60% of Americans Avoid Checking Their Finances Out of Fear -- Here's What That Decision Is Costing You
For many Americans, the scariest thing in the house isn’t the basement, the attic or those old horror movie DVDs. It’s the unopened banking app on their phone. The moment they think about checking it, their stomach flutters. Their chest tightens. "Not today," they tell themselves. "I can’t deal with this today."
It’s a common issue. In a new MoneyLion survey, 60% of Americans said they avoid looking at their bank accounts, credit card statements or bills because it makes them feel anxious or overwhelmed. Nearly 29% say they avoid their finances “very often.” Another 32% say they do it “sometimes.”
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“There are reasons I see people do this,” said Lindsay Bryan-Podvin, a financial therapist and host of the Mind Money Balance podcast. “It’s immediate relief. You didn’t have to deal with it. You say, ‘Oh, I’m gonna walk away from it,’ which reinforces it.
“People worry that when they see it, they won’t be able to cope. Why bother looking if I’m just going to feel like garbage about myself?”
A deeper look at the data reveals significant generational differences. Younger adults are far more likely to avoid their finances frequently, while older adults are more likely to say they “never” avoid looking.
The avoid “very often” category peaks at 40% among people ages 25 to 34. Nearly half of the respondents ages 18 to 24 fall in the “sometimes” category. As for never avoiding a look at finances, that jumps to 45% among adults 65 and up.
Why Avoidance Feels Good — and Why It Backfires
Avoiding your finances may provide short-term relief, but experts say it’s ultimately harmful.
“Especially if they are really deep in debt, a lot of people just want to bury their head in the sand,” said Laura Adams, a personal finance author and host of the Money Girl podcast. “Of course, that’s the worst thing you can do. Even if things are bad, knowing that is much better than pretending.”
Avoidance can cause obvious problems, such as allowing financial issues to grow unchecked. It can also create less visible setbacks tied to awareness and spending habits.
“It sounds simple, but one of the most important things we can do is track our spending,” said Megan McCoy, program chair and an associate professor in Kansas State University’s Personal Financial Planning program. “If we don’t track our spending, we can’t check to make sure our spending is aligned with our values.”
A Step-by-Step Way To Reengage With Your Finances
There is hope for those who struggle with financial avoidance. Experts say building confidence gradually is far more effective than trying to confront everything at once. A realistic plan may include the following steps:
Start With What You Already Know
Bryan-Podvin said a first step can be simply naming what’s true and talking it through — either internally or with someone you trust.
“Let’s say that it’s true and your credit card debt is $2,000 higher,” she said. “Ask yourself, what are you going to do with that information? What is the next step?
“Often, if I am able to tease that out, they have a pretty good idea of what they are going to do.”
Focus on Goals, Not Aspirations
McCoy distinguishes between aspirations (“I want to save $500”) and goals (“I will save $10 today”).
“A goal is something you can work toward every day,” she said. “Set small goals and find joy in the process. Celebrate smaller wins.”
This approach can help build momentum instead of creating pressure around large, abstract targets.
Don’t Pause Saving and Investing
Adams said many people assume saving or investing isn’t worthwhile until they feel more financially stable — but that mindset can keep them stuck.
“It could be that they are not looking for ways to save or invest,” she said. “Even starting with something small can give you hope.”
Even a modest emergency fund can shift someone’s mindset from feeling overwhelmed to feeling more in control.
Let Go of Comparisons — and the Shame That Comes With Them
Shame is one of the strongest drivers of financial avoidance, McCoy said.
“Any shame is just not useful,” she said. “Shame becomes so intertwined that it feels like part of your identity.”
She suggests a simple test: Would you speak to a friend the same way you speak to yourself about money? If not, it may be time to reframe your thinking. “Try to separate your self-worth from your net worth,” Adams added.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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