There will be future viruses to contend with – including unemployment and unexpected expenses. There will also be dreams to be funded.
These days, we are collectively living through the consequences of the bleak statistics:
- Up to three-quarters of Americans live paycheck-to-paycheck;
- The average household with credit cards holds $8,400 in credit card debt alone;
- More than half of Americans have zero to less than $10K saved towards retirement.
hoping for a shift in priorities
If this virus taught us anything, perhaps it’s that it’s critical to invest in our financial - and physical, health. Financial literacy has not been a priority. Not in schools; not at home.
It may be that, like those who lived through the Great Depression, this life-stopping event could mark a massive change in American’s financial habits and in our overall financial wellness. I hope for that.
The opposite of more is not less. The opposite of more is enough.
Financial stress affects our well-being
Financial stress ranks #1 stress among Americans, affecting our well-being
Financial stress is the #1 stressor for Americans:
Studies show that the main stress Americans face is related to their finances, especially living paycheck-to-paycheck and growing debt. This chronic stress is negatively affecting both physical and emotional health.
Financial stress undermines happiness & life satisfaction:
Stress caused by finances has been connected to a reduced sense of purpose in life which affects our general disposition and happiness levels. It reduces a person’s self-worth and feeling of significance and that what they do matters.