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Millennials confident, yet chronically stressed about money

Staff writer |
A new Bank of America/USA TODAY Better Money Habits Millennial Report finds that while 84 percent of millennials are confident in their ability to manage their finances, 41 percent are chronically stressed about money.

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Furthermore, money stress tends to permeate all areas of their lives. Sixty-five percent report that anxiety about money affects their emotional well-being.

Nearly half (49 percent) say it affects their personal relationships. More than half (55 percent) say their leisure activities/interests are impacted.

Money stress also affects physical health (42 percent) and work performance (22 percent). Only one-third (34 percent) of millennials feel “content” about their finances, while many are “anxious” (27 percent) and “overwhelmed” (22 percent).

Still, despite these negative emotions, millennials haven’t necessarily lost confidence in their ability to manage money and say they feel confident because they know how to budget and manage their finances, have good spending habits and have savings.

Financial fitness seems to be a priority for this generation, even as much as physical fitness. Millennials spend the same amount of time tending to personal finance as they do working out: Roughly two in five spend an average of three hours per week both exercising and working on their finances.

However, they aren’t equally satisfied with the payoff: Many more report being satisfied with their physical fitness than with their financial fitness (61 percent vs. 40 percent).

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