If you’re feeling more irritable than usual when you pull out your debit card, you’re not alone.
Because of inflated costs, more Americans are being impacted emotionally by feeling like they don’t make enough money, and according to a new study, this could take a toll on your mental health over time.
The financial platform ‘I Will Teach You To Be Rich’ recently released findings from a study that revealed how people’s minds and emotions are being impacted by their current financial status.
Overall, a staggering 70% of respondents said they don’t earn enough money. With the Census reporting that the median household income at $67,521, the findings said the average respondent felt a sufficient income would be nearly $7,600 above that figure.
When gender is considered, research showed that nearly 80% of women and almost 50% of men said they didn’t make enough monthly, while 76% of women and 60% of men felt they hadn’t reached a high enough net worth. This can mostly be attributed to the gender pay gap.
Additionally, the average monthly minimum that respondents said they need for essential expenses was $1,970, and a staggering 82% said they feel they don’t have enough money for these necessary items. In a time where inflation “could get out of control” according to the Federal Reserve, this could get worse before we know it.
Sadly, health was the expense that the largest group of respondents said was too expensive for them (66%).