about their finances," Jennifer Fitzgerald, Policygenius CEO and co-founder, said. "While we only have so much control over outside sources of anxiety, there are things we can do to ease our financial stressors, like making a budget, building an emergency fund, and securing insurance to provide peace of mind for you and your family."
The 2022 Policygenius Financial Anxiety Survey also found that:
Social media may be contributing to financial anxiety — only 54% of people not on social media said they were anxious about their finances in 2022, well below the national average of 64%.
Anxiety levels were especially high among parents of children under 18, with 72% reporting financial anxiety, in contrast with 61% of non-parents. The pandemic was top of mind for many parents, with 19% of those anxious about their 2022 finances naming COVID-19 as their number-one reason for financial stress.
Women were also more anxious about their finances than men (69% vs 60%).
The percentage of respondents feeling financial anxiety varied by region: Western states (68%), Midwestern states (67%), the South (63%) and Northeast (60%).
Policygenius commissioned YouGov to poll a nationally representative sample of 1,257 Americans 18 or older. The survey was carried out online from Dec. 7 through Dec. 8, 2021. The results have been weighted to be representative of all U.S. adults. The average margin of error was +/- 3%. You can read the full results here.
About Policygenius: Policygenius transforms the insurance journey for today's consumer, providing a one-stop platform where customers can compare options from top insurance carriers, get unbiased expert advice, buy policies, and manage their insurance portfolio, in one seamless, integrated experience. Our proprietary technology platform integrates with the leading life, disability, and home and auto insurance carriers and delivers an exceptional digital experience for both consumers and insurance carriers. Since 2014, our content, digital tools, and experts have served as a resource for millions of people on their insurance journey, and we have sold more than $140 billion in coverage.