GLASTONBURY, Conn. (WTNH) – The Federal Reserve is getting ready to possibly hike interest rates even more. Between a bearish stock market, rising interest rates, and more expensive goods, consumers are being hit really hard right now.

Financial anxiety is becoming a real thing for many people. Whether it’s paying for groceries or filling up your gas tank, people are losing more money from inflation.

At 8.6 percent, it’s the highest it’s been in 40 years.

The economy and one’s mental health are typically closely connected, according to a psychologist from VA Connecticut.

“The money is connected to goals. When they think about inflation or a rough economy, it puts these goals in jeopardy,” said Dr. Marc Rosen, Psychiatrist at VA Connecticut.

Parents like Jen Quinn, a mother of four, are now resorting to bargain hunting.

Affecting most sectors, food, energy, and rent are the most notable increasing. The fed’s interest rate hikes mean higher mortgage rates, making purchasing homes even harder. A 30-year fixed is now well over 6 percent.

“It’s what really needs to be done to curb inflation. Interest rates need to go up,” said Michael McCabe, Financial Advisor.

McCabe says the market drop is now setting in for clients feeling financially stressed.

“Now they’re getting really nervous. People are looking at 401Ks they saved for 40 plus years, and they’ve seen a 20 percent drop,” McCabe said.

McCabe said bear markets are normal and tend to be short-lived. The average length is about nine months.

Cutting back on expenses and budgeting are easy steps to take to help combat inflation. According to the latest “Stress in America Survey,” 87 percent of Americans said inflation is what’s driving their stress.