Affordability Fears Are Driving Financial Stress Higher as Mental Health Awareness Month Begins

As Mental Health Awareness Month begins, a new poll from Gallup highlights a growing source of anxiety for millions of Americans: their finances.

More than half of U.S. adults say their financial situation is getting worse, while rising prices remain the most commonly cited concern.

“Affordability continues to be the main financial challenge for U.S. households, with concerns about various costs far outpacing all other financial worries,” Gallup reports.

The findings point to a deeper strain on household budgets, as many Americans continue to feel squeezed by everyday costs despite efforts to adjust their spending.

Financial stress is weighing on mental health

Research has consistently linked rising costs and debt to increased stress, anxiety, and uncertainty about the future. In Debt.com’s Mental Health and Money survey, nearly two-thirds of respondents said economic uncertainty is affecting their mental health.

That connection is especially clear among younger Americans. A study from Hopelab found that young people under financial strain are significantly more likely to report poor mental health compared to their more financially stable peers.

According to a recent J.D. Power study, about half of Americans say they’re buying fewer items to stay within budget, while roughly one in four report dipping into savings to cover everyday expenses.

And they’re still falling behind.

Debt.com’s latest credit card survey found the share of Americans carrying $10,000 or more in credit card debt has risen to 29%, up from 23% a year earlier.

"When nearly half of those who have maxed out their cards owe more than $10,000 and a staggering 15% are carrying balances over $30,000, we aren't just looking at a budgeting issue; we're looking at a financial emergency," says Howard Dvorkin, CPA and Chairman of Debt.com. "At these levels, the interest alone can become a barrier to financial stability."

There are treatment options

Even as financial pressure builds, experts say many Americans are still waiting too long to take action.

Recent Debt.com research found that while many consumers recognize their debt is limiting their lives, nearly half have not explored formal relief options. Instead, they continue trying to manage rising balances on their own.

That delay can make the situation harder to control over time, especially as interest continues to compound.

“I know there’s a way off the debt treadmill,” said Debt.com President Don Silvestri at the beginning of the year.

Those options can include structured approaches such as debt management or debt settlement programs, depending on a household’s financial situation. Consumers who are unsure where to start can seek a free consultation through organizations like Debt.com to better understand their options.