According to a new survey from Thriving Wallet, it has been found that 90% of Americans state that financial factors had an effect on their stress.
It’s no wonder money makes people feel depressed.
According to a survey by Thriving Wallet, a recent collaboration between Thrive Global and Discovery, the majority of Americans (90%) agree that financial factors affect their stress rates.
The purpose of the today’s launch of Loving Wallet is to: “Reframe our financial partnership to alleviate financial burden and to create meaningful behavior improvements,” says Thrive Global’s Founder and CEO, Arianna Huffington,
Research main findings:
90 percent of people state that money has an effect on their stress level. Almost 65 percent report getting the feeling that their financial problems are rising too tremendously, they can not resolve them Roughly 40 percent report taking significant steps to ensure their financial future at present.
About 40 percent want to start “fresh.” Less than 25 percent are very optimistic about their financial future. Approximately 25 percent buy when they are busy, 40 percent say that handling their finances daily reduces the degree to which they can enjoy their everyday lives.
How financial uncertainty impacts lives?
The study showed that economic uncertainty has a major or significant impact on several big milestones and events such as retirement: 51% owning a home: 51% buying / leasing a car: 44% Regular recreational habits: 36% owning clothes/groceries: 34% Make social planning: 32% marrying:
How to make managing your finances less stressful
There are steps you can take to minimize the stress of managing your money. Thriving Wallet provides readers with micro-steps (small, science-backed steps by Thrive) alongside Discover’s financial tools, resources, and products to help improve your economic well-being. And an online quiz can help you set individual goals and determine which speciﬁc ﬁnancial priorities you should focus on.
Below we will outline some of the steps you can take to help reduce stressful management of your money:
Speak to a close family member or friend about your finances
Some members of your family and friends are likely stressed about finances, too. You will find ways to help each other and to find solutions to your issues as you share your worries with them. According to the survey, 60 percent of individuals who have recently effectively navigated a difficult financial situation relied on family members to better relieve their stress.
Set monthly financial check with your partner
It’s important to talk about money in your relationship. Although it may sometimes be challenging, it’s an important task that has a direct impact on your daily life. You will review financial matters periodically, including your schedule and long-term goals, purchase of a home, or car. Thinking about these issues and developing a plan together can take the stress away from knowing how much money you have.
Place billing and ongoing charges reminders
The most significant aspect of your credit score is payment history, which makes it crucial that you still pay on time, not to mention that you do not get charged late fees. Autopay is a helpful tool that you can customize or rely on calendar reminders. When you don’t have a good time, try moving it to a better day for you. You can change your due date for several credit card issuers.
Set financial goals
Identify any significant financial goals and draw up a strategy for how they should be accomplished. Put up money for a mortgage payment or contribute off a credit card balance with every paycheck.