A recent survey by the National Endowment for Financial Education found that almost 90% of Americans were feeling anxious about their money situation.¹

• 39% were worried about job security
• 48% worried about paying bills
• 28% didn’t know if they could pay their utilities
• 41% were worried about not having enough emergency savings
• 23% were worried about having enough saved for retirement

Even before the COVID-19 pandemic, subsequent mass layoffs and other hardships, a U.S. Bureau of Labor Statistics study revealed that 40% of adults did not have enough cash on hand to cover an unexpected $400 expense.²

Obviously, a home foreclosure or auto repossession can generate a snowball economic effect on a household, but everything from medical expenses to utility bills to parking tickets can coalesce into a high degree of financial distress, causing mental and physical health problems.

If you find yourself in financial stress during this difficult time, there are a couple of ways we can help. First, we understand what you’re going through, so your problems are very real to us. Second, we have access to a variety of different financial vehicles that may help address your unique issues. Please contact us to learn more.

Even in normal situations, financial stress can take its toll on a marriage. A pair of recent studies suggests that partnerships best able to weather financial distress are those in which spouses make a proactive effort to practice “relationship maintenance behaviors,” such as respecting and showing love and affection for each other.³

If you find yourself succumbing to the rigors of financial stress, follow some of the widely touted tips to help — because they work. Better yet, many ways to manage stress are easy and free. For example:⁴

• Get regular exercise, particularly in nature.
• Learn and practice relaxation techniques, such as meditation or yoga.
• Laugh — watch old movies or TV shows that make you laugh out loud.
• Eat healthy, well-balanced meals on a regular basis.
• Learn to manage your time effectively, making time for hobbies, interests and down time.
• Set limits appropriately and say no to things that cause you stress.
• Seek out social support and spend time with people who put you at ease.

Content prepared by Kara Stefan Communications.

¹ Michelle Fox. CNBC. April 16, 2020. “Coronavirus is causing financial stress for nearly 9 in 10 Americans.” https://www.msn.com/en-us/money/personalfinance/coronavirus-is-causing-financial-stress-for-nearly-9-in-10-americans/ar-BB12J4J7?li=BBnbfcN. Accessed April 20, 2020.

² Knowledge@Wharton. April 9, 2020. “What Contributes Most to Consumer Financial Distress?” https://knowledge.wharton.upenn.edu/article/what-contributes-most-to-consumer-financial-distress/. Accessed April 20, 2020.

³ University of Arizona. April 21, 2020. “What helps couples weather financial storms.” https://www.eurekalert.org/pub_releases/2020-04/uoa-whc042020.php. Accessed April 20, 2020.

⁴ WebMD. 2020. “Stress Management Tips.” https://www.webmd.com/balance/stress-management/stress-management. Accessed April 20, 2020. 

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