Many people in America are experiencing Financial stress today. In fact, according to the 2016 employee financial wellness survey, the levels of financial Stress have skyrocketed in the last five Years compared to previous years. However, financial stress is dependent on the momentary challenges that a person faces. Therefore, different people are worried about different things. GO Banking rates did a new survey to uncover common causes of financial stress all across the country and came up with the main money issues that people are worried about.

The stress causes were ranked depending on the age, where people live, and other demographical factors. The following are the three leading financial stressor that topped the list.

High level of debt

Money is more accessible than ever before in America. Mortgages, credit cards, and lines of credit are numerous sources of debt that people are exposed to today. Due to easy access and availability, debt levels are rising faster than individual income. Back in 2007 debt was the primary element in the world financial crisis. Instant gratification often leads many into a money trap. It is important to maintain a budget that you can comfortably fund to avoid the debt trap.

Lack of formal financial education

Very few schools offer formal financial education. This exposes individuals to wrong knowledge about finances provided by friends or families. Apart from that, a clueless person is left in the hands of rogue financial advisors. Many of them work for financial firms that end up misleading them into making the wrong decision just to make money out of them.

We hope our system would develop a better education system, that would equip an individual with knowledge that will help them take control of their financial affairs and develop healthy financial habits.

Not being able to retire

Everybody wants to retire as soon as they can. However, for one to retire, you must have accumulated enough to offer you the financial sustenance.

This stress was detected in people aged 45 years and above. Unfortunately, in America today very few have saved anything towards the day when they will retire. It is important for society to adopt a culture of saving cash to allow them to retire from work stress-free. Apart from saving, some intelligent folks decide to invest for the same in long-term investment which comes in handy when they retire.
© ALL RIGHTS RESERVED