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

iStock
iStock

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]

Looking to Downsize? You Can Buy a 5-Room DIY Cabin on Amazon for Less Than $33,000

Five rooms of one's own.
Five rooms of one's own.
Allwood/Amazon

If you’ve already mastered DIY houses for birds and dogs, maybe it’s time you built one for yourself.

As Simplemost reports, there are a number of house kits that you can order on Amazon, and the Allwood Avalon Cabin Kit is one of the quaintest—and, at $32,990, most affordable—options. The 540-square-foot structure has enough space for a kitchen, a bathroom, a bedroom, and a sitting room—and there’s an additional 218-square-foot loft with the potential to be the coziest reading nook of all time.

You can opt for three larger rooms if you're willing to skip the kitchen and bathroom.Allwood/Amazon

The construction process might not be a great idea for someone who’s never picked up a hammer, but you don’t need an architectural degree to tackle it. Step-by-step instructions and all materials are included, so it’s a little like a high-level IKEA project. According to the Amazon listing, it takes two adults about a week to complete. Since the Nordic wood walls are reinforced with steel rods, the house can withstand winds up to 120 mph, and you can pay an extra $1000 to upgrade from double-glass windows and doors to triple-glass for added fortification.

Sadly, the cool ceiling lamp is not included.Allwood/Amazon

Though everything you need for the shell of the house comes in the kit, you will need to purchase whatever goes inside it: toilet, shower, sink, stove, insulation, and all other furnishings. You can also customize the blueprint to fit your own plans for the space; maybe, for example, you’re going to use the house as a small event venue, and you’d rather have two or three large, airy rooms and no kitchen or bedroom.

Intrigued? Find out more here.

[h/t Simplemost]

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The U.S. Postal Service Is Struggling—Buying Stamps Can Help

Inclement weather doesn't stop them, but a lack of funding could.
Inclement weather doesn't stop them, but a lack of funding could.
Pope Moysuh, Unsplash

Throughout the coronavirus pandemic, businesses have drastically reduced the number of advertisements and other marketing materials they’re sending to consumers—and since a considerable chunk of the U.S. Postal Service’s (USPS) revenue comes from those large mailings, the ongoing crisis has put the organization in a tough spot.

The importance of keeping the USPS afloat goes beyond simply wanting to preserve something that’s been around since the dawn of U.S. history. As Lifehacker explains, the institution delivers mail to every single household in the nation—be it by truck, boat, or even mule—which makes it a critical method of circulating necessary documents like paychecks and voting ballots. Without the USPS, it would be difficult to reach rural residents who might not have consistent phone or internet service.

So, how can we help? The USPS doesn’t get any taxpayer funds, relying instead on the sale of stamps and various shipping supplies. In other words, the best way to put money into the pockets of our postal guardians is to stock up on stamps.

There are dozens of different designs listed on USPS’s online store, which makes this charitable endeavor an especially fun one. You can, for example, decorate your envelope with Sally Ride, Scooby-Doo, or celebrated broadcast journalist Gwen Ifill. There are plenty of fruits and flowers to choose from, too, and even a lovely illustration of Walt Whitman, complete with a very thick mustache and a very piercing gaze. And we’d be remiss not to mention the existence of this mail carrier dog costume, which only costs $18.

An American hero.USPS.com

If you’d like to go the extra mile, you can also sign a petition to save the USPS by texting “USPS” to the number 50409. A chat program called Resistbot will walk you through the steps to add your name, and it’ll even send an automated message to your senators, letting them know you’ve signed the petition and support the continued operation of the USPS. You will have to enter your name, email address, and residential address, but the whole process takes about two minutes.

[h/t Lifehacker]