The burden of debt, especially during a higher-interest-rate environment, is weighing on the mental health of millions of Americans.
Ahead of World Mental Health Day Tuesday, a new poll from Forbes found that 54% of respondents are always or frequently stressed because of their debt and two-thirds would consider bankruptcy as a way out.
More than three-quarters of U.S. households have some level of debt and with no certainty from the Fed on the direction of travel for interest rates, the cost of living and servicing increasing debts is overwhelming for many.
They report sleep problems (48%), higher levels of anxiety (40%), and negative impact on their social lives (38%) among the results of their debt burdens. More than one-third reported depression and 60% have disagreements in their relationships because of their financial situation.
While four in ten are optimistic about being debt-free within five years, 72% said they are more likely to accumulate more debt while experiencing stress.
Credit cards and personal loans are a big chunk of the debt held by survey respondents at 72% and 68%, respectively, while mortgage (66%) and medical bills (55%) are also major factors.
While almost half of poll participants say that advertising and consumerism drive their borrowing, four in ten admit that their inability to track and control their spending is the main reason for their debts.
Among the main ways to address their debt issues, 50% said they would get a second job, with almost as many planning to sell property or use an inheritance to become debt-free.
A recent survey by diversified financial services provider Thrivent revealed that rising levels of personal debt and the economy are driving more Americans to prioritize their financial needs.
By listening for what truly matters and where clients want to make a difference, advisors can avoid politics and help build more personal strategies.
JPMorgan and RBC have also welcomed ex-UBS advisors in Texas, while Steward Partners and SpirePoint make new additions in the Sun Belt.
Counsel representing Lisa Cook argued the president's pattern of publicly blasting the Fed calls the foundation for her firing into question.
The two firms violated the Advisers Act and Reg BI by making misleading statements and failing to disclose conflicts to retail and retirement plan investors, according to the regulator.
Elsewhere, two breakaway teams from Morgan Stanley and Merrill unite to form a $2 billion RIA, while a Texas-based independent merges with a Bay Area advisory practice.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
