Are you feeling stressed these days? Perhaps financial stress? You’re not alone.
Some 55% of women, ages 30 to 55, with minor kids and household incomes less than $60,000 a year, report “high” or overwhelming” levels of financial stress. They aren’t the only ones experiencing high or overwhelming stress. So what is causing this stress?
In his 2020 blog post, Jim Yih, a Canadian Financial Advisor highlighted seven causes in his blog post, 7 Causes of Financial Stress:
Let’s examine debt, savings, and education further. Many people have the best of intentions to pay the debt. Unfortunately, many of those intentions were clouded by short-term desires or calamities.
After the debt was added, then a breadwinner may have lost a job or a payment was missed while juggling other life issues.
Then ‘wham o!’, the interest rate doubled or even tripled overnight. An emergency fund seems like a nice idea but where would the funds for that come from?
If you are like 50% of Americans with workplace retirement plans, you aren’t saving into it. If you are participating and your company offers a match, you’re not getting the full match.
You may have either taken a loan on your 401(k) or depleted it and suffered the 10% penalty when a short-term need arose.
There is no formal education in the schools about money. There is a hope by some policymakers and voter, that your parents had good financial saving and spending habits, was an expert in comprehending disability and life insurance, and actuarial retirement calculations. Yeah right! Continue reading on Forbes.