Pity the stressed out Gen Z respondents in the onlinesurvey, who had investable assets of $50,000 to $250,000. (Photo:Shutterstock)

(Bloomberg) –Even relatively wealthy Americans are so worried abouttheir finances that it's affecting their mental and physicalhealth.

That's one of the findings in a Bank of America Corp. survey ofmore than 1,000 people in the U.S. who have enough investable moneyto qualify as “mass affluent.”

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Financial concerns affected the mental health of 59% ofrespondents, while 56% said their physical health has been hurt.Younger people, in the millennial and Generation Z age brackets,reported a bigger impact from money matters than their Gen X andbaby boomer counterparts.

Financial awareness is rising among young people because ofsocial media, and that can make them savvier about money matters —and more stressed out, said Aron Levine, head of consumer bankingand investments at Bank of America.

“How do I pay off my debt, I really want to buy a home, I stillwant to take a vacation, I've got to deal with potentially agingparents — and then forget about retirement, I don't even know howto think about that,” Levine said in an interview, citing somemajor financial concerns people face. “That's a very dauntingtask.”

Despite the prevalence of money worries, 44% of Gen Zers and 48%of millennials say they believe they'll be millionaires oneday.

Here are some of the survey's other findings:

• Many Americans are trying to bolster their financial standing,with 45% of respondents saying they're working to improve theircredit score, 43% trying to pay down their credit-card debt and 35%establishing an emergency fund.
• They're also holding off on big expenses to pay down debt, with43% forgoing a vacation, 37% putting off a car purchase, 30%delaying homebuying and 19% waiting to have children.
• Consumers report using apps to help save and manage money, with71% of respondents using them for consumer banking, 65% for moneytransfers, 63% for managing personal finances and 57% for automatedinvestment.

Gen Z respondents in the online survey, conducted from April 17to May 9, had investable assets of $50,000 to $250,000, orinvestable assets of $20,000 to $50,000 and annual income of atleast $50,000. For those 24 or older, respondents had investableassets of $50,000 to $250,000.

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