By Anna Bahney | CNN Money |
“Politics is a huge stress for people and we know work is a big stress,” says Michael Katchen, CEO and co-founder of Wealthsimple, the online investment management service behind the study. “But we found that money is twice as stressful as work for people, and several times more stressful than politics.”
But, the data showed, a lot of the anxiety comes from knowing you should invest, but aren’t yet.
The study, conducted by The Harris Poll, found that while 92% of young people (ages 21 to 37) save something, only about a third invest outside of an employee sponsored retirement plan. By comparison, nearly half of Gen Xers and half of Boomers have outside investments.
Young people say they don’t know how to start investing. Around 30% of the Millennials who do not currently invest beyond an employee-sponsored retirement plan, say their barrier to investing is that they don’t know how.
Women have fewer investments and are more stressed than men, with only 26% of Millennial women investing outside their employer, while 40% of their male peers are. Nearly half of Millennial women find money the most stressful thing in their lives, compared with 34% of Millennial men.
Sitting out of investing makes the earnings gap between men and women even worse.
Read more at CNN Money.