HUNTSVILLE, Ala. (WAFF) – Financial anxiety has become an epidemic in the United States, affecting more than half of Americans on a near-daily basis, according to a Huntsville financial advisor.
Jay McGowan, a certified financial planner with The Welch Group, said a combination of inflation concerns, uncertainty around the impact of artificial intelligence on the job market, and deeply rooted money beliefs are driving widespread financial stress.
“Over 50% of Americans significantly worry about their finances more than once or twice a week,” McGowan said. “It’s like a constant thing on people’s minds.”
Avoidance behaviors and consumer debt
McGowan said that unaddressed financial anxiety often leads to avoidance behaviors like ignoring bills, skipping investments, and hiding spending. He said those behaviors have contributed to approximately $19 trillion in total consumer debt across the United States…