In this day and age of financial uncertainty, Americans are expressing their worst fears. While it is not easy to manage finances or even save up for a rainy day, the number of potential worries seems to increase. To be more precise, more than eight in ten US citizens feels some form of financial anxiety. Not a good number for the financial sector by any means.
Financial Anxiety Is The New Norm
Financial anxiety is not something anyone in the world looks forward to. Constantly worrying about one’s financial situation creates anger management issues, depression, and other health issues. Two in three respondents to the Northwestern Mutual’s Planning and Progress Study 2016 indicates their health is suffering from these concerns.
But that is not the most worrying part of this survey. More than one in three Americans indicates they are dealing with increasing levels of financial activity. Things have gotten progressively worse over the past three years for some reason. On the other hand, 14% of respondents indicated their anxiety had gone down in the same period.
As one would come to expect, there are a lot of recurring topics influencing these results. Having an unplanned emergency or medical expenses are the primary concerns. But in third place is the worry of having insufficient savings to retire. This is not surprising, as most people currently working their job will not be able to retire comfortably by any means.
Identity theft and regular theft are two top concerns as well. Given the number of data breaches as of late, a lot of personal information has fallen into the wrong hands. With sensitive information at their disposal, criminals can impersonate citizens and wreak all sorts of havoc. This will affect credit scores, among other things.
Curing this financial anxiety is a lot easier said than done. Investing in the right assets – assuming that is possible -is an option well worth exploring. Given the financial turmoil in stock markets and fiat currencies, the choices are fairly limited. Bitcoin is a good candidate, but not without risks either.
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