More than half of Americans have been increasingly worried about money — and over one-third are embarrassed by their finances, according to a recent study from Wells Fargo.
The financial services company surveyed 3,403 U.S. adults and 203 U.S. teens for its Money Study, released Feb. 27
Respondents revealed some anxiety about their money habits, with 67% saying they're cutting back on spending, and 57% saying they're "worrying more about money." Nearly half, 45%, said they're feeling more nervous about debt and delaying some life plans.
These stressors are showing up in young respondents, too, with 1 in 3 teens saying they think about money a lot, and 73% saying they "sometimes over-focus" on how much money they have or don't have.
Both adults and teens admitted to lying about their financial situation, though the habit was more prevalent in young people.
The following chart shows common financial lies, and how many adults and teens admitted to telling them:
|
Adults |
Teens |
|
|
Have lied about how much I've saved |
28% |
42% |
|
Have lied about how much I spend on things |
32% |
50% |
|
Have lied about how much my home is worth |
7% |
18% |
|
Have lied about how much money I grew up with |
10% |
23% |
And this chart offers explanations for why Americans lie about money:
|
Adults |
Teens |
|
|
Barrier to conversation: I may feel judged |
33% |
44% |
|
Sometimes I overfocus on how much money I have or don't have |
60% |
73% |
|
I sometimes judge myself based on my money or lack of money |
57% |
65% |
|
I wish I knew more about better managing my money |
67% |
83% |
Embarrassment and fear of judgment prohibit many Americans from having honest conversations about money, according to Wells Fargo. Fifty-seven percent of respondents named personal finances among the most difficult topics to discuss — sandwiched between sex (60%) and death (46%).
Michael Liersch, head of advice and planning at Wells Fargo, suggests that awkwardness around money is part of human nature. He encourages individuals to embrace their financial situation.
"I believe that the root cause of people being reluctant to discuss money is that it reveals more about who they truly are and that can make them uncomfortable — so much so that they are willing to lie about aspects of their financial life," Mr. Liersch said.
A silver lining amid Americans' financial frets: 80% of adults and 91% of teens said they want to learn new ways of thinking about and dealing with their money.