Latest news with #RebeccaRickert
Yahoo
6 days ago
- Business
- Yahoo
'A part-time job': Americans spend nearly 4 hours a day thinking about money
Between bills to pay, tariff news and inflation worries, money is living rent-free in Americans' minds. They're spending nearly four hours a day on average thinking about it, according to new research from Empower, a financial services company. 'That's a part-time job,' said Rebecca Rickert, head of communications and consumer insights at Empower. At 54%, a little more than half of the 2,206 adults surveyed said they're thinking about it more than they did last year. In fact, the June survey found 53% of Americans said they're feeling financial stress "more acutely than ever," including 62% of Gen Xers and 41% of baby boomers. With banking and investment apps a tap away on their phones, 17% of Americans are checking their financial accounts multiple times a day, and 24% check their bank account daily. The high level of surveillance is more common among younger generations: 24% of Gen Zers and 21% of millennials are looking at their accounts several times a day, compared with 10% of baby boomers. 'People are checking their accounts like they check the weather,' Rickert said. More: Trump's new tariffs slam trading partners, U.S. stock market: Live updates What exactly are Americans thinking about? Top of mind for most Americans is, of course, upcoming and due payments – 57% of Americans report they're thinking about bills. Inflation and rising prices also are taking up headspace for 51% of Americans. Of those surveyed, 34% are thinking about housing costs, 30% are thinking about debt, 28% are thinking about tariffs, and 24% are thinking about retirement savings. 'People are carrying more financial pressure as they face external factors that are beyond their control, like market uncertainty, while managing multiple priorities like debt, everyday expenses, and savings – even if their income hasn't changed,' Lisa Frison, head of financial inclusion at Citi, told USA TODAY. Chief worries for younger generations are housing costs, job security and debt, Rickert said. Meanwhile, older generations are thinking about retirement savings and reserves, like their emergency cash. Younger Americans spend more time worrying Time spent thinking about money varies by generation, and it appears to decline as Americans grow older. Gen Z spends the most time thinking about money, averaging 4.82 hours a day. Millennials follow close behind, averaging 4.73 hours a day. Money still weighs heavily on Gen Xers' and baby boomers' minds, but they aren't thinking as much about it: They average 3.74 hours and 2.4 hours a day, respectively. Jack Howard, head of financial wellness at Ally Financial, said Gen Zers are unique because they grew up having more information at their fingertips thanks to the internet and are 'comparing themselves against the world' thanks to social media. "Which is good because we want you to get the information and use it. But I wonder if it's also creating an overload of anxiety,' Howard said. 'Social media creates some level of competition.' When are Americans thinking about money? The topic is so stressful that 36% of Americans report losing sleep over their financial worries. Millennials may be getting the least rest: 44% report that money worries are keeping them up. Baby boomers are faring better at night; only 24% report it affects their sleep. Money concerns don't stop during the day. The survey found that 38% of respondents said financial worries interfered with their ability to focus and put a strain on their relationships. Gen Zers are most likely to think about money between 2 p.m. and 5 p.m., while millennials and Gen Xers are often worrying about their finances before bed, between 8 p.m. and 11 p.m. Is money stress motivating? Close to half of Americans report that thinking about money helps them take action to reach their long-term goals, and 47% said they feel confident they'll reach them. Another 30% reported feeling neutral, or on the fence, about whether they'll reach their long-term goals. In the meantime, many Americans are seeking financial advice and information. More than half reported following financial news to stay informed, commonly researching topics including inflation, budgeting and saving. A third said talking with a financial adviser helps clarify their financial goals. Still, Frison cautions people against ruminating over their finances and thinking too much about past mistakes or missed opportunities, which can lead to frustration but not solutions. 'It's unhelpful when thinking about money becomes an infinite loop, so the key is to shift from stress to structure, even with one small move,' Frison told USA TODAY. What helps ease financial pressure Asked what would ease their money worries, nearly half of the survey respondents said a higher income, and 45% said lower living expenses. But 29% also wished for 'broader economic improvements,' and 28% pointed to debt elimination. Nearly a quarter said a larger emergency fund would help, and 18% said a detailed financial plan would have a positive impact. Suppose money is taking up more mental headspace than you'd like. In that case, Frison recommends doing a personal financial audit, building small habits over time, and asking friends, family or a professional for help. 'When people are in a silo on these things, it makes it difficult to take action,' Howard said. 'That's where the shame comes in.' She and Rickert emphasized the importance of people shifting from passive worrying to taking action – whether that's starting to pay down debt or contributing to a 401(k) – to better their financial situation and relieve stress. Reach Rachel Barber at rbarber@ and follow her on X @rachelbarber_ This article originally appeared on USA TODAY: Americans spend nearly 4 hours a day thinking about money Sign in to access your portfolio
USA Today
04-08-2025
- Business
- USA Today
'A part-time job': Americans spend nearly 4 hours a day thinking about money
Between bills to pay, tariff news and inflation worries, money is living rent-free in Americans' minds. They're spending nearly four hours a day on average thinking about it, according to new research from Empower, a financial services company. 'That's a part-time job,' said Rebecca Rickert, head of communications and consumer insights at Empower. At 54%, a little more than half of the 2,206 adults surveyed said they're thinking about it more than they did last year. In fact, the June survey found 53% of Americans said they're feeling financial stress "more acutely than ever," including 62% of Gen Xers and 41% of baby boomers. With banking and investment apps a tap away on their phones, 17% of Americans are checking their financial accounts multiple times per day, and 24% check their bank account daily. The high level of surveillance is more common among younger generations, with 24% of Gen Z and 21% of millennials looking at their accounts several times a day, compared to 10% of baby boomers. 'People are checking their accounts like they check the weather,' Rickert said. More: Trump's new tariffs slam trading partners, U.S. stock market: Live updates What exactly are Americans thinking about? Top of mind for most Americans is, of course, upcoming and due payments – with 57% of Americans reporting they're thinking about bills. Inflation and rising prices are also taking up headspace for 51% of Americans. Of those surveyed, 34% are thinking about housing costs, 30% are thinking about debt, 28% are thinking about tariffs, and 24% are thinking about retirement savings. 'People are carrying more financial pressure as they face external factors that are beyond their control, like market uncertainty, while managing multiple priorities like debt, everyday expenses, and savings – even if their income hasn't changed,' Lisa Frison, head of financial inclusion at Citi, told USA TODAY. Chief worries for younger generations are housing costs, job security, and debt, according to Rickert. Meanwhile, older generations are thinking about retirement savings and reserves, like their emergency funds. Younger Americans spend more time worrying Time spent thinking about money varies by generation, and it appears to decline as Americans grow older. Gen Z spends the most time, averaging 4.82 hours per day. Millennials follow close behind, averaging 4.73 hours per day. Money still weighs heavily on Gen Xers' and baby boomers' minds, but they aren't thinking as much about it, averaging 3.74 hours and 2.4 hours per day, respectively. Jack Howard, head of financial wellness at Ally Financial, said Gen Z is unique because they grew up having more information at their fingertips thanks to the internet and are 'comparing themselves against the world,' thanks to social media. "Which is good because we want you to get the information and use it. But I wonder if it's also creating an overload of anxiety,' Howard said. 'Social media creates some level of competition.' When are Americans thinking about money? The topic is so stressful 36% of Americans report losing sleep over their financial worries. Millennials may be getting the least rest, with 44% reporting that money is keeping them up. Baby boomers are faring better at night, with only 24% reporting it affects their sleep. Money concerns don't stop during the day. The survey found that 38% of respondents said financial worries interfered with their ability to focus and put a strain on their relationships. Gen Z is most likely to think about money between 2 p.m. and 5 p.m., while millennials and Gen X are often worrying about their finances before bed, between 8 p.m. and 11 p.m. Is money stress motivating? Close to half of Americans report that thinking about money helps them take action to reach their long-term goals, and 47% said they feel confident they'll reach them. Another 30% reported feeling neutral, or on the fence, about whether they'll reach their long-term goals. In the meantime, many Americans are seeking financial advice and information. More than half reported following financial news to stay informed, commonly researching topics including inflation, budgeting, and saving. A third said talking with a financial adviser helps clarify their financial goals. Still, Frison cautions people against ruminating over their finances and thinking too much about past mistakes or missed opportunities, which can lead to frustration but not solutions. 'It's unhelpful when thinking about money becomes an infinite loop, so the key is to shift from stress to structure, even with one small move,' Frison told USA TODAY. What helps ease financial pressure Asked what would ease their money worries, nearly half of the survey respondents said a higher income, and 45% said lower living expenses. But 29% also wished for 'broader economic improvements,' and 28% pointed to debt elimination. Nearly a quarter said a larger emergency fund would help, and 18% said a detailed financial plan would have a positive impact. Suppose money is taking up more mental headspace than you'd like it to. In that case, Frison recommends doing a personal financial audit, building small habits over time, and asking friends, family, or a professional for help. 'When people are in a silo on these things, it makes it difficult to take action,' Howard said. 'That's where the shame comes in.' She and Rickert emphasized the importance of people shifting from passive worrying to taking action – whether that's starting to pay down debt or contributing to a 401(k) – to better their financial situation and relieve stress. Reach Rachel Barber at rbarber@ and follow her on X @rachelbarber_
Axios
30-07-2025
- Business
- Axios
Money anxiety is basically a part-time job now
Americans now spend nearly four hours a day thinking about money, the equivalent of a part-time job, per a new Empower study. Why it matters: Financial anxiety could be fueling recent pressure on consumer spending. If the negative economic vibes continue to drive less spending, that could weigh on the economy and the stock market. What they're saying: "People check their money like they're checking the weather," said Rebecca Rickert, head of communications and consumer insights at Empower. By the numbers: Top money worries center on everyday expenses. 57% of Americans cited bills, 51% pointed to inflation, and 34% are stressed about housing. Debt (30%), tariffs (28%) and retirement savings (24%) round out the list. The inclusion of tariffs among financial concerns mirrors recent polling indicating that voters are increasingly anti-tariff. Between the lines: Types of money worries vary across age, with younger generations worrying about housing costs, job security and debt, while older people are more concerned about stock market performance, retirement savings and emergency funds. The split shows financial stress tracks with life stages — older Americans are focused on preserving wealth, while younger ones are still trying to build it. Zoom in: What would ease financial anxiety? A higher income (47%) tops the list of stress relievers, followed by lower living expenses (45%) and a stronger economy (29%). Zoom out: One silver lining? The anxiety may be leading to better financial decisions. Nearly half of Americans say this anxiety is motivating them to shift from passive worries to proactive behaviors, Rickert said. 40% of millennials proactively work to improve their finances when these thoughts arise. 1 in 4 adjusts their spending habits monthly due to financial concerns, mostly by dining out less or buying fewer non-essentials. Yes, but: Sentiment, or vibes, about finances that are detailed in surveys do not always directly align with consumer behavior. Card spending was up across the board this quarter, according to bank earnings, which didn't point to broad evidence of consumers saving by dining out less. The bottom line: Consumers may say they're saving money by eating at home more, for example — but that could be a "microchoice," like one extra dinner at home per month, Rickert said.
Yahoo
02-06-2025
- Business
- Yahoo
Most Americans Are Not Even Halfway to ‘Financial Happiness' — 4 Reasons Why and What To Do About It
Americans have been on a wild financial ride so far in 2025, with the stock markets bouncing up and down and economists sounding the alarm about a possible recession. Given all the volatility, it's perhaps not surprising that most Americans have a lukewarm view of their overall financial situation. On average, they rate their happiness with their overall personal finances a 4.97 out of 10, according to a new survey results from Empower. This means most Americans aren't even halfway to financial happiness. Find Out: Read Next: Based on those results, here are four reasons Americans are not financially happy — and what they can do about it. Out of 2,208 U.S. adults surveyed, more than one-third (35%) of respondents said one of the biggest roadblocks to achieving financial happiness is income. They provided an average rating of 4.65 out of 10 on salary, meaning most don't think they are even halfway to their ideal income. In terms of financial challenges, an inadequate income can seem like one of the toughest. However, there are a few ways to boost your income, including asking for a raise, taking on a side hustle or finding a better-paying job. It might also be helpful to look for positive macro trends. For example, average wage growth in the U.S. has outpaced inflation since February of 2023, according to Statista. Meanwhile, the U.S. Bureau of Labor Statistics reported that median weekly earnings for full-time workers reached $1,194 during the 2025 first quarter — up 4.8% from the previous year and above the inflation rate of 2.7% Explore More: Another major roadblock to achieving financial happiness is the feeling that 'expenses are adding up' — a problem that was also cited by 35% of Empower survey respondents. The best way to deal with high expenses is to find areas to cut back — and many Americans are doing just that. About one-third (32%) of the survey respondents said they're cutting their discretionary spending and spending less on non-essential items. The same percentage said they're switching to cheaper brands. Seven in 10 survey respondents said the economy is 'too uncertain' to make big money moves. 'What we're seeing across these scores is more than economic uncertainty — it reflects what we're calling a 'Great Decide,'' Rebecca Rickert, Empower's head of communications and consumer insights, said in a press release. 'People find themselves at financial crossroads with important choices about saving, investing and, critically, where to turn for advice to get where they want to go.' If you're worried about the economy, a good first step is to adopt more frugal habits, such as establishing 'no-buy' days and building up your emergency fund. You should also assess your financial situation to determine where there is room for improvement in terms of spending, savings and debt. Nearly one-third (31%) of Americans believe they're not in a place where they can save money, according to Empower. As a whole, the survey respondents rated their satisfaction with retirement savings at an average of only 4.54 out of 10 — the lowest rating among all categories. One way to save more money is to reduce your spending and put whatever is left over into your savings accounts. Earning additional income can also boost your savings. And if you haven't done so already, put your money into a high-yield savings account to ensure the best return on your deposits. More From GOBankingRates 10 Unreliable SUVs To Stay Away From Buying Here's the Minimum Salary Required To Be Considered Upper Class in 2025 This article originally appeared on Most Americans Are Not Even Halfway to 'Financial Happiness' — 4 Reasons Why and What To Do About It Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
