Financial uncertainty is significantly impacting wellbeing, especially among Gen Z and millennials, according to Northwestern Mutual’s “2025 Planning & Progress Study.” The report — conducted by The Harris Poll and featuring responses from more than 4,620 U.S. adults — is part of the financial services company’s proprietary research series that explores Americans’ attitudes, behaviors, and perspectives across a broad set of issues impacting their long-term financial security.

Their feelings and emotions about money are showing up in their day-to-day lives in many ways, including the following:

• Depression and anxiety: Nearly 7 in 10 respondents (69%) say that financial uncertainty has made them feel depressed and anxious — an 8% increase over 2023. These feelings are especially pronounced for America’s youngest generations. Nearly 4 in 10 Gen Z (39%) and millennials (38%) report feeling depressed and anxious on at least a weekly basis due to financial uncertainty.
• Sleepless nights: Almost two-thirds of respondents (63%) say money worries have kept them up at night. Once again, the impact on young Americans is even more evident: 53% of Gen Z and 50% of millennials say they toss and turn about their finances at least once a month. These feelings are disrupting men and women similarly – 1 in 4 of both say they’re kept up at night with financial concerns at least weekly. 
• Relationship issues: A majority of Americans who are married or living with their partner (57%) say that financial uncertainty has impacted their relationship with their spouse or partner, up 13 percentage points from 2023 (44%). Again, these challenges are felt more by Gen Z and millennials — 71% and 75% of these generations who are in serious relationships, up from 52% and 62% in 2023, respectively.
•  Sidetracking social events and job performance: More than half of respondents (55%) say their financial concerns have caused them to miss a social event. Meanwhile, nearly half (49%) say their worries about money have affected their job performance — up 13% since 2023 (36%). And for Gen Z and millennials, the interference is undeniable: 74% and 71% respectively have missed out on social events, while 64% and 58% say these feelings impacted them at work.
• Feeling sick: Four in 10 Americans (40%) say that financial worries have made them feel physically ill. Among Gen Z and millennials, the numbers soar to 56% and 53%, respectively.

“Financial worries can impact our day-to-day health and wellness, and it’s important for people to understand and talk about the way they are linked,” Jeff Sippel, Northwestern Mutual’s chief strategy officer and executive vice president, said in a statement. “It’s much easier to have healthy relationships, sleep habits, and a social life when you’re feeling confident about your money. As an industry, we must work harder to help all Americans build plans for greater financial security.”