Despite the strengthening economy and positive outlook, some people are still experiencing high levels of financial stress. Many are worried about meeting monthly expenses, with 30 percent reporting in a recent survey of over 1,000 people that concern over their financial situation keeps them up at night.1
A 2014 report by the American Psychological Association showed money has been the most common source of stress for Americans since 2007, followed by work, the economy, family responsibilities and health concerns.2
Financial stress is pervasive in that it can impact so many areas of your life, from sleep habits to interactions with friends and family to reduced productivity at work. Research has found a correlation between economic insecurity and increased complaints of physical pain, leading to additional health care spending and further financial woes.3
It’s one thing to be stressed out because you can’t find a job, but there are plenty of working Americans who are stressed out because of their occupation. According to CareerCast, some of the more stressful positions include public relations agent, event coordinator, broadcaster, newspaper reporter and taxi driver.4
Millennials, who represent about 25 percent of the U.S. population, report feeling the most financially related stress.5 Small wonder, considering so many are either unemployed after college or work part-time, low-paying jobs that sometimes don’t require higher education.
Fortunately, now that jobs are on the rise, employers are having to compete for quality workers. For recent college graduates, one of the most appealing benefits is a program that helps them pay down student loans.6
Regardless of generation, sometimes just working with a financial professional to develop a financial strategy can help ease your financial stress as you work toward financial independence.
1 Dave Shaw. MarketPlace. March 14, 2016. “The economy’s improving, but Americans’ economic anxiety persists.” http://www.marketplace.org/2016/03/11/economy/anxiety-index/economys-improving-americans-economic-anxiety-persists. Accessed Aug. 19, 2016.
2 Suzanne Woolley. Bloomberg. Feb. 4, 2015. “This Is the Most Stressed-Out Person in America.” http://www.bloomberg.com/news/articles/2015-02-04/this-is-the-most-stressed-out-person-in-america. Accessed Aug. 26, 2016.
3 Association for Psychological Science. Feb. 22, 2016. “Experiencing Financial Stress May Lead to Physical Pain.” http://www.psychologicalscience.org/index.php/news/releases/experiencing-financial-stress-may-lead-to-physical-pain.html. Accessed Aug. 22, 2016.
4 CareerCast.com. 2016. “The Most Stressful Jobs of 2016.” http://www.careercast.com/jobs-rated/most-stressful-jobs-2016. Accessed Aug. 19, 2016.
5 Kent E. Allison. The Huffington Post. April 27, 2016. “Financial Stress Surging Among Millennials.” http://www.huffingtonpost.com/kent-e-allison/financial-stress-surging-among-millennials_b_9787658.html. Accessed Aug. 19, 2016.
6 Jenny Che. The Huffington Post. Sept. 22, 2015. “This Firm Will Help Employees Pay Off Their Student Loans.” http://www.huffingtonpost.com/entry/pwc-student-loans_us_56019508e4b08820d91a58a6. Accessed Aug. 22, 2016.
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Content prepared by Kara Stefan Communications.