Study Reveals Two-Thirds of Americans Conceal Financial Struggles from Loved Ones

A recent survey by Self Financial found that 66.3% of Americans with debt hide the true extent of their financial struggles from close contacts. The study of 1,078 adults showed that individuals often understate their debt by an average of $6,565. Debt primarily arises from income issues, with 45.5% attributing it to job loss or reduced pay. Shame and fear of judgment drive individuals to conceal their debt, leading to feelings of isolation and strained relationships. While 85.6% have a plan to reduce debt, economic challenges hinder progress. Older Americans exhibit more success in debt reduction strategies compared to younger age groups. (Studyfinds)