Money. It can give us so much joy but it can also create so much stress.
In a recent survey of people’s financial capability and wellbeing – 69% of people reported being concerned about money. This is a huge figure and one that affects us all in different ways. The top 5 ways that money affects us are:
- 44% feel stressed
- 30% lose sleep
- 30% miss out on social activities important to them
- 28% don’t access health services they might otherwise have
- 26% make unhealthy eating choices
Many people also admit to being embarrassed about their finances and 21% admit that they hide their financial situation from friends and family. Women are reported to be affected more by money worries than men but thankfully women are also more likely to seek help from others to deal with it.
It seems that some of the money worries are due to wages staying fairly flat and house costs sky rocketing and many people finding that there is simply not enough money to go round. But we have to remember that we have to manage our own incomings and decide what we can and can’t afford.
Help at work.
Seeing as 83% of employers say employee money problems interfere with productivity and 58% of employers report “financial illness” drives absenteeism, it’s no surprise that some companies are partnering up with CFFC. They have created a range of initiatives such as courses and seminars that help implement financial capability and wellbeing. By working in small groups they have found that people are more likely to support each other and take positive steps to help each other getting ahead financially.
Other ways to help
Financial advice is something that is available to everyone, but many people think that it will cost them extra money if they seek it. This is not always the case and in many situations, the advice will actually help people save more or make better decisions that will increase their money over time. Just by talking about your situation and discussing it can help formulate a plan for the future. If you know someone that could benefit from talking to a financial advisor then please get in touch with us at firstname.lastname@example.org