The number one cause of stress is money.
It always is. It still is. Northwestern Mutual did a survey and found money is the number one reason people give for the amount of stress in their lives, followed by relationships and work.
The American Psychological Association began an annual survey in 2007. Every year since, stress has been the number one answer.
John Hancock, the insurance people, asked their employees about stress. 69% said money, an even larger majority admitting to thinking about financial woes at work.
Michael Smith, President of STA Wealth Management, says this time of year the agony can be especially pronounced as balances are added to credit card lines and thoughts of taxes around the corner creep into anxious thinking. “People start to look at their savings, at their portfolio, we’ve had a very volatile year in the market and that can create a lot of stress.”
Credit card debt in the U.S. this year is going through the roof, hitting a record high of one trillion dollars collectively. Someone is not going to sleep well tonight. And may in fact get sick, people with poor financial standing often those with the least access to health care. Stress can lead to migraines, Depression and anxiety, ulcers and digestive issues, high blood pressure and heart attacks.
Michael Smith says the only way out of the morass is with a good plan. “The first thing you have to do is find out what is your debt picture looks like. You have to start to put that picture together and figure out how to pay that debt down.”
One in four Americans don’t have a dollar saved should an emergency arise.