Financial stress in America isn’t just maxxing out a credit card or missing a rent payment anymore. It’s quiet money anxiety eating away at millions of Americans.

It’s “the sound of the waiter bringing the bill at your favorite restaurant while you’re mentally calculating whether you can still afford your friend’s wedding next month,” said Nia Baiyeroju, a Gen Z money coach and founder of Nia Knows Finance, told Fortune.

It’s a phenomenon that’s become widespread. Survey results from 5,075 U.S. adults aged 21 and older, published in a new study this week by Edward Jones and Gallup, show that just 16% of Americans feel financially fulfilled. Meanwhile, 83% (roughly 216 million people, according to the study) report financial stress, strain, or uncertainty.

The majority of those stressed Americans, 51%, fall into what the study calls a “conflicted” middle, meaning they’re not in crisis, but not confident about their finances, either.

“Financial stress isn’t limited to people in crisis—it’s affecting millions who appear stable but don’t feel secure or fulfilled,” Edward Jones managing partner Penny Pennington (recognized on Fortune’s 2026 Most Powerful Women list) said in the report.

Gallup CEO Jon Clifton also noted in the study that, for the fifth consecutive year, more Americans say their finances are getting worse rather than better. Other data from Bank of America has shown even households earning more than $150,000 are living paycheck to paycheck, and lifestyle creep is dragging down people who make half a million dollars.

The overall trend in the Edward Jones data is that financial strain appears even when the numbers look fine on paper.

‘An emotion before it’s ever a number’

The people Baiyeroju describes as feeling financially insecure aren’t behind on bills.

“They’re saving, staying out of debt, doing the right things, but still feeling insecure because they’re carrying this low-grade anxiety they can’t shake,” she said. The telltale phrases, she said, are things like: “I make a good salary, I shouldn’t be struggling this much,” or “everyone my age has it together, why don’t I?”

That’s because “financial security is an emotion before it’s ever a number,” Baiyeroju said. “If you grew up watching your parents stress about bills, your nervous system doesn’t automatically update when your bank account does.”

Lindsay Bryan-Podvin, financial therapist for Cash App and Afterpay, sees the same pattern.

“A healthy bank account doesn’t automatically erase a lifetime of worrying about money,” she told Fortune.

For her clients, this financial stress is often internal, riddled with thoughts of “heavy with ‘shoulds’ and shame,” she said. It can also look like telling oneself that you don’t deserve to go out to dinner, or obsessing over a shopping cart filled with items you can actually afford but don’t feel like you should buy.

While it’s practical to practice some self-control with discretionary spending, being overly anxious about finances can also have its drawbacks.

“Ironically, the safety of having that money gets completely canceled out by the fear of actually touching it,” Bryan-Podvin said.

The Edward Jones study also shows how damaging that practice can be. More than half of financially stressed Americans say their finances “often” or “always” control their lives, compared with just 2% of the fulfilled.

“When someone is stuck in that loop, I ask them to get curious,” Bryan-Podvin said. “How true is it that a casual night out will wreck your financial future?”

Only 18% of the stressed describe themselves as thriving, versus 83% of fulfilled adults, who also report better relationships and stronger mental and physical health, regardless of income.

To work on this anxiety, Bryan-Podvin said she practices some affirmations with her clients such as: “I’ve got a healthy savings cushion. It’s safe for me to spend this money, and it’s important for me to have a nice time with my friends.”

The money dysmorphia effect

One of the main contributing factors to financial anxiety is comparing oneself to others, which is especially rampant due to social media.

This phenomenon is called “money dysmorphia,” or a distorted view of one’s own finances, and has become so common among young adults; 2024 Intuit Credit Karma data shows nearly half of Gen Zers and millennials feel financially behind despite many having above-average savings.

Baiyeroju said she sees money dysmorphia “constantly” and affects even high-income earners. The rich feel broke because “their entire [social media] feed is people buying second homes, flying first class, and buying designer.” Then other people feel so far behind “they just stop trying, overspending to cope because saving feels pointless anyway.”

To be sure, Bryan-Podvin said social media is “only a part of the problem.” Low self-worth, perfectionism, depression, and anxiety all feed money dysmorphia, she said. Still, she suggested muting anyone on your feed who makes you feel bad about your money.

“It’s such a simple way to take back control,” she added. “You stop comparing your day-to-day life to someone else’s heavily filtered reality, and you have the breathing room to actually focus on your own journey.”

Different generations, same fear

While financial anxiety cuts across age groups, it can show up differently.

Gen Z is asking, “Will I ever be able to afford a house?” Baiyeroju said, while millennials juggle student loans and growing families, and older generations wonder whether what they’ve saved will last through retirement.

“Different questions, different seasons of life, but the anxiety underneath is the same,” she said.

To address financial insecurity, the Edward Jones report highlights practical steps such as budgeting, saving, and reducing debt. And for Baiyeroju, the fix starts with defining what enough actually means.

“That’s not a math problem,” she said. “That’s a clarity problem. More money doesn’t fix it, understanding what you’re building toward does.”