In today’s world, most of us are open about our lives on social media about an array of subjects, so it’s interesting to learn that money remains one of the biggest taboos. A recent survey shows that 62% of adults avoid talking about their stress altogether, especially when it comes to finances. Many feel like they’re carrying the burden alone, with only 52% saying they feel comfortable discussing their financial situation with others. Why are we so quiet about money when it’s one of the top causes of stress?
Money as a Leading Source of Stress
The numbers don’t lie. Money consistently ranks as one of the top stressors across all age groups, affecting everything from our mental health to our relationships. In 2023, 63% of adults listed finances as a major source of stress. For those between the ages of 18 to 34, 82% reported that money was one of their most significant stressors, right alongside health concerns. It’s clear that money isn’t just an isolated stressor—it seeps into every part of our lives, causing anxiety about everything from paying bills to long-term financial security.
The Embarrassment Factor
One of the most telling stats from the survey is that over 45% of people feel embarrassed about discussing their financial situation. Why is money such a source of shame? Whether it's due to societal pressures, personal feelings of failure, or the comparison culture fuelled by social media, many people are left feeling isolated and inadequate. This stigma around money not only prevents us from getting the support we need but also reinforces the cycle of stress and anxiety.
Generational Differences in Financial Stress
While financial stress affects everyone, younger generations seem to be particularly hard hit. Adults ages 18 to 34 report significantly higher levels of stress related to the economy and housing costs, which have increased dramatically in recent years. For many millennials and Gen Z's, financial milestones like buying a house or saving for retirement feel completely out of reach. And the pandemic has only heightened these worries, with many young adults reporting that their financial concerns have worsened since 2019.
The Impact on Women
It’s also important to highlight the gender gap when it comes to financial stress. Women consistently report higher levels of stress than men, especially around paying for essentials like groceries and rent. In the survey, 50% of women said they felt “consumed” by their worries about money, compared to 44% of men. This discrepancy may be due to a range of factors, from wage inequality to the disproportionate burden of household expenses and caregiving responsibilities that many women carry.
Breaking the Silence Around Money
So why aren’t we talking about it? If money is such a universal stressor, why do we feel so much shame and embarrassment around it? Part of the issue is cultural, many of us were raised to believe that discussing money is inappropriate, or worse, a sign of personal failure. Remember that study that revealed people would rather talk about politics, abuse, religion etc before money? But staying silent only amplifies the problem. By opening up and having honest conversations about finances, we can start to break the cycle of stress and shame that so many people are trapped in.
Money stress is real, and it’s not going anywhere anytime soon. But the first step to reducing that stress is talking about it. We need to stop pretending that everything is fine and start having real, honest conversations about the financial pressures we’re all facing. After all, no one should have to carry the weight of financial stress alone.
Source: Stress in America (APA, 2023) https://www.apa.org/news/press/releases/stress/2023/collective-trauma-recovery
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