7th to 11th November 2022 is International Stress Awareness Week. We look at how effective financial planning can improve your mental health.
The world is more stressed out than ever before. A Gallup poll conducted across 122 countries in 2021 revealed that 41% of adults experience a lot of stress. Meanwhile, the annual Stress in America survey points the finger firmly at finances as the most common cause of stress with 65% of Americans saying they are stressed about money and the economy. And let’s face it, America doesn’t have a monopoly on that!
These are undoubtedly tricky times with inflation rising and a cost-of-living crisis affecting billions of people around the world. It’s not surprising that many of us are feeling anxious about money. And when finances get out of control it tends to affect every aspect of our lives including our health and our relationships.
It’s easy to feel powerless in the face of forces beyond our control which is perhaps why the most common coping mechanism in the face of financial woes is denial. However, this will undoubtedly make matters far worse in the long term.
That’s why it’s important to concentrate on the things that we CAN control. We all have the power to change our financial habits, and this can have an extremely beneficial impact on stress levels.
Financial planning may sound boring but the transformative effect it can have on our lives is anything but. It’s all about winning back control and gaining peace of mind that whatever life throws your way, you are financially prepared for it.
These are some of the most common financial stress points we see among our clients. Perhaps some of them resonate with you?
- I don’t have enough saved for retirement
- I don’t know how I am going to pay for my child’s university education
- I am concerned about medical costs in the event of serious illness or accident
- As the main breadwinner, I worry about family finances if I were to die
- I think my savings could be working harder for me
The good news is that all these worries can be addressed with effective financial planning. It’s all about looking at the bigger financial picture from an objective point of view. The problem is often that when you’re busy on the ceaseless treadmill of earning, paying the bills and bringing up a family it is often difficult to take the necessary step back to do that.
That’s where a financial adviser can really help. A professional will be able to cast an objective eye over your finances, identify the stress factors and find solutions to deal with them.
And here at Infinity, we are proud to be a completely independent advisory firm, working with over 100 of the world’s leading financial institutions, which means that we can compare different products and find the best deals for our clients to match their unique requirements in terms of retirement savings, education fee planning, estate planning and insurance.
Money may not buy you happiness but having a solid financial plan certainly makes for a more enjoyable ride. If you’re worried about your finances, why not make an appointment with one of our friendly financial advisers and let them help you take control of your financial situation and reduce stress in your life?
A leading provider of expat financial services and wealth management services across Asia.