Financial Anxiety Takes a Toll

Most Americans (85%) are feeling financial anxiety these days, and a taking a toll on their health, happiness and home life, a new study from Northwestern Mutual finds.

When asked specifically where people’s financial anxiety is coming from, “Unexpected expenses” (55%) received the most mentions.

This came well ahead of expected and generally planned-for major financial events such as saving for retirement (29%), healthcare costs (27%), mortgage/rent expenses (25%), credit card debt (25%), and student loan debt (13%).

It’s Getting Worse

More than two-thirds of Americans (36%) say their anxiety has gone up in the last three years, versus only 14% who say it’s gone down.

More than a quarter of Americans (28%) worry about their finances every day.

As this pressure builds, the toll it takes on peoples’ lives is profound, and widespread.

According to Northwestern Mutual, 67% of Americans say that financial anxiety is negatively impacting their health, while 70% say it is negatively impacting their happiness.

Financial anxiety is also impacting home lives (61%), moods (70%), social lives (51%), careers (41%) and the ability of people to pursue dreams/passions/interests (69%).

What Can Make Things Better?

You can lessen the amount of financial anxiety you experience, but it takes work, planning and a bit of luck.

Mainly, it takes financial planning, and having a savings plan that you stick to. To get where you need to be, it helps to have a partner working alongside you.

This is where your credit union can really help. Sit down with a real human being at your CU, and map out a plan.

Your CU may be able to help you consolidate your high-interest credit card debt into a single, lower-interest loan. Your CU can also help you to put a savings plan together – one that will give you the financial resources you need to meet unexpected expenses.

The worst anxiety comes from feeling helpless, so get some help.

Copyright Today’s Credit Unions