Commentary: Revenge travel not flying so high these days

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Andrea Felsted | (TNS) Bloomberg Opinion

Revenge travel is losing its appeal.

After three years of rushing to book trips in the wake of pandemic-era restrictions, sharply higher fares, protests against tourism, fatigue from endless hours spent in airports and incomes squeezed by inflation are all taking their toll on travelers.

Travel demand is far from falling off a cliff. But there are signs that our wanderlust is downshifting from never-ending to a more normal pattern.

For airlines and tour operators, the next few months will be crucial in filling remaining seats and hotel rooms. If demand is strong, they will be able to sell leftover capacity at higher prices. But if consumers hold off, they’ll be forced to discount, something that hasn’t happened in the past three years.

In Europe, many people who were passionate about their vacations booked in January, in order to secure their preferred destination, hotel and even room. But in recent months, some consumers, particularly more budget-constrained families, have been holding off to see how their own finances, and holiday prices, developed. TUI AG, the world’s biggest tour operator, has sold about 60% of the vacations available this summer. That’s broadly in line with last year, but it’s still a lot of sunny breaks to shift in an uncertain environment.

European travelers are also shopping around. At Thomas Cook, now reborn as an online tour operator, bookings to Spain’s Balearic and Canary Islands are flat year-over-year. This reflects cost — you can get more for your money in Turkey, mainland Spain and Egypt — where sales are up. But anti-tourism protests in the Canary and Balearic islands may also be playing a part.

European consumers are still prepared to pay as much for their package holiday – well almost. TUI’s summer pricing is up 4%, close to the 5% increase reported a year earlier. But budget airlines Ryanair Holdings Plc and EasyJet Plc show that when it comes to air fares, consumers are reaching their limit.

Michael O’Leary, chief executive officer of Ryanair, forecast that fares across its network this summer would be flat to 5% ahead, down from his previous prediction of a 5% to 10% increase, surprising given that capacity is constrained by delays to Boeing deliveries. Europe’s largest low-cost carrier has begun to cut ticket prices to fill its fleet.

There are signs that the U.S. travel recovery, now in its third year, is maturing too. For example, Marriott International Inc. said U.S. leisure revenue per available room, a key measure of hotel performance, was flat in its first quarter. Airbnb Inc. forecast that revenue would expand by 8% to 10% in the second quarter, the lowest level for three years. It’s possible this is a blip — Easter was earlier this year — and Airbnb expects a bounce in the summer months.

Indeed, the picture is complex. Some of the U.S. domestic weakness may reflect Americans traveling to Europe, emboldened by the strength of the dollar. This will likely have been boosted by one-offs, such as Taylor Swift’s concerts.

And this isn’t the only factor that makes the travel temperature so difficult to take. After wildfires in Greece last year, climate concerns are at the forefront of consumers’ minds. Yet this is spurring some unusual behaviors, such as some European customers booking long-haul flights to destinations such as Mauritius, where summer temperatures are more predictable, and, after price increases at some traditional Mediterranean resorts, the cost differential has narrowed.

As in other parts of the consumer economy, it may be that travel is polarizing, with the wealthy still splashing on trips further afield and top-notch accommodation, while those pressured by inflation and higher mortgage costs stick to a budget.

After the West’s travel boom — and potentially a return to more pedestrian levels – the industry is now looking East, to the return of Chinese visitors, particularly to Europe.

But for the coming weeks, short-term factors, such as elections in the U.K. and weather patterns – TUI said the winter season ended particularly strongly, likely boosted by cold and wet conditions – will matter most.

Being unable to spread our wings during the pandemic has reinforced our love of getting away, and we may never return to a situation where we are prepared to stay home. That doesn’t mean we won’t alter our behavior, like skipping a week away in spring or autumn, or, for example, forgoing a city break to preserve our main vacation.

There is much riding on this year’s peak summer season. Not only will it determine the level of profits at tour operators, hotels and airlines, but it will give the first glimpse of what a more settled post-pandemic travel market looks like.

——

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

Andrea Felsted is a Bloomberg Opinion columnist covering consumer goods and the retail industry. Previously, she was a reporter for the Financial Times.

___

©2024 Bloomberg L.P. Visit bloomberg.com/opinion. Distributed by Tribune Content Agency, LLC.

Older men die by suicide at steep rates. Here’s how the VA is trying to change that

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Emily Alpert Reyes | (TNS) Los Angeles Times

LOS ANGELES — It was a Friday morning and George McCune had roused himself to make the 2.4-mile trip from his Northridge home to the Veterans Affairs campus in North Hills.

The 77-year-old was greeted there that March day by the usual crew training for the Golden Age Games: There was Roger, 82, who had piled up medals in javelin, discus and shot put. Bob, who had just gotten his cochlear implant. Becky, 71, bent on defeating her “nemesis” — a guy just six days her junior — in pingpong.

McCune can be reclusive, he said. He has grappled with post-traumatic stress disorder, he said, although he was never able to get formally diagnosed. Silent meditation is more of his usual speed than socializing.

Yet McCune routinely joins his teammates in the gym and on the track. He has yet to attend the Golden Age Games, a national competition for veterans 55 and older, but trains five days a week with the Greater Los Angeles team. That Friday, he had circled the track for 46 minutes, a goal he chose for the year of his birth.

And “more than the physical stuff is the mental stuff,” he said, “of getting me to interact with people.”

This might not be what you envision as “mental health” care, let alone “suicide prevention.” But at the VA, getting older veterans such as McCune together to hit the track is part of a broader push to improve their lives — and possibly even to save them.

Older men in the United States have been at growing risk. When suicides reached a historic high for the country in 2022, the sobering numbers were being driven up by their deaths. The starkest statistics were for men past their 75th birthdays, who were dying by suicide at more than twice the rate of men younger than 25.

Mike Dawson takes a lap around a track — backward — at the VA’s North Hills facility. (Michael Blackshire/Los Angeles Times/TNS)

The problem is “not new but it is overlooked — regularly overlooked,” said Thomas Joiner, a Florida State University psychologist who studies suicide and has written about the mental health of older men.

The grim pattern has persisted for years and is totally different from that among U.S. women, for whom suicide rates rise in middle age and then fall. Across the lifespan, men are much more likely than women to die by suicide, even though depression is much more common among women.

In Los Angeles County, the medical examiner tallied more than 300 such deaths in five years among men 75 and older — more than six times the number among women of the same ages, according to a Times analysis of the county figures.

Researchers have faulted a host of forces for the steeper rate of suicide as men reach their 70s and 80s. Joiner said men tend to suffer from worsening loneliness over the course of their lives in a way that differs from women, with “friendship networks falling apart over the decades.” Women seem to be better at maintaining ties after school or work stop giving them a source of peers, he said.

That isolation both whittles down the chances that someone will recognize men are in trouble before a suicide attempt, and makes it less likely that they will be quickly rescued if they attempt to end their lives, said Dr. Yeates Conwell, professor of psychiatry at the University of Rochester Medical Center. Their physical frailty as older adults also jeopardizes their chances of recovering from a suicide attempt.

Diseases and other ailments such as hearing loss can also worsen mental health as men age. And then there are the dangers of guns, which older men are more likely to own — and which make suicide attempts more deadly. In L.A. County, roughly two-thirds of suicide deaths among elderly men in recent years involved guns, far more than among older women, according to a Times analysis of county medical examiner data.

Despite the troubling pattern, “we don’t screen for suicide risk very well, and we especially don’t do it with older adults,” said Richard Frank, director of the Center on Health Policy at the Brookings Institution. Suicide risk screenings in emergency rooms are done less often with seniors, he said, with “a big drop-off after age 60.”

And for older adults, the criteria for a mental health diagnosis often miss people in need, Frank said. “They are hurting psychologically in ways that are not cleanly captured by our diagnostic approach to mental illness.”

In general, “our understanding of how to intervene is just emerging” in the last decade and a half, said Mike Hogan, a former New York state commissioner of mental health. Many suicide prevention theories revolve around “if we can protect people against the vulnerabilities that lead to it — so-called ‘upstream’ prevention.”

“That turns out to be very hard to do,” Hogan said. Suicide prevention strategies have also focused on limiting access to “lethal means,” such as installing barriers on tall structures, but Hogan said that has also been difficult when it comes to guns. Then there are targeted efforts to ask people whether they are at risk.

Arnie Ossen, 92, prepares to leave the VA’s North Hills facility after a day of pingpong. (Michael Blackshire/Los Angeles Times/TNS)

An effective approach is “basically asking people if they’re having those thoughts and — if they are — to then helping them” take steps to ensure safety, Hogan said. Yet such methods are “not yet in widespread use.”

Too often, medical providers “feel very uncomfortable asking” whether people have suicidal thoughts, said Julie Goldstein Grumet, director of the Zero Suicide Institute at the Education Development Center, which helps health systems adopt practices to prevent suicide. With older patients, physicians may think “this is just sort of a natural consequence of aging. … It doesn’t have to be. You don’t have to feel more sad as you age.”

Among the health systems that have grappled with the crisis is the Veterans Health Administration, which falls under the VA. Suicide has been an urgent issue for the health system in light of the alarming numbers among U.S. veterans, who have lost their lives to suicide at higher rates than the broader population.

Yet that isn’t the case for the oldest male veterans, according to Veterans Affairs figures. In 2021, elderly male veterans had lower rates of suicide, as calculated by the veterans system, than the figures reported by the National Center for Health Statistics for men ages 75 and older. And there was a promising downturn in their suicide rate between 2020 and 2021, especially among those who had recently used the health system.

Matthew Miller, director of the VA’s national suicide prevention program, said the agency has worked to weave risk assessment for suicide into its pain, sleep and oncology clinics, mindful that older patients may be at higher risk after getting troubling news about their health, especially if a gun is in reach. It has also done media outreach to urge older veterans to securely store firearms and medications.

The VA has also placed mental health professionals in the same facilities where veterans get day-to-day care. Roughly three-fourths of older adults who die by suicide have seen a primary care physician in the year before their death, researchers have found — a much higher percentage than had received mental health care — which has led to an increased focus on routine care as a route to thwart suicide.

At the West Los Angeles VA Medical Center, Dr. Lucinda Leung said a patient might come in complaining of sleep problems. “Most of my patients don’t say, ‘I’m depressed. Please refer me to a psychiatrist,’” she said. (Older men are less likely than older women to state that they are lonely when asked directly, even in cases when indirect questions suggest similar levels of loneliness, researchers in Britain have found.)

But careful questioning might make clear that PTSD and nightmares are keeping that patient awake, Leung said. If that happens, she can walk the person down the hall to meet Dr. Suzie S. Chen, a clinical psychologist who can assess that patient the same day.

“Many of my patients are reluctant to speak to a mental health specialist or even admit to having psychological symptoms,” Leung said. Being able to immediately connect someone to mental health care on the same site helps it become “normalized.”

Chen agreed. “We’re not scary people — and mental health treatment doesn’t have to be a scary thing.”

Then there are programs that might not look, at first glance, like mental health care. Inside her office on the Sepulveda Ambulatory Care Center campus, Paige Velasquez turned to the camera on her computer, greeted the familiar faces signing on, and guided a virtual group through a series of exercises.

Ray Emmons gets in some morning stretches. (Michael Blackshire/Los Angeles Times/TNS)

“Let’s lean to the left. You should feel a nice stretch through this whole right side of your body now,” Velasquez instructed from behind her desk. “You guys feeling that today?”

As the group took a break from the exercises, she asked, “It’s Friday — anybody have plans for the weekend?”

“Yeah — to make it to Monday,” one veteran quipped.

The virtual groups meet Monday through Friday, connecting seniors who might be unable to make it to the San Fernando Valley campus for an exercise class. Velasquez, a recreation therapist, said that beyond the physical benefits, the regular meetings can ease isolation for older veterans.

Behind the computer screen or in person, recreation is a kind of “back door therapy,” Velasquez said. People think, “I’m golfing. That’s not therapy. Horseback riding — that’s not therapy. We’re just having fun.”

“You are! But fun is therapeutic.”

Hogan said the “surprising power” of such interventions is that “if people feel like they have meaning and purpose, and they’re connected to other people, it is extraordinarily less likely that they’ll die by suicide.”

When Roger Reitan retired, he found himself asking, “What am I going to do with myself?” The Granada Hills resident had served in the Navy, then worked as an accountant for more than two decades, commuting to downtown Los Angeles. Friendships seemed to wither after his accounting career ended, he said.

“I lost track of everybody,” Reitan said.

But now, “some of my best friends are right here.” The 82-year-old said he had competed for more than two decades in the Golden Age Games, proudly rattling off the many sports he had mastered.

The Los Angeles team has been preparing for the August games, which will be held this year in Salt Lake City. Nearly two dozen of its athletes are planning to attend. Ray Emmons, 76, said in March that when he first went last year — and won a bronze medal in pingpong — he was enthralled to watch blind veterans playing bocce ball.

“I just said, ‘This is for me,’” Emmons said.

But Velasquez said that for the veterans she coaches, the Golden Age Games is not just “something to look forward to once a year. It’s every week — training, seeing your friends, and making that connection.”

“That impacts mental health tremendously,” she said. “I’ve seen it.”

Pasqual Ramirez, 77, said in March that training with the team had helped him lose weight. He stopped relying on insulin. Beyond the physical changes, joining the group “made me realize that maybe I could live longer.”

“I used to be angry at the world,” Ramirez said. “In a way I felt let down.”

There were times in his life when he didn’t admit to having served in Vietnam, after protests broke out over the war, he said. His wife tells him he still has nightmares, although he doesn’t remember them.

What helped ease that anger was “this,” he said, gesturing around an echoing gym where his teammates were playing pingpong. “The camaraderie with people that went through similar situations.”

___

©2024 Los Angeles Times. Visit at latimes.com. Distributed by Tribune Content Agency, LLC.

A program funded by soda tax helps low-income residents buy fruits and vegetables

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A slice of the nearly $29 million that Boulder collected during the first six and a half years of a voter-passed soda tax has provided low-income residents with extra money to buy fresh produce from local businesses.

It’s one of many ways the city has directed revenue from that unusual tax to a range of programs focused on improving health equity in the community.

Maria Fraire, one of nearly 1,500 people across 370 families now enrolled in the Fruit & Veg Boulder program, has relied on the monthly stipend to sustain her vegan diet, typically shopping at Whole Foods. She’s been part of the initiative for about a year, receiving the maximum $80 per month toward produce purchases for her family.

“My breakfast is vegetables; my lunch is vegetables,” she said in Spanish. Originally from Zacatecas, Mexico, Fraire has lived in Boulder for almost 25 years.

Off Beet Farm’s produce is displayed during the Boulder Farmers Market in Boulder on Wednesday, May 29, 2024. (Photo by AAron Ontiveroz/The Denver Post)

Because of how expensive fresh produce can be, she said, “For me, (the program) helps a lot.”

Fruit & Veg Boulder is part of a broader Boulder County program that also serves Longmont residents. Enrollees must meet low-income thresholds; for a family of four, the household’s annual adjusted gross income should fall under $55,500. Residents of those cities can participate if they do not otherwise qualify for two federal food aid programs that assist low-income families and women who are pregnant or have young children.

The produce program fills a gap by helping, in part, undocumented immigrants and mixed immigration status families, or households with both U.S. citizens and people without legal status.

Program participants buy produce using paper coupons. Households made up of one or two people receive $40 per month, while those with three or more people get $80 per month.

The funding for Boulder’s part of the program comes mostly from the city’s sugar-sweetened beverage tax revenue, awarded by its Health Equity Fund, while Longmont draws on other funding sources. Boulder became one of the nation’s few cities to tax sugary drinks after its ballot measure passed with 54% of the vote in the 2016 election. Other cities with soda taxes include Seattle, Philadelphia and San Francisco.

The tax, which took effect in July 2017, collects a 2-cent excise tax per ounce from distributors of sweetened beverages, such as soda and energy drinks. The ballot measure dictated that tax revenue would go toward health promotion, wellness programs and chronic disease prevention.

The amount of soda tax revenue dedicated to the Fruit & Veg Boulder program sometimes varies, but it is receiving $298,000 in 2024 — the same as last year, said Elizabeth Crowe, deputy director of Boulder’s Housing and Human Services Department.

The program has received additional money from the city’s allocations in the federal, pandemic-era American Rescue Plan Act: $55,000 this year and $88,000 last year. The extra money was used to help reduce the program’s active waitlist, Crowe said.

“We need this access”

The overwhelming demand for the program is spurred in part by Boulder’s high cost of living. To make a living wage in Boulder County, an adult with no children would need to earn $26.36 per hour at their job, according to a living wage calculator produced by the Massachusetts Institute of Technology. For a parent with two children, it’s $65.26 per hour — several times the $14.42 minimum wage in Boulder and Longmont, though the county’s minimum wage in unincorporated areas is slightly higher.

“There are many people who are struggling to get by and to make it in Boulder County,” said Amelia Hulbert, who leads Boulder County Public Health’s Healthy Eating, Active Living team.

In Boulder, Fruit & Veg program enrollees can frequent the Boulder Farmers Market and eight participating grocery stores, including King Soopers and Whole Foods Market.

Organizations that connect families with the program are seeing the impact on their community, though gaps in access still remain.

Elena Aranda is the co-director of El Centro Amistad, a nonprofit that supports the county’s Latino community. She attended an event at the Boulder Farmers Market last week, sitting in the shade as market goers ambled along 13th Street, reusable bags on their arms.

“You don’t see our community coming here,” Aranda said, “because it’s not affordable.”

But because of the Boulder program, participants with coupons in hand are starting to feel welcome in the space, Aranda said. “We need this access, especially for children,” she added.

Jorge De Santiago and Elena Aranda, co-directors of El Centro Amistad, stand for a photo during the Boulder Farmers Market in Boulder on Wednesday, May 29, 2024. (Photo by AAron Ontiveroz/The Denver Post)

Still, Jorge De Santiago, El Centro Amistad co-director, said the program can serve only a “very small percentage of the families who really need the support.”

Because he doesn’t foresee demand shrinking, De Santiago would like the program to expand throughout the rest of the county.

Hulbert also wants to see the program increase the monthly allotment for participants, noting that, “with inflation, groceries are more expensive.”

Program is now 5 years old

The Fruit & Veg Boulder program kicked off in 2019, followed in 2020 by the Longmont program, which now serves more than 1,000 people across 225 families.

Besides funding its part of the program, the city of Boulder awards soda tax revenue through the Health Equity Fund to organizations working on food and water security, health and wellness education, physical fitness and more. This year, it recommended about 50 awards, totaling $3.8 million, according to a list of fund allocations.

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Among other recipients are Clinica Campesina Family Health Services, a community health center that received $175,180 for comprehensive primary care services for residents, and Community Food Share, a food bank that was awarded $116,946 to gather and distribute healthy food.

Boulder Mayor Aaron Brockett praised his city’s Fruit & Veg program as “a transformative initiative in our community.”

He also pointed to a positive impact on local businesses where participants shop.

Emmy Bender, co-owner of Off Beet Farm, sells vegetables grown on her Boulder County farm at the Boulder Farmers Market. Now in its second year in business, Bender estimates 10%-15% of last year’s sales involved some sort of low-income assistance like the Fruit & Veg Boulder program.

She described it as a “win-win for everybody.”

“Local farmers are able to sell their food and support local economies and soil health,” Bender said. “And then people are able to access our food that wouldn’t otherwise be able to afford it.”

Emmy Bender, co-owner of Off Beet Farm, sells produce during the Boulder Farmers Market in Boulder on Wednesday, May 29, 2024. (Photo by AAron Ontiveroz/The Denver Post)

Most Americans are significantly stressed about money — here’s how it varies by demographic

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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.)

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