That is according to Northwestern Mutual’s 2022 Planning and Progress Study, which surveyed almost 2,500 Americans on their attitudes about money and found 54% are somewhat or very anxious about money.

Financial security plays a role in overall wellness: people who work with, or are, disciplined financial planners report being happier and sleeping better, according to the study.

Younger consumers’ mental wellness is disproportionately impacted: Two-thirds of millenials and Gen Z reported feeling anxious over their finances. 

The heightened levels of anxiety in younger generations may be because over half of millenials and Gen Z reported that even a daily cup of Joe could derail their long-term financial security, per the study, suggesting they don’t have room in their budgets for any additional expenses. 

But this may be a false narrative pushed by TikTok and Instagram, says Christian Mitchell, executive vice president and chief customer officer at Northwestern Mutual.

“So many younger consumers get information from social media,” says Mitchell. “Those venues lend to reductive pieces of advice, like if you only get one less Starbucks a day you can retire.” 

Instead, a human financial advisor can help assess your individual financial needs–rather than doling out a simple hack to retirement. 

But simply knowing where your finances stand and what your goals are can also be a big help.

“Regardless of age, the goal is to have clarity on what you will need in order to enjoy the things that make you happy in life,” says Mitchell. “From the simple pleasures such as a daily cup of coffee, to the larger milestones like a comfortable retirement.”