'A part-time job': Americans spend nearly 4 hours a day thinking about money
- Americans spend nearly four hours a day thinking about their finances, with many experiencing increased financial stress compared to last year.
- Top financial concerns include bills, inflation, housing costs, and debt, varying by generation.
- Younger generations, particularly Gen Z and Millennials, spend more time worrying about money and experience more sleep disruption due to financial concerns.
Between bills to pay, tariff news and inflation worries, money is living rent-free in Americans’ minds.
They’re spending nearly four hours a day on average thinking about it, according to new research from Empower, a financial services company.
“That’s a part-time job,” said Rebecca Rickert, head of communications and consumer insights at Empower.
At 54%, a little more than half of the 2,206 adults surveyed said they’re thinking about it more than they did last year. In fact, the June survey found 53% of Americans said they’re feeling financial stress "more acutely than ever," including 62% of Gen Xers and 41% of baby boomers.
With banking and investment apps a tap away on their phones, 17% of Americans are checking their financial accounts multiple times a day, and 24% check their bank account daily.
The high level of surveillance is more common among younger generations: 24% of Gen Zers and 21% of millennials are looking at their accounts several times a day, compared with 10% of baby boomers.
“People are checking their accounts like they check the weather,” Rickert said.
What exactly are Americans thinking about?
Top of mind for most Americans is, of course, upcoming and due payments – 57% of Americans report they’re thinking about bills.
Inflation and rising prices also are taking up headspace for 51% of Americans. Of those surveyed, 34% are thinking about housing costs, 30% are thinking about debt, 28% are thinking about tariffs, and 24% are thinking about retirement savings.
“People are carrying more financial pressure as they face external factors that are beyond their control, like market uncertainty, while managing multiple priorities like debt, everyday expenses, and savings – even if their income hasn’t changed,” Lisa Frison, head of financial inclusion at Citi, told Paste BN.
Chief worries for younger generations are housing costs, job security and debt, Rickert said. Meanwhile, older generations are thinking about retirement savings and reserves, like their emergency cash.
Younger Americans spend more time worrying
Time spent thinking about money varies by generation, and it appears to decline as Americans grow older.
Gen Z spends the most time thinking about money, averaging 4.82 hours a day. Millennials follow close behind, averaging 4.73 hours a day. Money still weighs heavily on Gen Xers’ and baby boomers’ minds, but they aren’t thinking as much about it: They average 3.74 hours and 2.4 hours a day, respectively.
Jack Howard, head of financial wellness at Ally Financial, said Gen Zers are unique because they grew up having more information at their fingertips thanks to the internet and are “comparing themselves against the world” thanks to social media.
"Which is good because we want you to get the information and use it. But I wonder if it’s also creating an overload of anxiety,” Howard said. “Social media creates some level of competition.”
When are Americans thinking about money?
The topic is so stressful that 36% of Americans report losing sleep over their financial worries. Millennials may be getting the least rest: 44% report that money worries are keeping them up. Baby boomers are faring better at night; only 24% report it affects their sleep.
Money concerns don’t stop during the day. The survey found that 38% of respondents said financial worries interfered with their ability to focus and put a strain on their relationships.
Gen Zers are most likely to think about money between 2 p.m. and 5 p.m., while millennials and Gen Xers are often worrying about their finances before bed, between 8 p.m. and 11 p.m.
Is money stress motivating?
Close to half of Americans report that thinking about money helps them take action to reach their long-term goals, and 47% said they feel confident they’ll reach them.
Another 30% reported feeling neutral, or on the fence, about whether they’ll reach their long-term goals. In the meantime, many Americans are seeking financial advice and information.
More than half reported following financial news to stay informed, commonly researching topics including inflation, budgeting and saving. A third said talking with a financial adviser helps clarify their financial goals.
Still, Frison cautions people against ruminating over their finances and thinking too much about past mistakes or missed opportunities, which can lead to frustration but not solutions.
“It's unhelpful when thinking about money becomes an infinite loop, so the key is to shift from stress to structure, even with one small move,” Frison told Paste BN.
What helps ease financial pressure
Asked what would ease their money worries, nearly half of the survey respondents said a higher income, and 45% said lower living expenses.
But 29% also wished for “broader economic improvements,” and 28% pointed to debt elimination. Nearly a quarter said a larger emergency fund would help, and 18% said a detailed financial plan would have a positive impact.
Suppose money is taking up more mental headspace than you'd like. In that case, Frison recommends doing a personal financial audit, building small habits over time, and asking friends, family or a professional for help.
“When people are in a silo on these things, it makes it difficult to take action,” Howard said. “That’s where the shame comes in.”
She and Rickert emphasized the importance of people shifting from passive worrying to taking action – whether that’s starting to pay down debt or contributing to a 401(k) – to better their financial situation and relieve stress.
Reach Rachel Barber at rbarber@usatoday.com and follow her on X @rachelbarber_