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Femwealth

 looming financial crisis that catches most of us unaware

Feb 18, 2023

Are you constantly thinking about your finances?
Are you worried on how to start saving for retirement?
Are you feeling overwhelmed and guilty about not being able to channel money towards your financial goals?

Well you are not alone

Even before the COVID pandemic, survey by the American Psychological Association(APA) found that 72% of Americans indicated that money is the most common cause of stress at some point or the other.


Another survey indicated that more women than men admit financial stress. Women are more concerned about emergency savings and everyday expenses.


Financial stress can have a negative effect on your overall quality of life

Financial stress can trigger various emotional, physical and mental issues. From anxiety to depression to relationship issues - money stress can cause all sorts of problems. It can causes behavioral changes like withdrawing from social activities or physical symptoms like stomachaches or headaches.

What is financial stress

Financial stress refers to the feeling of worry or anxiety over money. This can be worries over increasing debt, variable expenses, living paycheck by paycheck, not having adequate income.

 

Anybody can stress about money. For some it is a constant source of stress. Yet others may experience it only during financial difficulty like an emergency.

Some examples of financial stress include:
  • Worrying about paying your credit card bills
  • Constantly checking the money in your bank and getting anxious about it.
  • Rising debt
  • Feeling like you may never get ahead financially.
  • Lack of stable income
  • Not putting away enough money for retirement.

Some of the causes of stress stems from the fact that we do not want to talk about it. It is still considered impolite or a taboo talk about money. People are too embarrassed to talk about how much they earn, negotiating a raise and asking for help during a financial stress.

Our money stress series discusses on this crucial topic. We addresses areas from why woman have more financial anxiety, Is your financial stress related to your mindset and actionable steps that can be taken to avoid it