While 84 per cent of US Millennials are confident in their ability to manage their finances, 41 per cent are “chronically stressed” about money. According to new Bank of America research, Better Money Habits Millennial Report, 65 per cent report that anxiety about money affects their emotional well-being; 49 per cent say it has an impact on their personal relationships; it also hits physical health (42 per cent) and work performance (22 per cent).

“Even though Millennials are confident about money and focused on their finances, they’re still experiencing a great deal of stress. That’s due in part to factors out of their control – a volatile global economy, a changing job market and, to some extent, the student debt they’ve taken on,” says Andrew Plepler, global corporate social responsibility executive, Bank of America. “Amid the uncertainty, it’s important to focus on things they can control, such as their level of financial knowledge and awareness. This survey indicates there may be room for more effective financial management efforts that make it easier for Millennials to take greater control of their finances, and hopefully alleviate some of the stress they feel.”

The full report can be found at: www.bettermoneyhabits.com/reports

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