• The anxiety rates related to money in America are very high. 64% of people surveyed by the American Psychological Association in a 2024 report money-related anxiety.
• In many couples, even when both people experience financial anxiety, often one person spends a disproportionate amount of time on financial tasks. Sometimes that's necessary; other times it's a choice.
• Financial services are helpful, but they also know how to occupy your time and attention, drawing on your “fear-of-missing-out” (FOMO) response.
• It’s all about balance. If you’re money avoidant, then you may find yourself in the opposite situation, where it may be worth focusing more on personal finance.

With every financial service, like banking, investing, and insurance, there’s a healthy use and a not-so-healthy use. Here are a few examples.

• Credit card rewards. Earning rewards (without carrying a balance) can be a financially smart move, but getting more and more credit cards can quickly lead to a situation where a part of life admin is really a hobby. It’s important to recognize the difference. You can enjoy your hobby, but you may want to check in on whether it’s affecting your other life admin.
• Chasing promotional savings rates. Many people open new savings accounts to continually get the top promotional interest rates. Thousands of unfortunate people were even caught up in the collapse of Synapse this year, which was a tech firm behind Yotta and Yieldstreet, two companies touting savings account-like accounts that actually didn’t have all the same protections in place. It’s not only a lot of work to chase rates, there’s some risk involved too.
• Trying to pick investments. The age of digital investing has made it easier for individual people to invest their money how they want to. But years and years of studies show individuals are notoriously bad at picking stocks. You can win some and you can lose some, and easily underperform an investment strategy and fiduciary would suggest. The reason people pick stocks/crypto/real estate is people enjoy it — like gambling.

Consider what the “64% of Americans feeling money-related anxiety” really means: If you meet up with 3 friends for dinner, the odds are that all but one of you are experiencing some money stress.

America's collective anxiety about money

A lot of this anxiety undoubtedly comes from challenges with income – i.e., not bringing in enough income to meet a household’s needs and wants. It’s no secret that America has high income disparity with many people earning less than a living wage. Still, in the immediate term, income isn’t often the thing we can most control.

What’s more in your control is how you spend your time thinking about and dealing with the financial services you use. Avoiding finance won’t help your anxiety, but neither will adding financial complexity.

Research, like this study on the populations in China, have found that investing in the stock market yourself can lead to increased levels of anxiety. Similarly, we know that using credit cards involves different neural mechanisms than regular use of money. So, no matter who you are, adding complexity to your financial picture has some consequence.

Consider how financial anxiety plays out in your home

People deal with money stress differently. Some people back away from their finances; others home in on the financial gizmos and gadgets available to them.

It’s not uncommon for couples to find that each person in the relationship deals with money anxiety differently. One person may feel compelled to use as many tools and services and discounts as possible. The other person may feel inclined to just avoid money altogether. Anxiety-driven behaviors can often reinforce patterns that neither person intends to create.

Instead of operating off anxiety, money may be the one area of life admin where mutual intentionality and thoughtful collaboration is critical, at least when you’re starting or resetting.

Spend less time by becoming a savvy financial consumer

The financial industry loves people who spend time on money out of worry. That’s the best kind of attention to have – because you’re very likely to take advantage of profitable offers. I know this well from my years developing consumer financial products.

If you find yourself in that boat, the key is to become aware of your role as a “financial consumer” not just a “user.” You don’t just use a bank; they’re actively selling to you. You don’t just have investments; your broker is trying to get you to invest more.

While many financial professionals want to help you first and foremost, it’s important to be savvy about how much you let them sell to you.

So, what does it look like in practice to not act on financial anxiety and instead operate as a savvy financial consumer? Here are 5 key practices.

1. Start by viewing time back as a bonus

Whenever you save time by streamlining a financial task or reducing complexity, think of it as a win—not just for your finances but for your overall well-being. A simpler financial life can leave more room for the things that truly matter to you.

Most of us don't record the amount of time we do financial tasks. Try writing it down. If you take time to review the time you're spending on money, you can often get a better idea of whether that time's been worth it.

2. Consider whether only you could manage your financial picture

If you’re the primary person managing finances in your household, ask yourself: would my partner be able to do this if I wasn’t around?

If not, it might mean your system is overly complicated. Simplifying your finances not only saves you time but also ensures a smoother handoff to a partner or family member if that ever becomes necessary.

3. Distinguish between operational tools vs. hobby tools

Some financial tasks, like paying bills, are non-negotiable operational needs. Others, like researching the best rewards credit card or monitoring investments you're choosing yourself, might verge on being a hobby.

Try separating the services you use for each. Since most financial services have apps on your phone, one tip I suggest is organizing them into two pages or folders.

This can help you visualize the difference between your core financial life admin and your financial hobby.

4. Be selective about what rewards and discounts you choose to chase

If chasing credit card rewards, promotional rates, or investment trends takes significant effort, ask yourself: is the return worth the time and stress? It might not be.

Focus on the low-hanging fruit—the strategies that yield good returns with minimal effort.

5. Cut out the extra

Financial complexity often creeps in without us noticing. You might have multiple bank accounts, credit cards, or apps that seemed useful at first but now just add clutter. Periodically audit your financial setup. Close unused accounts, consolidate where possible, and simplify processes. Less complexity often means less time and less anxiety.

Remember: the goal isn’t to ignore your finances but to manage them in a way that serves you, not the other way around.