2 Out of 3 Americans Are Ashamed or Embarrassed About Their Finances
A new survey from Beyond Finance shows how financial success is often tied to a sense of self-worth.
Written by Julian de Sevilla
Reviewed by Kathleen Flear
Table of Contents
The results of
a recent survey
show that financial stress has significant negative effects on Americans’ mental health and overall quality of life.The survey was conducted by Beyond Finance, a debt resolution company; OnePoll, a market research company; and SWNS Media Group. Data were collected from 2,000 adults in April 2022.
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4.7/5 rating on the App Store | Trusted by 5+ million customers and 7 million cars4.7/5 app rating | Trusted by 5M+ driversSurvey shows financial success impacts self-worth
Largely, Americans tie their financial situation to their sense of self-worth, which has detrimental effects on those who struggle financially. Of those surveyed, 66% said they’d avoided social events (birthday parties, weddings, happy hours, networking events, dates, and church) because of shame or embarrassment related to finances.
"Whether those individuals polled focus on what they earn or their comfort level discussing their financial stresses, these numbers shine a light on one primary thing—these days, personal finances directly impact the view of one's worth," said Dr. Erika Rasure, a financial therapist for Beyond Finance.
Eight in 10 respondents said they have some form of debt, the stress of which manifests itself in various ways:
- 42% said debt negatively impacts their self-esteem
- 38% said debt adversely affects their productivity at work
- 38% said debt is detrimental to their physical health
The average household income in the United States is $74,099, and survey respondents said they’d need to earn, on average, at least $86,000 a year to never worry about their finances again. A combination of historically high gas and rent prices left 56% of respondents “extremely” or “noticeably” more stressed than in the past.
Here are some more findings from the survey:
- 67% engage in “stress shopping” when feeling financially overwhelmed
- 58% feel alone when experiencing financial stress
- 51% are ashamed of their struggles to pay bills or manage their finances
- 35% blame themselves for their current economic situation
- 35% believe they are not doing enough to change it or avoid looking at their bills
"Symptoms of acute financial stress, such as finance-related avoidant behaviors, feelings of isolation, and guilt can affect anyone, regardless of how much money they earn," Rasure added.
"There are options available to help diminish or refinance debt and give people greater peace of mind. It's time to applaud people for being proactive in dealing with their debt."
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