Financial anxiety is a worry or concern about our financial circumstances. It includes anxiety about income, job security, debts, and the ability to afford necessities and non-essential items.
63% of individuals aged 18-34 experience financial anxiety, compared to 54% of those aged 35-54 and 44% of those aged 55-65.
The causes:
Debt: High levels of debt or difficulty managing debt.
Income instability: Irregular or insufficient income.
Unexpected expenses: Medical bills, car repairs, or other unforeseen costs.
Retirement concerns: Fear of not having enough savings for retirement.
Economic factors: Recession, inflation, or job market instability.
Symptoms:
Headaches, insomnia, muscle tension, or fatigue.
Avoidance of finances, frugality, or impulsive spending.
Persistent worry, fear, or feelings of dread about finances.
Coping mechanisms:
Creating and sticking to a budget, setting financial goals, and planning for emergencies.
Establish an emergency fund to cover unexpected expenses.
Seek professional help from a therapist, especially one specialising in financial anxiety.
Develop a plan to pay off debts, starting with high-interest debts first.
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