Study Finds the Average American Experiences 22 Financial Microstressors Each Week

What are the things that keep you up at night? You know, those little stresses and anxieties that burrow into your thoughts like a splinter. For a lot of people, money is at the top of that list, but we’re not just talking about the big concerns.

Obviously, things like losing your job or your home are awful. What we’re talking about here are microstressors — the little headaches we encounter on a regular basis. These are things like missing a bill payment, facing an unexpected charge, or getting your credit card declined.

It’s a death of 1,000 cuts situation. These aren’t life-altering, world-shattering events, but they build up. There’s only so much you can take before the proverbial camel shatters its spine. We recently surveyed 36,000 people to better understand how many of these microstressors the average American encounters.

Our respondents said they experience an average of 22.5 of these financial stressors per week — that’s more than three a day! These aren’t just isolated incidents, either; they’re a symptom of the enormous financial pressure Americans face each day.

It’s common knowledge that some states are just more expensive than others; that’s just basic economics. What’s a little less intuitive is the mental cost of living: the impact your state’s economy has on your mental health. You’d think that people in more expensive states would experience more financial stress, and that’s true in some cases.

However, there are some surprises we found in our data. One of the most notable? Residents of West Virginia, which is historically far from the most expensive state to live in, reported the same level of microstressors as people living in Hawaii.

Clearly, financial stress goes deeper than just the cost of living. There are other factors, like the local economy and job market, putting pressure on Americans.

The figures on the opposite end are just as interesting: while there is a clear correlation with the cost of living, there are some pretty major outliers. For instance, Vermont, which is on the higher side of average when it comes to living expenses, shares the same number of reported microstressors as the ultra-affordable Mississippi.  

And here is the complete list:

It’s possible that cultural factors, in addition to economic pressures, influence how people experience financial stress, though that’s beyond the scope of this study.

Does Hawaii’s Aloha Spirit help mitigate some of the financial stress of living in a state dominated by tourism?

Does Vermont just have a really laid-back vibe?

What is even happening in West Virginia?

We may not have the answers to those questions, but we do know the sorts of financial headaches people are facing.

The most common microstressors are the usual suspects, with unexpected fees and charges topping the list. 22% of respondents have had a metaphorical mini-heart attack when they noticed an unexpected fee hitting their account.

Missed payments are a close second, affecting 20% of respondents, while a dip in one’s credit score was keeping 18% of those surveyed up at night. The least common problem was issues with direct deposit: only 1% of respondents have faced that issue.

Here’s the breakdown of the most common microstressors our respondents have encountered:

Alarmingly, 31% of respondents said these financial concerns had a significant lasting impact on their mental well-being, with 69% saying that money pressures were affecting their overall stress levels.

This type of stress could eventually lead to heart problems, chronic anxiety, high blood pressure, and difficulty sleeping. In serious cases, those metaphorical heart attacks could become actual heart attacks, especially if that stress goes untreated.

Despite this, there seems to be a serious lack of good financial support systems available, with 51% of Americans saying they would not discuss their financial problems with their closest friends and family.

“Although microstressors — such as being hit with a late penalty due to a missed payment or learning your credit score took a dip — are minor compared to extreme negative financial events like foreclosure, they can still take a toll on your well-being,” said Consumer Finance Expert Erica Sandberg. “This is especially true when they happen often. Unfortunately, the average American experiences 22 such ‘small’ financial stressors each week.”

Sandberg continued: “Not talking about them with people who understand or who can help only makes the matter worse. The good news is that most of the smaller financial problems can be easily and quickly resolved. There’s no reason for shame! Everyone makes money and credit mistakes sometimes. You would certainly not be the first person to forget about a credit card bill. Just take the steps to rectify the situation so you can undo some of the damage and prevent it from happening again.” 

Even if they’re individually small, these financial concerns can feel overwhelming. Fortunately, there are some practical tips for managing your debt — and your stress — that can make your life a lot easier.

1. Make a Debt Spreadsheet: Working out your different debts on a spreadsheet will help you see exactly what you owe to whom, when payments are due, and how much interest you’re accruing. Being able to see all your debts in one place can help make them feel less daunting. Doing this will also help you create a clear plan of action when it comes to which payments to make first. 

2. Create a Budget: Once you know exactly where you owe money each month, it will be easier to create a budget to help pay off any debts. Also include your daily expenses, monthly bills, and any savings in your budget. This will help you keep track of spending across the board and identify areas where changes can be made. You can use the same spreadsheet you use for tracking your debts for this or use one of the many budgeting apps available.

3. Automate Payments: Missed and late payments can cost you late fees and penalty interest rates, so setting up automatic payments can help alleviate some of this stress. Consistently paying your bills on time will also help improve your credit scores.

4. Seek Support: If you’re struggling with debt, are unsure how to manage your financial stress, or simply want to know how to increase your savings, it’s always a good idea to contact a professional, such as a nonprofit credit counseling agency. These professionals can provide you with the support and advice needed to combat any money woes.

5. Set Realistic Goals: Remember that your money problems aren’t simply going to disappear overnight. It’s important to not be overambitious. Establish small, achievable goals that make your finances more manageable.  

6. Focus on What You Can Control: Try not to worry about things you have no control over. Instead, focus on what you can do, such as procuring additional sources of income, moving your money into higher interest-bearing accounts, or cutting some unnecessary expenses out of your life.

7. Educate Yourself: Search online for things you can do to stay on top of your personal finances and increase your savings. When you feel in control of your monetary situation, you’ll start to see some of your daily stresses disappear. This will help you shift your mindset from viewing finances as something that causes anxiety to perhaps even a fun and challenging task that can improve your life.

This survey helps shed light on the often-overlooked issue of financial microstressors and their significant impact on mental health. While each of these small financial setbacks may seem trivial individually, their cumulative effect can lead to far more serious issues.

Be proactive when managing them, and don’t be afraid to ask for help. You’re not in this alone, after all.

An online panel survey of 3,000 respondents based on age, gender, and geography was conducted in September 2024. Internal data sources were used to obtain population data sets. We used a two-step process to ensure representativeness through stratified sampling and post-stratification weighting.