Stressed about money? If you’re afraid to look in your mailbox and see another credit card bill or bank statement you’re not alone. In fact, over half of U.S. adults say financial stress has negatively impacted their personal health and work performance. 1
Anxiety tops the list of health issues stemming from financial worries, followed by mood changes. These problems can also overlap into the workplace by affecting employees’ ability to concentrate and achieve professional goals. Additionally, people without an emergency savings fund are over twice as likely to see negative impacts from financial stress.
Take steps to improve your situation
Unfortunately, this isn’t surprising. In today’s world, there are many causes of financial stress—everything from market volatility, managing debt, or significant life events like getting married, divorced, or having a baby. However, what’s important is recognizing when you’re feeling overwhelmed and taking steps to improve your situation.
Here are three tips to follow if you’re looking to alleviate financial stress:
1. Face financial fears. Confront the source of anxiety and identify top financial pressures. Doing so will help you understand the reality of your situation and determine how to address it.
2. Set a strategy. Start gaining financial confidence by mapping out how to get back on track. Develop realistic financial goals and objectives, stick to a budget, and prioritize saving.
3. Ask a financial professional. A trusted financial professional can create a tailored financial plan to help meet your needs. With that guidance, you can ensure you’re taking the necessary steps toward achieving more positive outcomes for retirement and your financial future.
Planning builds confidence
Research shows that among people who have a financial plan, 36 percent say they’re doing a very good job of ‘being happy’ in their lives versus 23 percent who haven’t created a financial plan 2. When it comes to retirement, meeting with a financial professional can help put you on the right track, as those who work with a financial professional are more than twice as likely to feel that they’re doing a very good job planning for retirement.
Furthermore, a link exists between confidence and financial security with those who participate in a retirement plan being twice as likely to say they feel confident about their ability to accumulate enough money to retire whenever they want to.
Stay focused on your progress
Keep in mind that financial planning isn’t a one-off task, so be sure to monitor your progress too. By staying engaged with your finances you can protect against any gaps or setbacks, reduce stress, and help your financial dreams come to life. 3
1 Lincoln Financial Group’s 2018 Love and Responsibility Study
2 Lincoln Financial Group’s 2018 Love and Responsibility Study
3 Lincoln Financial Group’s 2019 Retirement Power Participant Study
*The content of this material was provided to you by Lincoln Financial Advisors for its representatives and their clients. This article may be picked up by other publications under financial professional’s bylines.
Matthew Parker is a Registered Representative of Lincoln Financial Advisors Corp. Securities offered through Lincoln Financial Advisors Corp., a broker/dealer (member SIPC). Insurance offered through Lincoln affiliates and other fine companies. Rosemont Wealth Management is not an affiliate of Lincoln Financial Advisors Corp.
