Financial stress is taking a toll on people’s physical and mental well-being.
In a recent study by Jenius Bank, more than half of Americans said they’re losing sleep over money, and 32% said they’re experiencing regular headaches from financial stress.
Money is also evoking feelings of guilt and hopelessness for over 40% of Americans, and more than 30% reported having strained relationships with friends and family due to finances.
"When you feel financially secure, it helps to boost your confidence and peace of mind. On the flip side, financial stress may take a heavy toll on your mental and emotional health,” said Julie Guntrip, head of financial wellness at Jenius Bank. “It's crucial for banks to recognize this connection between financial and mental well-being, and that starts with ensuring consumers have the knowledge they need to help live richer lives."
Guntrip outlined some digestible ways to better manage your money and ease the burden.
“It’s important to get money-smart. Educate yourself about money to build confidence,” Guntrip told Scripps News.
She said it’s important to avoid comparing yourself to others.
In the study, some respondents reported feeling behind their peers. About 30% of millennials and 33% of non-millennials said they felt behind their age group in terms of investing, savings and retirement.
But the comparison could cause you to spiral into a world of self-doubt. Guntrip said instead of comparing yourself to peers, focus on personal goals for yourself.
She also said familiarizing yourself with your spending habits is key.
“Schedule some regular face-time with your finances. Track your spending to spot trends for budgeting," Guntrip said.
In terms of addressing debt and saving up for the future, Guntrip said it’s also about being strategic and intentional with your money.
For debt, Guntrip suggested developing a repayment plan targeting high-rate debt first, and then aligning nonessential spending to your goals.
In terms of savings, Guntrip recommended coming up with a routine using a high-yield account.
