Money and Mental Health Survey

The Money and Mental Health survey is conducted annually by the National Financial Educators Council and demonstrates the connection between people’s finances and their emotional state. New data is released each October to raise awareness for Emotional Wellness Month and Mental Illness Awareness Week.

The NFEC conducted the survey of 2112 people across America between September 15th and 23rd. The goal was to better understand the connections between people’s financial capabilities and their money-related attitudes and behaviors. The number of people answering that their top financial concern was “Covering Basic Needs (food, housing)” more than doubled over last year’s results.

The Cycle of Financial Stress

Money & Mental Health Survey Whitepaper

The NFEC looks at our own survey results in conjunction with the findings of others concerning the relationship between personal finance and mental health. Steps to both help cope with financial stress and to reduce the sources are also examined.

The NFEC's Money & Mental Health Survey Whitepaper

Survey Results

My personal finances have a negative impact on my emotional & mental well-being:

10.8%

Strongly Agree

16.5%

Agree

41.5%

Neutral (neither agree nor disagree)

14.2%

Disagree

17.1%

Strongly Disagree

My personal finances are a cause of stress:

15.7%

Strongly Agree

19.1%

Agree

40%

Neutral (neither agree nor disagree)

11.3%

Disagree

13.9%

Strongly Disagree

My top financial concern is:

19.0%

Covering Basic Needs (food, housing)

15.1%

Saving Money

7.7%

Reducing Expenses

7.5%

Security of Income or Job

3.5%

Debt Load

3.5%

Credit Score

43.7%

None of These

Past Survey Results

1,503 Respondents between September 23th and October 4th, 2021

My personal finances have a negative impact on my emotional & mental well-being:

11.4%

Strongly Agree

20.5%

Agree

33.7%

Neutral (neither agree nor disagree)

14.1%

Disagree

20.3%

Strongly Disagree

My personal finances are a cause of stress:

12.7%

Strongly Agree

14.9%

Agree

34.6%

Neutral (neither agree nor disagree)

16.0%

Disagree

21.8%

Strongly Disagree

My top financial concern is:

20.2%

Saving Money

9.6%

Security of Income or Job

9.3%

Covering Basic Needs (food, housing)

8.9%

Reducing Expenses

7.8%

Debt Load

3.4%

Credit Score

40.7%

None of These

Past Results

2,107 Respondents between September 29th and October 3rd, 2020

My personal finances have a negative impact on my emotional & mental well-being:

32.4%

Agree or Strongly Agree

39.9%

Neutral (neither agree nor disagree)

27.7%

Disagree or Strongly Disagree

My personal finances are a cause of stress:

28.7%

Agree or Strongly Agree

36.5%

Neutral (neither agree nor disagree)

34.8%

Disagree or Strongly Disagree

My top financial concern is:

20.6%

Saving Money

10.4%

Covering Basic Needs (food, housing)

9.3%

Security of Income or Job

9.2%

Reducing Expenses

8.8%

Debt Load

5%

Credit Score

36.7%

None of These

Additional Money & Mental Health Survey Supporting Information

Certified Financial Planner ® Board of Standards, Inc. (2017). Continuing Education Policies. Washington, DC: CFPBS. https://www.cfp.net/for-cfp-professionals/continuing-education

National Financial Educators Council Financial Guidance

National Financial Educators Council Financial Wellness & Emotional Wellness 

National Financial Educators Council Where to Turn for Trusted Financial Guidance

Financial Conduct Authority (2017). Consumer Explanations of “Advice and Guidance.” London, UK: FCA. https://www.fca.org.uk/publication/research/fawg-consumer-explanations-advice-guidance.pdf