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number two The annual Mental Wealth Survey explores trends in the impact of financial stressors on mental health and found that 93% of respondents are taking action to regain control of their finances. rice field.
New York, October 20, 2022 /PRNewswire/ — More than 68% of student loan holders agree that improving their student loan debt will improve their mental health, and nearly half (46%) expect their states that its economic goal is to repay debt. An annual survey commissioned by Laurel Road, a brand of KeyBank, a digital banking platform and professional services provider for medical and business professionals.
This study of 1,000 US adults explores the link between mental health and financial management amid economic uncertainty. Nearly 1 in 4 of her Americans surveyed had student loan debt, 16% of which she had in federal student loans and could qualify for a recent student loan forgiveness. there is. Of the respondents surveyed for student loan debt, more than half had already missed their financial goals, and more than three of his five debtors paid their student loans on time. We often feel that we have to make financial sacrifices in order to do so. Against this backdrop, 88% of respondents are concerned about how a potential recession and rising inflation will affect their personal finances.
However, many student loan holders (42%) continued to pay off their debt during the federal student loan holidays, and a smaller percentage (19%) did not stop paying. People are desperate to reap the benefits of student loan forgiveness, and they already have plans in place on how to make the most of the extra money in their wallets to increase their overall spiritual wealth. More than a third are applying to their remaining student loan debt, and as many plan to use the money to pay off other debt. Additionally, a third of his respondents plan to put it into savings or investments.
“The debt landscape, especially student loans, has changed dramatically in recent months. Every day we receive questions from student loan borrowers about how they should think about student loans. As resources, guidance and options for repaying debt become more complex, we offer debt counseling and public service loan forgiveness management through GradFin, a group of experts who provide personalized solutions and advice. This aligns with our mission to provide all members with financial peace of mind during their journey.” Alyssa SchaeferGeneral Manager and Chief Experience Officer of Laurel Road.
apart from Faced with increasing economic stressors, young Americans are preparing for the future
Gen Z and millennials continue to feel the economic climate is impacting their mental health and overall well-being. It identified that nearly four of her five survey respondents under the age of 40 experienced negative consequences of financial stress. That’s up from her 72% of Americans under 40 saying managing finances has put a strain on her mental health in 2021. If they had more control over their finances (55%), most respondents would take action to ease the pressure of ongoing insecurity (93%).
This is based on trends for 2021, showing that a majority of young Americans (79%) would be less stressed about their financial situation if they were more educated on how to achieve financial health. I understood that I felt that it would be. You manage your finances with a financial plan, and talking to others about your financial situation relieves your anxiety.
Americans are taking action to regain control on the road to financial security
Most respondents (76%) do not feel financially secure, but more guidance and resources could help many achieve their goals and gain control there is. Respondents cited the ability to save more money, increase their retirement savings, and find new tools to budget as the main ways they can feel more in control of their finances. .
One-third of respondents believe their current bank or financial institution helps them achieve financial stability, as many feel pressured to keep money in their bank accounts was less than Most of the respondents are comfortable discussing their financial situation with friends and family, but only 11% have sought professional financial advice. Emotional concerns were a key inflection point in terms of seeking support, as more than a quarter of her respondents were too embarrassed to openly discuss their current financial situation. .
“People need professional guidance not only to help them with the tactical next steps in their financial journey, but also to understand the side effects of financial stress and how to build a strong foundation on spiritual wealth. I am asking.” Aja Evans, Licensed Mental Health Counselor (LMHC) and Laurel Road Financial Therapist. “Laurel Road places an intrinsic value on achieving financial health and will continue to strengthen our portfolio to provide our members with the resources they need to easily approach and understand their financial health. doing.”
As the holidays and New Year approach, Americans prioritize savings and financial decisions
This holiday season is shaped by the current financial realities facing Americans. The survey respondent said he is more focused on saving money than ever (84% compared to 66% for him in 2021). As a result, people are discussing cheaper and more meaningful gifts with family and friends this season (27%), taking advantage of tricks like credit card reward points (27%), buying new checks and saving money Are you planning to save money by opening Accounts to earn sign-up offers (13%). However, some budgeting will require more sacrifices, such as reducing travel (28%) or investing in savings (20%).
It’s clear that Americans have big plans for 2023 and beyond, planning to prioritize financial stability in the new year. It includes paying off, improving your credit score, and improving your relationship with money. As more people aim to regain control of their finances, setting clear goals and next steps is the first bridge across the road to financial freedom.
To discuss the trends surrounding personal finances and their impact on overall well-being, Laurel Road brings together personal finance and mental health experts to manage mental wealth in Laurel Road: To Financial Resistance. We will hold an event on the road of. October 27Follow Laurel Lord on Instagram for updates.
methodology
The survey was conducted by Wakefield Research among 1,000 nationally representative US adults. September 7th When September 16thth , 2022, using email invitations and online surveys. Data are weighted to accurately represent the nationally representative US adult population. Any sample result is subject to sampling variation. The magnitude of the variability is measurable and influenced by the number of interviews and the level of the percentage representing the results. For the interviews conducted in this particular study, there is a 95 in 100 chance that the findings will not vary, plus or minus, by more than 3.1 percentage points from those that would have been obtained if all persons surveyed were interviewed. is. Universe represented by the sample.
About Laurel Road
Laurel Road is a digital banking platform and brand of KeyBank, providing customized services to support the financial well-being of healthcare and business professionals. Laurel Road’s banking and lending solutions, including High Yield Savings℠ Account, Student Loan Cashback℠ Credit Card, Student Loan Refinancing, Mortgages, Personal Loans and more, provide members with a simple, personalized experience that makes their financial journey even better. Navigate well and achieve your goals in life. Additionally, Laurel Road has reimagined banking and financial management for doctors and dentists through Laurel Road for Doctors. It’s a tailored digital experience comprised of banking, insights and unique perks to give you the financial assistance and peace of mind you need at each career stage. In Spring 2022, Laurel Road launched Loyalty Checking, the first checking account designed with nurses in mind, furthering the company’s commitment to healthcare professionals. Since 2013, Laurel Road has helped consolidate and refinance thousands of professionals with undergraduate and postgraduate degrees. $9 billion in federal and private school loans. For more information, please visit http://www.laurelroad.com. Laurel Road is a brand of the KeyBank National Association. All products offered by KeyBank NA Member FDIC. NMLS # 399797. Equal Home Lenders. © 2022 Keycorp® all rights reserved. Laurel Road is a federally registered service mark of KeyCorp.
Contact: KWT Global on Laurel Road, 646-989-8147, laurelroad@kwtglobal.com
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