Sheiresa McRae Ngo | Bankrate.com (TNS)

One of the most prevalent and enduring types of stress is financial stress. Managing money has been especially difficult with the relentless financial constraints over the past couple of years: A global pandemic, a potential recession and persistently high prices. When keeping up with finances doesn’t go well, it seems like nothing else does either.

Financial stress refers to a feeling of worry or anxiety over money, debt and various expenses. In a March 2024 Bankrate survey, 47% of U.S. adults said money has a negative impact on their mental health, including causing stress.

Even though many external variables might be blamed for financial stress, there are strategies to lessen it and make improvements.

Here is a complete breakdown of financial stress in the U.S. today and some solutions to help with managing it.

Financial stress trends

The Financial Health Institute defines financial stress as: “A condition that is the result of financial and/or economic events that create anxiety, worry or a sense of scarcity, and is accompanied by a physiological stress response.”

Financial stress can affect someone’s relationships, work and ability to carry out everyday tasks. The American Psychological Association (APA) also finds that there is a strong link between stress and physical health. Stress can lead to chronic muscle tension, long-term heart problems and stomach pains, among other adverse health conditions.

Social media has made many people feel worse about their finances, a Bankrate poll from September 2023 found. Twenty percent of adults surveyed said seeing others’ social media posts caused them to have negative feelings about their finances. That number is higher for Gen Z and millennials — 30% for each.

Financial stress and inflation

Inflation rose to an annual rate of 9.1% in June 2022, the highest rate in 40 years. The inflation rate has since trended downward, landing at 3.4% year-over-year for May 2024, but consumer prices are still high. Over the past year, inflated costs have had a significant impact on people’s finances and their ability to afford everyday purchases.

Inflation can cause individuals to feel stressed about spending and the general state of the economy. Among survey participants who cited the economy as the primary cause of their stress, specific economic factors listed were:

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•Inflation/rising prices (65%)

•Rising interest rates (28%)

•Not having a stable income/job security (33%)

Furthermore, the rise in prices of consumer goods can affect other money-related issues cited as causes of stress, including:

•Not having sufficient emergency savings

•Being in debt

•Not having enough discretionary spending money

While high prices continue to eat away at budgets, it’s important to focus on what’s in your control. Avoid the temptations of impulse purchases — making and sticking to a budget can help you do so. Having a budget can also help you track your spending and evaluate where changes can be made across different spending categories to help reduce some expenses.

Financial stress and emergency savings

Not having a sturdy basis of financial support to withstand financial volatility can make individuals feel stressed and overwhelmed. The Bankrate financial wellness survey found that not having enough emergency savings has negative effects on mental health for 56% of consumers.

Indeed, circumstances beyond your control can seriously disrupt your life, especially when you don’t have emergency funds to fall back on. And according to Bankrate’s 2024 emergency savings report, 32% of consumers have less savings compared to a year ago. Nine percent of respondents report having no savings.

It can be difficult to build an emergency fund when your budget is constrained by high prices and being stressed might make you more likely to spend emotionally to cope. It’s important to focus on finding room for small adjustments first — such as setting up automated transfers of small amounts each month or reducing spending in one area of your budget — and then building your fund from there over time.

Financial stress by generation

Middle generations are more likely to report being financially stressed overall than their Generation Z (ages 19 to 27 ) and baby boomer (ages 60 to 78) counterparts.

Gen X (ages 44 to 59) had the highest share saying money negatively impacts their mental health, followed by millennials (ages 28 to 43) — 54% and 50% respectively. Meanwhile, 47% of Gen Zers and 40% of baby boomers said the same.

Previous findings indicated that younger generations were the most stressed, but that title has since shifted to middle generations. One reason could be that middle generations may be caring for both children and older parents, putting them in a more vulnerable position to be affected by high prices.

Generation | Top financial stressors for each generation | Share that say it’s a financial stressor:

Baby boomers (ages 60-78)
Inflation/rising prices
65%

Gen X (44-59)
Inflation/rising prices
69%

Millennials (28-43)
Inflation/rising prices
69%

Gen Z (19-27)
Paying for everyday expenses
52%

Financial stress by race/ethnicity

Inflation/rising prices is a top financial stressor among all races/ethnicities. While stress levels are higher among Black and Hispanic individuals about other concerns — such as discrimination, according to the APA data — economic factors were most cited as a financial stressor for white individuals.

Bankrate’s financial wellness survey found that 67% of white individuals who said money affected their mental health cited inflation/rising prices as a top financial stressor. For Black and Hispanic individuals, that share is 56% and 64% respectively.

Race/ethnicity | Top financial stressors for each race/ethnicity | Share that say it’s a stressor:

White
Inflation/rising prices
67%

Black
Inflation/rising prices
56%

Hispanic
Inflation/rising prices
64%

Other
Not having enough emergency savings
59%

Financial stress by income level

Financial stress appears to be felt hardest by individuals who have less money to work with from the start. Those with annual incomes of less than $50,000 reported feeling the most financial stress, with 53% saying they feel stressed by money, compared with 40% of those making $100,000 or more, according to Bankrate data.

Income level | Top financial stressors for each income level | Share that say it’s a financial stressor:

Under $50,000
Paying for everyday expenses
66%

$50,000-$79,999
Inflation/rising prices
65%

$80,000-$99,999
Inflation/rising prices
75%

$100,000 or more
Inflation/rising prices
58%

Financial stress by education level

Financial stress caused by the economy varies somewhat by education level. Those who have completed some college, but have less than a bachelor’s degree, had the highest share who cited economic factors as a stressor, according to Bankrate’s data. The study revealed that 64% among this group, of those who are stressed about money, said inflation/rising prices is a top financial stressor. Those with post-graduate education had the lowest share saying they were stressed about the economy (61%).

Education level | Top financial stressors for each education level | Share that say it’s a stressor:

No HS, HS Graduate
Inflation/rising prices
66%

Some college, 2 year
Inflation/rising prices
64%

4 year
Inflation/rising prices
65%

Post Grad
Inflation/rising prices
61%

5 ways to manage financial stress

Although external factors have a significant impact on financial stress, it’s important to focus on what’s in your control and establishing healthy financial habits. Here are five ways to help manage your financial stress:

•Take financial decisions one at a time. Confronting multiple decisions all at once can be overwhelming and cause you to avoid dealing with any of them. Try spacing out the financial decisions you need to make, whether they’re about refinancing, making a new budget or determining your savings.

•Prioritize essential bills. Deciding what bills you have to pay first can help you stay prepared, and it gives you an opportunity to evaluate whether some bills can be reduced or eliminated.

•Track spending with a budget. Writing out a budget and keeping track of expenses can give you a concrete idea of how much you’re spending and what you need to pay for. There are also budgeting apps that can do some of the menial work of making a budget for you. Having a budget can help you stay prepared for upcoming payments and feel more in control of your finances.

•Keep saving each month. Having an emergency savings fund is especially important when you’re stressed — it can give you a cushion of support and make you feel less anxious about the future. Also identify and prioritize savings goals to keep you motivated and help track your progress.

•Reach out for support. A trustworthy support system is an invaluable part of becoming financially healthy and successful. Having people who can offer support and advice, whether it’s friends and family or a financial advisor, gives you an opportunity to talk through your stressors and receive a helping hand.

Financial stress resources

•Financial Planning Association (FPA): The FPA is dedicated to offering free financial planning advice to at-risk or underserved communities, including low-income individuals, military veterans, domestic violence survivors, those with serious medical crises and more.

•Coordinated Assistance Network (CAN): Applicants to the CAN are connected to multiple nonprofit organizations across the nation that are aligned to their individual needs. The CAN portal also offers a number of self-management tools, and it’s all free of charge.

•Your bank: Many banks offer counseling services or financial advice. Reach out to see if there’s someone at your bank who can help you manage your finances.

•Supplemental Nutrition Assistance Program (SNAP): If you’re worried about being able to afford food, SNAP provides benefits to low-income individuals and families to help them pay for food.

•The Calm app: Calm offers a free and premium version of its app. The free version comes with several features to help you manage stress and meditate, including breathing exercises, a mood tracker and guided meditations.

Frequently asked questions

• How common is financial stress? According to Bankrate’s financial wellness survey, 47% of adults say money negatively impacts their mental health.

• Why is financial stress so common? Finances play a significant role in our daily lives, from being able to afford food and housing to achieving our future goals. Financial stress can come from a number of related factors, including paying bills, managing debt and having enough savings.

• How does financial stress affect people? Stress can put a strain on relationships, general mood and physical health. According to the American Psychological Association, stress is not just a mental state — it affects your body, too, from causing severe headaches to increasing your risk of heart disease. See the full breakdown of the effects of stress on the body.

•How do you deal with financial stress? Five ways to deal with financial stress are: Take financial decisions one at a time. Prioritize essential bill payments. Track your spending with a budget. Keep saving each month, bit by bit. Reach out to friends and family or a financial adviser for support.

(Visit Bankrate online at bankrate.com.)

©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.

LAS VEGAS — When the cast and crew of “The Hangover” rolled into Las Vegas in the fall of 2008, people were not impressed.

“I have to say, there’s something wonderful about this city,” Bradley Cooper told the Review-Journal in 2013 during the “Hangover Part III” press junket at Caesars Palace. “I mean, we were in the elevator in the first one with tiger scratches on our necks, and no one cared.”

Then the movie, about four friends — well, three friends and an oddball brother — who check into Caesars Palace for an over-the-top bachelor party they don’t remember, opened on June 5, 2009. It quickly joined “Casino” (1995) and “Ocean’s Eleven” (2001) in the pantheon of quintessential Las Vegas movies.

As “The Hangover” turns 15, here are 15 things you may not have known about it:

1. The movie was inspired by a true story — a far less scandalous true story. In 2002, producer Tripp Vinson (“The Exorcism of Emily Rose”) was in Las Vegas with a couple of dozen friends when he went missing from his bachelor party and blacked out.

“And when I was revived, I was in a strip club being threatened with a very, very large bill I was supposed to pay,” Vinson told Deadline in 2009. “It was not a fun experience at the time, but it made for a funny story.”

2. The Caesars Palace suite the characters woke up in doesn’t exist. Production designer Bill Brzeski and his team created that suite at Warner Bros. Studios in Burbank, California. It was built on Stage 15, which also was home to the “Ocean’s Eleven” remake.

From left: Zach Galifianakis, lBradley Cooper and Ed Helms (and a baby) in a scene from “The Hangover.”

3. Despite all the evidence of a seriously debauched night in their hotel, Caesars Palace executives only officially requested that one scene be changed. In the script, Alan (Zach Galifianakis) bought the blackout-inducing drugs in the Caesars gift shop.

“They, very rightfully so, said that that couldn’t happen on their property, because it would never happen,” director Todd Phillips told us in 2013. The transaction ultimately took place in a liquor store.

4. Phillips developed a bit of a gambling problem while living in Caesars Palace and could be found playing blackjack in the middle of the night — in his pajamas.

“I think that’s why (Caesars Palace) let us film here,” he told us during that same interview. “Because I lost $55,000 on night one.”

5. Mike Tyson was not in a healthy place while filming his scenes. “Somebody had told me something about a movie, but I wasn’t coherent as to what he was talking about,” Tyson told the Hollywood Reporter in 2013. “They made it sound like it was low-budget, not a serious movie.”

Then he encountered Galifianakis and Justin Bartha, who played the missing groom, Doug, at Nick Cannon’s birthday party at Pure, the Caesars Palace nightclub now known as Omnia. Tyson had no idea who they were.

“They said, ‘We’re going to be shooting a movie with you in two weeks,’ ” Tyson recalled. “I didn’t even know. I said, ‘Really?’ And I started drinking with them. I was a little wasted at the time. I still didn’t understand the movie until like a week and a half later, when I was on set with these guys.”

During an interview with Yahoo Sports in 2012, Tyson said he was high when filming his scenes. “They had to know I was messed up,” he said of his co-stars. “I couldn’t talk. I had the cocaine talk.”

Later, when he was swarmed by a group of children asking him about the movie, the encounter made him want to get sober.

“That changed everything for me, which I’m so appreciative,” Tyson told ABC News in 2012. “That was just some good stuff.”

6. Four tigers were trained to perform specific tasks on screen. The Jim Henson Creature Shop supplied a life-size animatronic tiger, which contained 30 servo motors and required two puppeteers to operate, for certain scenes.

7. The Best Little Chapel, where Stu (Ed Helms) married Jade (Heather Graham), was just a facade built in the parking lot of what’s now known as the Bungalows Hostel, 1236 Las Vegas Blvd. South.

A wax figure of actor Zach Galifianakis portraying the character Alan Garner in “The Hangover” movie is displayed during the unveiling of the “The Hangover Experience” at Madame Tussauds Las Vegas at the Venetian Resort Hotel Casino on Jan. 1, 2015, in Las Vegas. (Bryan Steffy/Getty Images for Madame Tussauds / Tribune News Service)

8. You can, however, get married in a replica of the Best Little Chapel at Madame Tussauds Las Vegas. Packages include wax figures of Phil and Alan as witnesses, as well as a chance to hang out in the attraction’s “Hangover” hotel room, and range from $2,500 to $10,000.

The Viva Las Vegas Wedding Chapel, meanwhile, offers a “Hangover”-themed wedding package that includes a ceremony officiated by an Alan impersonator, and Jägermeister shots for the couple, for $950. A Stu impersonator is available for an extra $150.

9. Jade’s apartment complex? That’s the Wild Wild West Gambling Hall, the one-time site of the Athletics’ proposed stadium, which Station Casinos closed in 2022.

10. During a break in filming, Cooper, Phillips and Graham went to see Cirque du Soleil’s “Zumanity” at New York-New York.

Despite what Graham said were assurances by “Zumanity” staff that they’d be left alone, Cooper ended up shirtless, being rubbed all over by cast members, during the show.

“They were like, ‘We’re not gonna take you guys up onstage,’ ” Graham told us in 2009. “We were like, ‘Oh good.’ And then they grab Bradley, take his shirt off, and he’s like, ‘Ohhh!’ Really freaking out.”

11. As written, Ken Jeong’s Mr. Chow was supposed to be introduced in his underwear. Jeong suggested the scene, filmed in the vacant lot at Mandalay Bay Road and Giles Street, should be done in the nude.

“When Ken jumped out of the trunk, there was a policeman who said that people were complaining from Mandalay Bay, which was in no way true,” Phillips told the Hollywood Reporter in 2013. “He said, ‘You keep doing it, and we’re going to shut you down.’”

According to Helms, the cop said something like, “This is Vegas — we don’t act like that. This is not that kind of town.”

“Behind the cop, as he’s saying this,” Cooper added, “is a billboard of naked women.”

12. The scene in which the guys bring Chow his money is a direct homage to the desert meeting between Sam “Ace” Rothstein (Robert De Niro) and Nicky Santoro (Joe Pesci) in “Casino” — down to the reflection of the arriving Mercedes in Chow’s sunglasses. Both scenes were filmed at the Jean Dry Lake Bed.

13. A 1965 Mercedes-Benz 220SE that was wrecked for the movie is on display in Las Vegas. The car has no wheels, and its interior is destroyed as if by the tiger. It can be seen at the Hollywood Cars Museum, 5115 Dean Martin Drive.

14. The movie grossed $277.3 million domestically, besting 1984’s “Beverly Hills Cop” to become the highest-grossing R-rated comedy ever. It’s since been surpassed by “Deadpool” ($363.1 million) and “Deadpool 2” ($324.6 million).

15. Cooper auditioned for Phillips’ 2004 comedy “Starsky & Hutch,” but the duo didn’t really bond until the casting process for “The Hangover.” They went on to produce the movies “War Dogs” (2016), “A Star Is Born” (2018) and “Joker” (2019) together. Since “The Hangover,” Cooper has 12 Oscar nominations while Phillips has three.

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Residential tenants of the Northern Warehouse Lofts in Lowertown have been adjusting to life without a working elevator since last week. Many of them are artists who base their businesses out of the six-level building and the loss of their sole elevator has left them scrambling — and it’s happening soon after repairs resolved an elevator breakdown at the Tilsner Artist Lofts next door.

Constructed in 1903 and converted to artist lofts in 1990, the Northern Warehouse building at 308 Prince St. is known as the headquarters of the St. Paul Art Collective, which has hosted annual art crawls since 1977.

The warehouse has a history with its unpredictable elevator, according to tenants. Nathan Begnaud, employee of Leather Works Minnesota, works out of the second floor, and says the elevator has been a reoccurring problem. The elevator broke down June 5, but was fixed relatively quickly before breaking down again two days later, he said. It remained out of service as of Friday afternoon.

Catherine Johnson climbs the stairs at Northern Warehouse Lofts in St. Paul’s Lowertown with her dog, Zachary, on Thursday, June 13, 2024. (Samantha Wurm / Pioneer Press)

It’s not entirely clear what is wrong with the elevator, said Catherine L. Johnson, who lives on the fifth floor and has had multiple reconstructive surgeries. Though in contact with building managers, she has received no definitive answer on when the elevator is estimated to be repaired. She said many of the tenants have been “cultural contributors” to the St. Paul community, and without a working elevator, they are unable to carry out their work.

Efforts to reach the staff of Artspace, the organization that manages the Northern Warehouse Lofts, were unsuccessful.

The elevator is up to date on inspection — the last one being in January — and, at least on paper, doesn’t appear to have any recurring deficiencies, according to a spokesperson for the city’s Department of Safety and Inspections. The modernized elevator was installed in 2008.

Another tenant said he lives on the fifth floor with his 86-year-old mother. On Monday, she had a mandatory doctor’s appointment and had no other choice but to climb up and down the five flights of stairs. Ever since, she’s been taking ibuprofen regularly to relieve her sore legs. At the end of this month, the pair plan to move, but they worry about the logistics if the elevator still isn’t working. He’s considering hiring professional movers, but understands that some movers charge extra for climbing stairs.

Marc Anderson, a local percussionist, said although it’s inconvenient, the broken elevator is just something “he has to roll with.” Anderson’s studio is on the second floor, but he’s still considering rigs to help him move instruments and has resorted to storing a sound bass and a gong in his girlfriend’s garage.

Jeff Morrison, a multi-media installation artist, said his art is composed of many large items. Since he’s on the sixth floor, he’s unable to move them. His parents, who are both in their 80s, and his sister, who’s had two knee replacements, were in town this past weekend, but weren’t able to see his studio.

Morrison said his gallery is dependent on showing his work. If the elevator is offline and he can’t move his art, then he has two options: cancel a show or hire a moving company. Both carry a financial burden, he said. Collectors of his art who may be elderly, disabled or have a lack of mobility can’t come upstairs to his studio.

The Northern Warehouse Lofts isn’t the only residential building in Lowertown that has struggled with the loss of its sole elevator. Located next door to the Northern and owned by Artspace, though managed by a separate company, the Tilsner Artist Lofts lost elevator access from May 22 through May 30. It was the latest in a long series of hiccups and breakdowns involving the building’s sole lift.

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The National Weather Service has confirmed that some of the damage left by severe storms across central and northern Minnesota on Wednesday evening, June 12 was caused by tornadoes.

Severe storms flipped a camper along State Highway 6 near Rabbit Lake north of Crosby on Wednesday night. The National Weather Service says the damage was caused by a tornado. (Kirsti Marohn / MPR News)

Meteorologists are still working to determine exactly how many tornadoes touched down and how strong they were.

Wednesday’s storms left extensive damage to trees and power lines, flipped boats and campers and damaged some buildings — with the Brainerd Lakes region particularly hard-hit. There were no reports of serious injuries.

The Weather Service office in Duluth sent storm survey teams Thursday to the Brainerd Lakes area, as well as east into parts of Aitkin and Carlton counties.

Those teams confirmed tornado damage at:

Rabbit Lake along State Highway 6 north of Crosby
Clamshell Lake near Crosslake
Cedar and Hammal lakes in western Aitkin County

“The NWS has not yet determined if the damage in Crow Wing County and Aitkin County is all from a single continuous tornado or if there were several tornadoes. Due to the rural and forested landscape, not all parts of the damage path were immediately accessible by ground,” the Weather Service reported in an update Thursday evening.

The agency is working to get aerial imagery to further assess the damage, and determine the path and strength of the tornado or tornadoes.

Storm survey crews also confirmed a weak tornado tracked for about 5 miles near Wright in Carlton County.

Wednesday night’s storms also caused significant damage in areas from St. Cloud and Sartell north toward Little Falls and Camp Ripley.

Residents and utility crews will continue working on storm cleanup on Friday. As of Friday morning, only a few dozen homes and businesses across central and northern Minnesota remained without power — down from more than 15,000 in the immediate aftermath of the storms.

Crow Wing Power reported that its crews had to replace more than 16 broken utility poles, in addition to damage to power lines.

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