Survey Shows 87% of Americans Are Stressed About Inflation and Rising Costs of Everyday Goods – Economics Bitcoin News

Americans worry more about inflation and money than ever as the Consumer Price Index (CPI), which is a measure of price for goods and service, reached an all-time high of 8.3% in April. The American Psychological Association recently published a survey showing that 87% American residents believe inflation has caused their stress level to soar.

APA Survey: 87% Americans Stressed about Inflation

According to two recent surveys, Americans are extremely stressed by rising inflation rates and high prices of daily goods and services. According to the American Psychological Association (APA) “Stress In America Survey,” Americans are burdened by mental health issues tied to money and inflationary pressures.

Vaile Wright, a senior director of health care innovation at the American Psychological Association, further explained to CNBC’s Charlotte Morabito that “Eighty-seven percent of Americans said that inflation and the rising costs of everyday goods [are] what’s driving their stress.”

Mark Hamrick from Bankrate’s Washington bureau, stated that Americans have hope. “I think that people need to have a sense of hope,” Hamrick said. “When the economy is working for them, there’s a greater likelihood that people will have hope that they can accomplish their basic personal financial objectives.”

The Stress In America Survey published by the APA shows that the top issue for stress was “due to inflation (e.g., gas prices, energy bills, grocery costs, etc.)” and other top issues included “supply chain issues,” and “global uncertainty.” In fact, the APA study shows that Americans are tired of dealing with crises and most believe that there seems to be a streamlining of catastrophe after catastrophe.

“The survey findings make clear that U.S. adults appear to be emotionally overwhelmed and showing signs of fatigue,” the APA’s Stress In America Survey notes. “The vast majority of adults (87%) agreed it feels like there has been a constant stream of crises over the last two years, and more than seven in 10 (73%) said they are overwhelmed by the number of crises facing the world right now,” the report adds.

Economists Say the Democrats’ ‘Greedflation’ Excuse Doesn’t Add Up

Additionally, a number of Americans and economists are not pleased with the Democrats’ ‘greedflation’ excuse, as one report shows the political party’s rationalization doesn’t add up. “Many Democrats blame price-gouging companies for the worst surge in Americans’ cost of living in more than a generation,” Bloomberg’s author Erik Wasson notes on Thursday. “But economists, including several who are left-leaning, disagree.”

Jason Furman, a Harvard professor who worked with the Obama administration’s Council of Economic Advisers, says ‘greedflation’ is playing a small role. “Corporate power is playing likely a very small role in the inflation that we’re seeing right now,” Furman explained on Thursday. “The primary solution has to come from the primary cause of inflation, which is demand is way too high,” the Harvard professor added.

Bankrate’s April Mental Health Report Shows 40% of Americans Say Money Is Impacting Their Mental Health Negatively

In addition to the APA’s Stress In America Survey, Bankrate’s April 2022 Money and Mental Health report says 40% of Americans have said money is impacting their mental health in a negative way.

“And among adults who say money can have a negative impact on their mental health, about half (49 percent) say looking at their bank accounts is a trigger,” the Bankrate April mental health report notes. “This suggests that as a society, we need to do a better job having experiences with, and conversations about, money.”

Worse, the macro environment as well as equities markets indicate that things will continue to slide into a bear market. On top of that, the Federal Reserve’s chief Jerome Powell recently explained that the U.S. central bank has no issues with continuing to hike the benchmark interest rate.

“We will go until we feel we’re at a place where we can say financial conditions are in an appropriate place, we see inflation coming down,” Powell said in a Wall Street Journal interview. “We’ll go to that point. There won’t be any hesitation about that,” the U.S. central bank’s chair added.

Let us know your thoughts on the American Psychological Association stress survey. Are you feeling more stressed by inflation? Please comment below on your views.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman is an active participant in the cryptocurrency community from 2011. Since 2011, Redman has been an active member of the cryptocurrency community. Redman has contributed more than 5,000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.