Money Is Leading Source Of Happiness, And Stress: Survey

MILWAUKEE, WI — In 1964, the Beatles wrote that "money can't buy me love." A new twist on that age-old aphorism based on research indicates that it might can buy you other positive feelings - and a whole lot of negative ones.

According to a new survey by Northwestern Mutual, financial security emerged as the most important attribute of a positive outlook on life, according to new research released today by Northwestern Mutual. Research stated that nine out of 10 Americans agree that nothing makes them happier or more confident than feeling like their finances are in order.

"The formula is simple," said Rebekah Barsch, vice president of planning at Northwestern Mutual in a prepared statement Tuesday morning. "Financial security creates options, and options empower people to curate the life they want --- both in the present and the future."

These are the latest findings from the 2018 Planning & Progress Study, an annual research project commissioned by Northwestern Mutual that explores Americans' attitudes and behaviors toward money, financial decision making, and the broader landscape issues impacting people's long-term financial security. The first set of data around retirement savings was released in May.

Money=Anxiety

• Anxiety 54 percent (25 percent "all the time" or "often")
• Insecurity 52 percent )24 percent "all the time" or "often" )
• Fear 48 percent

Money also emerged as the dominant source of stress 44 percent , dramatically outpacing personal relationships 25 percent and work 18 percent.

This is not surprising, considering that the following are just some of the financial pressures causing at least four in 10 Americans to experience "high" or "moderate" levels of anxiety:

• Rising cost of healthcare: 59 percent
• Unplanned financial emergency: 55 percent
• Unplanned health emergency: 53 percent
• Income: 48 percent
• Level of savings: 48 percent
• Debt: 42 percent
• Planning for retirement: 41 percent --- up from 37 percent in 2017

"What do the top three sources of financial anxiety have in common?" Barsch said. "They're unpredictable, and uncertainty tends to make people uncomfortable. The good news is, with financial matters, there are typically opportunities to make unexpected events feel less daunting by being proactive about planning."

The psychological and lifestyle implications of financial anxiety are sobering. More than a quarter of Americans 28 percent said that financial anxiety makes them feel depressed at least monthly, with 17 percent suffering depression as often as weekly, daily, and even hourly.

"Life is meant to be spent living not worrying," Barsch said. "A financial strategy can play an important role in easing financial anxiety."

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