In a number of large economies, at least half of the adult population reports feeling anxious about their own finances, with inflation cited as a primary cause. According to a considerable portion of respondents to SurveyMonkey’s International Your Money Financial Security Survey, they feel less financially secure than their parents and have negative expectations for their kids’ financial destiny.

Approximately 70% of adults in the United States, Australia, Spain, and Mexico reported feeling “very or somewhat stressed” about money. In the UK, the percentage dropped to 63%; in Germany, it was 57%; in Switzerland, it was 55%; and in Singapore and France, it was almost half.

Between 50% and 73% of respondents in each of those nations identified as middle class, with the exception of the UK, where the percentage was only 37%.

Although the middle class has historically been associated with financial security, between 45% and 62% of people who classified as belonging to that category said they were “living paycheck to paycheck.”

Among adults in Australia, Germany, and the UK, half indicated their situation had gotten worse during the previous five years.

Only adults in Singapore and Mexico, out of all the nations polled, were more likely than not to claim they were in a better financial situation than their parents.

Financial stress was commonly attributed to inflation, rising interest rates, insufficient savings, and unstable economies.

The 4,342 adult research was completed in March and made public on Wednesday.

“The health of the global economy, though muted in some areas, is not being reflected in the perceptions of the average person … Despite the performance of the economy writ large, roughly half of adults are stressed about their personal finances in every country studied around the world,” said Eric Johnson, CEO of SurveyMonkey, in an accompanying article.

Despite slowing global economic development, the majority of industrialised economies have avoided the recessions that were predicted in the face of rising interest rates and excessive inflation. Although labour markets have shown resilience, a number of polls have indicated that consumers who have been severely impacted by increases in the cost of daily products and household costs are feeling pessimistic.

(Adapted from NedwsBreak.com)

Categories: Economy & Finance, Uncategorized