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Financial Stress - What are we so Worried About?

Updated: Apr 4, 2020

What's keeping us up late at night with worry? Well… It depends on whom you’re asking the question.

If you’re asking a child, perhaps it’s having to do a pull up in gym class or run a timed mile. It might even be that they don’t have the newest expansion pack for Fortnite. However, if you’re asking the child’s parents, it may revolve around money and the ability - or lack thereof - to even provide the few dollars for the popular game add-on. If this is you, don't worry. You are not alone.

It’s one thing to worry about finances on our own time. The problem is that most of us do it while we’re supposed to be focusing on other tasks — tasks which we’re being paid to do. A recent survey, conducted by Greenwald and Associates and John Hancock on more than 1,300 workers, found that a third of respondents worry about finances at work several times a week — if not every single day!

Unfortunately, every action has a reaction. The trickle-down effect will eventually affect the bottom line and perhaps cause serious losses to the workforce and stockholders. It’s estimated that the time spent worrying about finances and money costs employers an average of $2,000 per employee.

Perhaps one great misconception is that only “the poor” worry about money. This couldn’t be further from the truth. No one is immune to the pressures of mounting bills and paying them on time.

The above-mentioned survey also pointed out that 69% of participants rated their financial situation as “good to excellent.” This means that even people with stable finances constantly feel the fiscal pressure. Most of us know "professionals" that make more than enough money to provide for themselves. Yet, they too somehow fail to pay their bills on time or to save enough of their disposable income to allocate to the necessities of life.

Let’s take a look at some more shocking data surrounding the pressures of finances.

  • Nearly half (47%) of people surveyed spend an hour or more per month on their personal finances at work

  • 43% percent feel less productive at work because they’re worried about their personal finances

When all of this adds up, it equals not being your most productive self. If you're constantly worried, you are hindering yourself from working on projects to demonstrate the value you bring to the team; in short, you are directly preventing your own possible promotion. What's worse, to your employer, is that you are actually costing them money when you are not being productive — only further damaging your career. Financial stresses can be caused by a multitude of reasons. Perhaps you’re taking care of a family member, selling a home, dealing with an unexpected medical emergency — the list could be endless. It's also possible that there isn’t enough money being made to successfully cover all of the monthly expenses. In all cases though, worrying will not help to solve the problem. We must take a step back and examine the issue and attack it head-on.

Think of the various things you could do to lessen your financial worries. Maybe just a simple budget needs to be made along with a calendar to coordinate payments. Or maybe there is a tool out there to take the guesswork out of when to make your payments and in the proper amounts?

All problems can’t be solved overnight, but when a plan is calculated, most things are possible.

Remember to learn from your mistakes and turn the negatives into positives.

Don't give up - financial security is just over the horizon. Follow us for more in-depth insights on financial wellness in America.


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