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Millennials Are So Stressed About Money It’s Affecting Their Work

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Money-related worries are a common problem at any age. But according to a recent report from Bank of America Merrill Lynch Workplace Benefits, financial fears tend to weigh heaviest on workers in their twenties and early thirties. As Money reports, the majority of Millennials feel that stress caused by money matters has a negative impact on their work and health.

The Bank of America study looked at 1200 employees enrolled in 401(k) plans through companies around the country. Among those surveyed, 67 percent of Millennials said their financial stress hinders their focus and productivity at work, compared to 32 percent of Baby Boomers who said the same. In total, younger respondents spend the most time thinking about money at work: an average of four hours a week.

Millennials were also more likely to see their concerns impact their body. While a little more than half of Baby Boomers (51 percent) felt that stressing about money is bad for them physically, 68 percent of Millennials said it wears on their health.

At first glance, the survey results may feel like common sense—young people, a.k.a. those just starting out in the workforce, are more inclined to be stressed about money because they earn less than more seasoned employees. But there are plenty of financial stressors that are unique to this group. Shrinking job prospects and rising property values have set Millennials up to potentially become the first generation to earn less than their parents.

Another burden that falls disproportionately on recent graduates is student loan debt, which is currently at an all-time high. While magically zapping these problems away isn’t an option for most people, learning to manage them is. If you’re not sure where to start, here are a couple of debt-tackling strategies to consider.

[h/t Money]

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Amazon Is Offering Free Same-Day Shipping to Prime Customers for the Holidays
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The holidays are arriving early for Amazon Prime customers—along with every gift they’ve yet to order through the online shopping behemoth. Amazon has put all of its Prime members on the “Nice” list this year, and is rewarding them with free same-day shipping from now through Christmas Eve. While that may be cutting it a little too close for some shoppers, the limited-time perk has perpetual procrastinators singing “Joy to the World.”

“We are continually investing in Prime, adding more selection and making delivery faster and more convenient,” Greg Greeley, Amazon Prime’s VP, said in a statement. “In fact, in 2016, the last Prime Free Same-Day order from Amazon.com delivered in time for Christmas was ordered at 10:23 a.m. on Christmas Eve. The order included Venum Contender Boxing Gloves, and was delivered to a Prime member in Richmond, Virginia at 2:42 p.m.—the very same day, for free.

(Whoever received those boxing gloves last year: now you know.)

This year’s holiday shipping schedule will allow gift-givers to push that deadline even further. While two-day shipping is always free for Prime customers, if that were the only option, they’d have to be done buying all their gifts by Friday, December 22. This year’s shipping perk means that you can push your shopping all the way to Christmas Eve, as long as you live in one of Amazon’s Same-Day Delivery zones (you just have to order by 9:30 a.m.). Even better: If Prime Now is available in your area, you have until 9:14 p.m. on December 24 to place your order and still have something fabulous to stick under the Christmas tree.

Of course, zero-dollar shipping costs are far from the $99 service’s only perk: unlimited streaming of Prime Video movies and TV shows—including Amazon-produced series like The Man in High Castle, Mozart in the Jungle, One Mississippi, and The Marvelous Mrs. Maisel—is there for the bingeing. Free Kindle books, photo storage, and grocery delivery are among Prime’s many other benefits.

Not a Prime member? No problem! “Even if you are not currently a member, holiday shoppers can try Prime for free for 30 days and get two-day, one-day, and same-day shipping for free,” says Greeley.

It’s hard to argue with free.

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The Most (and Least) Expensive States for Staying Warm This Winter
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It’s that time of year again: Temperatures outside have plummeted, while your monthly heating bill is on the rise. If you want an idea of how much heat will cost you this winter (perhaps you blocked out last year’s damage to your bank account), one reliable indicator is location.

Average energy expenses vary from state to state due to factors like weather, house size, and local gas prices. Using data from sources including the U.S. Energy Information Administration and the Environmental Protection Agency, WalletHub calculated the average monthly utility bill totals for all 50 states plus Washington D.C. in 2017.

Source: WalletHub

The personal finance website looked at four energy costs: electricity, natural gas, car fuel, and home heating oil. After putting these components together, Connecticut was found to be the state with the highest energy costs in 2017, with an average of $380 in monthly bills, followed by Alaska with $332 and Rhode Island with $329.

That includes data from the summer and winter months. For a better picture of which state’s residents spend the most on heat, we have to look at the individual energy costs. Michigan, which ranks 33rd overall, outdoes every other state in the natural gas department with an average bill of $60 a month. Alaska is close behind with $59, followed by Rhode Island With $58.

People living in Maine prefer oil to heat their homes, spending $84 a month on the fuel source. All six New England states—Maine, Connecticut, Rhode Island, Vermont, New Hampshire, and Massachusetts—occupy the top six spots in this category.

So which state should you move to if you want to see your heating bill disappear? In Florida, the average household spends just $3 a month on natural gas and $0 on heating oil. In Hawaii, on average, the oil bill is $0 as well, and slightly higher for gas at $4. Of course, they make up for it when it comes time to crank up the AC: Both states break the top 10 in highest electricity costs.


WalletHub

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