The International Your Money Financial Security Survey conducted by SurveyMonkey revealed that at least half of adults in major economies are feeling stressed about their personal finances. The primary reason cited for this stress is inflation. In countries like the U.S., Australia, Spain, and Mexico, approximately 70% of adults reported feeling “very or somewhat stressed” about money. The percentage decreased slightly in countries like the U.K., Germany, Switzerland, Singapore, and France, but still remained high.
The survey also found that a significant number of adults feel worse off financially than their parents. Additionally, they express pessimism about the financial futures of their children. Despite considering themselves part of the middle class, between 45% and 62% of those individuals admitted to living paycheck to paycheck. This trend was particularly pronounced in countries like Australia, Germany, and the U.K. where half of adults indicated that they were worse off financially than they were five years ago.
Inflation emerged as a major source of financial stress, alongside issues such as a lack of savings, economic instability, and rising interest rates. The survey highlighted that only adults in Singapore and Mexico reported feeling better off financially than their parents. The study emphasized the significant impact of inflation on the financial well-being of individuals.
The chief executive officer of SurveyMonkey, Eric Johnson, noted that despite the relative health of the global economy, a substantial number of adults are stressed about their personal finances worldwide. While global economic growth has been slowing, most developed economies have avoided the recessions that were initially predicted due to high inflation and interest rate hikes. However, surveys have consistently shown that consumer sentiment remains muted, as individuals struggle with increasing costs of household bills and everyday goods.
The SurveyMonkey report illuminates the pervasive issue of financial stress among adults in major economies. The impact of inflation and economic instability is widely felt, with many individuals expressing concerns about their current financial situations and the future financial well-being of their children. As global economic conditions continue to evolve, it is essential for policymakers and financial institutions to address the root causes of financial stress and work towards greater economic stability and financial security for all individuals.