As the consumer price index (CPI), a measure of prices for goods and services, hit another all-time high in April reaching 8.3%, Americans are stressed out more than ever about inflation and money. A recent survey published by the American Psychological Association shows that 87% of U.S. residents say inflation on everyday items has driven their stress levels way up.
Moreover, Mark Hamrick, the Washington bureau chief at Bankrate, told Morabito that Americans do have hope. “I think that people need to have a sense of hope,” Hamrick said. “When the economy is working for them, there’s a greater likelihood that people will have hope that they can accomplish their basic personal financial objectives.”
The Stress In America Survey published by the APA shows that the top issue for stress was “due to inflation (e.g., gas prices, energy bills, grocery costs, etc.)” and other top issues included “supply chain issues,” and “global uncertainty.” In fact, the APA study shows that Americans are tired of dealing with crises and most believe that there seems to be a streamlining of catastrophe after catastrophe.
“The survey findings make clear that U.S. adults appear to be emotionally overwhelmed and showing signs of fatigue,” the APA’s Stress In America Survey notes. “The vast majority of adults (87%) agreed it feels like there has been a constant stream of crises over the last two years, and more than seven in 10 (73%) said they are overwhelmed by the number of crises facing the world right now,” the report adds.
Jason Furman, a Harvard professor who worked with the Obama administration’s Council of Economic Advisers, says ‘greedflation’ is playing a small role. “Corporate power is playing likely a very small role in the inflation that we’re seeing right now,” Furman explained on Thursday. “The primary solution has to come from the primary cause of inflation, which is demand is way too high,” the Harvard professor added.
“And among adults who say money can have a negative impact on their mental health, about half (49 percent) say looking at their bank accounts is a trigger,” the Bankrate April mental health report notes. “This suggests that as a society, we need to do a better job having experiences with, and conversations about, money.”
What do you think about the recent stress survey from the American Psychological Association? Is inflation adding stress to your life? Let us know what you think about this subject in the comments section below.