Mood and Money: The Emotional Aspect of Financial Decisions
Research by Wealth Enhancement reveals that emotions play a significant role in driving financial decisions, with 61% of Americans feeling stressed about their finances.
A staggering 44% of Americans avoid checking their financial accounts due to anxiety, with those feeling very or extremely stressed about their finances (66%) and Gen Z (63%) being the most likely to adopt this avoidance behavior.
- 61% of Americans feel stressed about finances
- 44% avoid checking financial accounts due to anxiety
- 66% of those feeling very or extremely stressed about finances avoid account check-ins
- 63% of Gen Z avoid checking financial accounts due to stress
39% of respondents who report feeling stressed, anxious, or sad said they are likely to spend money to feel better.
Author's summary: Emotions significantly influence financial decisions, leading to avoidance and impulsive spending.