MacroMonitor Market Trends Newsletter May 2019
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Stress and Time
Lack of time is a (large or significant) source of stress for 27 million US households; time ranks second only to money as a major anxiety producer for the highest number of households. The majority of households (58%) that report a lack of time to do everything they want cite money as a major source of stress. In fact, money and then the economy and work (including work stability) represent a trifecta of anxiety for households stressed about time.
Many households with dependents and with growing families are understandably under more time pressure than are single households, for example. Yet, data show that households that stress about lack of time reflect the norm of households with regard to age, education, and income or the numbers of financial products and relationships. Although the number of jobs that household heads with stress work is on par with the number for all primary household heads, the types of jobs that household heads with stress work reflect our modern-day society: Time-stressed heads are more likely than all heads to be hourly workers or gig-economy workers.
Some household heads are born worriers. Whether concerns are real or only perceived, however, any number of opportunities exist for financial institutions to solidify relationships with time-stressed households. For example, with only 41% of this time-stressed population financially stable right now, products that provide flexible savings and investment programs and education about budgeting and retirement planning are needed.
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Subscribers have access to this month's Segment Summary: Households That Stress about Lack of Time. Subscribers may request the underlying set of data for this Segment Summary. For more information, please contact us.