After the pandemic, what will the economy broadly, and our financial situations specifically, look like when the dust settles?
Our lives, expectations and goals for our futures - B.C. [Before COVID-19] - may likely be derailed or waylaid as we figure out how to pick up the pieces.
Just like a person’s physical health prior to the outbreak made a world of difference in the ability to weather this pandemic - to even survive - the same is true for our financial health.
Some of us went into this in better financial positions than others; though very few likely had 'pandemic' on a save-for-a-rainy-day list.
Well, let’s add it.
Isn’t that a good-enough reason to have savings and be prepared?
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:
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 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.
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