Despite the strengthening economy and positive
outlook, some people are still experiencing high levels of financial stress. Many
are worried about meeting monthly expenses, with 30 percent reporting in a
recent survey of over 1,000 people that concern over their financial situation keeps
them up at night.1
A 2014 report by the American Psychological
Association showed money has been the most common source of stress for
Americans since 2007, followed by work, the economy, family responsibilities
and health concerns.2
Financial stress is pervasive in that it can impact
so many areas of your life, from sleep habits to interactions with friends and
family to reduced productivity at work. Research has found a correlation
between economic insecurity and increased complaints of physical pain, leading
to additional health care spending and further financial woes.3
It’s one thing to be stressed out because you can’t
find a job, but there are plenty of working Americans who are stressed out
because of their occupation. According to CareerCast, some of the more
stressful positions include public relations agent, event coordinator,
broadcaster, newspaper reporter and taxi driver.4
Millennials, who represent about 25 percent of the
U.S. population, report feeling the most financially related stress.5 Small wonder, considering so many are either
unemployed after college or work part-time, low-paying jobs that sometimes don’t
require higher education.
Fortunately, now that jobs are on the rise,
employers are having to compete for quality workers. For recent college
graduates, one of the most appealing benefits is a program that helps them pay
down student loans.6
Regardless of generation, sometimes just working
with a financial professional to develop a financial strategy can help ease
your financial stress as you work toward financial independence.
Content prepared by Kara
Stefan Communications.
1 Dave Shaw. MarketPlace. March 14, 2016. “The
economy’s improving, but Americans’ economic anxiety persists.” http://www.marketplace.org/2016/03/11/economy/anxiety-index/economys-improving-americans-economic-anxiety-persists.
Accessed Aug. 19, 2016.
2 Suzanne Woolley. Bloomberg. Feb. 4, 2015. “This Is
the Most Stressed-Out Person in America.” http://www.bloomberg.com/news/articles/2015-02-04/this-is-the-most-stressed-out-person-in-america.
Accessed Aug. 26, 2016.
3 Association for Psychological Science. Feb. 22,
2016. “Experiencing Financial Stress May Lead to Physical Pain.” http://www.psychologicalscience.org/index.php/news/releases/experiencing-financial-stress-may-lead-to-physical-pain.html.
Accessed Aug. 22, 2016.
4 CareerCast.com. 2016. “The Most Stressful Jobs of
2016.” http://www.careercast.com/jobs-rated/most-stressful-jobs-2016.
Accessed Aug. 19, 2016.
5 Kent E. Allison. The Huffington Post. April 27, 2016.
“Financial Stress Surging Among Millennials.” http://www.huffingtonpost.com/kent-e-allison/financial-stress-surging-among-millennials_b_9787658.html.
Accessed Aug. 19, 2016.
6 Jenny Che. The Huffington Post. Sept. 22, 2015. “This
Firm Will Help Employees Pay Off Their Student Loans.” http://www.huffingtonpost.com/entry/pwc-student-loans_us_56019508e4b08820d91a58a6.
Accessed Aug. 22, 2016.
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and objectives. This material is intended to provide general information to
help you understand basic financial planning strategies and should not be
construed as financial advice. All investments are subject to risk including
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