Dealing with financial stress, you are doing it wrong! Click here for my most recent WFMY News 2 interview about money stress.
Financial Stress In Your Life
Debt, taxes, bills, health expenses, retirement, stock market fluctuations: do you feel your stress level rising at the mention of those topics? You are not alone according to a recent study and report from the Certified Financial Planner Board website. A 2015 study reported that 86% of Americans have financial stress. That means many of you watching at home are also experiencing some sort of financial stress. Today we will look at financial stress and what other Americans are saying about it. We will also discuss some ways to alleviate that stress.
What Are Sources of Financial Stress?
As we all know, discussing financial problems with others socially is very taboo so many Americans have no idea what other Americans deal with. I can assure you viewers at home that there are others out there with similar financial situations and something can be done to help. This survey asked Americans what their main source of financial stress was. The results were interesting. Debt, to listed as the top stressor with 23% reporting that was the main cause of financial stress followed by everyday expenses, health expenses and retirement. An interesting part of this survey not shown below is that 91% of those ages 18-44 reported financial stress vs 80% of those over 55 years old. That is a good sign that some people have a hold on their financial situation as they age.
When Do You Feel Stressed About Finances?
The stress is not constant for most people. That is a great thing. This survey showed that of the 78% of people who ever reported feeling stressed, 53% only felt stress at certain times while only 25% felt money financial stress all the time. The top time to feel financial stress is when bills are due followed by the holidats. Another interesting result from this survey not shown is that older respondents reported feeling stress around tax time at 16% vs. 18% for those ages 18-44 years of age.
Financial Stress Reducers
Good news for all of you out there. The main thing that respondents answered as a way to reduce their financial stress was to have a financial plan. This came in at 27% of those who listed having financial stress and something that could reduce their stress. So all of you out there without a plan, it may be time to get started so that you can reduce your financial stress. Other listed stress reducers were having more knowledge of various financial topics or time to focus on them. Do yourself a favor, help alleviate financial stress in your life. Put together a plan and take the time to know what is going on in your financial life. That time will pay off by helping you make more informed financial decisions and to be more confident in your finances as a whole.
Matt Logan Inc is an independent firm with Securities offered through Summit Brokerage Services, Inc., Member FINRA, SIPC. Advisory services offered through Summit Financial Group Inc., a Registered Investment Advisor. Summit Brokerage Services, Inc., its affiliates and Matt Logan Inc. do not give tax or legal advice. You should consult an experienced professional regarding the tax consequences of a specific transaction. These are the views of Matt Logan Inc, and not necessarily those of Summit Brokerage Services, Inc. and any of its affiliates and should not be construed as investment advice.