Nearly 60% of Americans struggle with money envy, survey finds

30% report coveting celebrity lifestyles
Published: Aug. 17, 2023 at 1:19 PM PDT
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(InvestigateTV) — Nearly three in five Americans have felt envious of someone else’s financial situation, according to a NerdWallet survey.

Kim Palmer, a personal finance expert at NerdWallet, said this survey shows that if you’ve ever felt financial envy, you are not alone.

“But unfortunately, of the people who feel financial envy, more than half say it does have a negative impact on their mental health,” Palmer said. “So, it’s definitely worth thinking about if financial envy is having an impact on your life and what you can do to mitigate that because it can be quite stressful.”

Palmer said a lot of financial envy originates from following people who post beautiful pictures of their home or while on vacation on social media.

She suggested some people should unfollow anyone who stirs up feelings of envy or consider taking a break from social media.

“It’s really worth appreciating the things that you do have and the things you do love in your own life, because focusing on appreciating what we do have, it can mitigate some of those feelings of envy,” Palmer said.

Guilt was also a factor in this survey, with 52% reporting they often feel guilty about the purchases they make.

Palmer said just letting go of shame, recognizing your triggers and reflecting on what actually brings you joy can really help you stave off the pangs of jealousy.

NerdWallet has more information in their article 5 Ways to Deal With Money Envy.