Cleo’s Mental Health and Money Report

Gen Z would rather talk money with an AI assistant than friends or financial advisors

Coins float among pink and purple clouds, with a title that reads "Mental Health and Money Report"

For Mental Health Awareness Month, we’re exploring the link between mental health, money and the increasing role of AI in our lives. It’s no surprise that money can have both a positive and negative affect on mental health, from spending highs to feelings of dread and anxiety. According to the American Psychological Association, 72% of Americans report stressing about money. 

Whether you feel like you're in a good place with your financial future or stressed about work, debts or saving money, AI can help play a role in helping you get organized, providing financial education and automating simple decisions to reduce stress and anxiety. 

In this report Cleo surveyed U.S. adults aged 18-43 to dive into how Gen Z and Millennials feel when it comes to talking about their money management, educating themselves on finances and the effect it can have on their mental health. 

Key findings from the report include:

  • Young people’s mental health is hit by financial management worries: Majority (64%) of Gen Z say their mental health has been affected by their financial situation and almost half of Gen Z (47%) have sought professional support for it. 
  • Gen Z still struggle to talk about money: More than two in three Gen Z’ers (72%) find it difficult to have conversations about their finances and just under half (40%) would never discuss their debts with other people.
  • Mental strain of money worries impacts daily life and routines: One in five Gen Z’ers have dodged work (18%) or school (18%) to avoid financial conversations, and more than a third have skipped a night out or social event (40%) if they thought the topic of money talk would come up.
  • Turning to AI for help: A growing number of Gen Z’ers would prefer to discuss money worries with AI assistants versus friends or financial advisors - almost one in ten (7%) feel most comfortable having a conversation with a financial assistant app. 
  • Millennials are more anxious and find it even harder to talk about money: almost half (42%) of millennials say ‘anxious’ is the word they most associate with their current state of mind around money. They also find it harder to have conversations with people about personal finances (83% versus 72% of Gen Z) and are less likely to get professional support to address this anxiety (40% versus 47% of Gen Z).
Cleo has several easy-to-use chat modes that can help you stay Financially Chill throughout the year.

  • Vent to Cleo: Type “Vent to Cleo” in the chat and she’ll ask you what your biggest money stress is at the moment. Receive words of encouragement and financial coaching to help you work on solving one of these money issues.

  • Good Vibes Mode: Type “Good Vibes” to get showered in compliments! Feel the love from Cleo and get reminded to show yourself some self-love too.

  • Rage Mode: Type “Rage” to try out a digital rage room. Express your anger at inflation, the housing market, $10 apples, and more…

In support of Mental Health Awareness Month, Cleo is giving away $100 every Friday on our Instagram (@meetcleo). Check our page on Friday mornings for details. 

Tell us how you’re keeping keeping it Financially Chill this May with the hashtag #chillwithCleo on Instagram or X/Twitter @meetcleo.


Methodology: Our findings are from 600 Americans aged 18 to 43 surveyed in May 2024.

Enjoy this post? Give it a share or send it along to a friend. You never know, it could make a big difference. And of course, if you want to try the best money app in the world for free, just hit this link right here.

Big love. Cleo 💙

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