People around the world are struggling with the financial anxiety that accompanies an ever-changing global market. COVID-19 took the world by storm, and financial anxiety has people worried about more than just their health. Whether you're worried that your investments might not turn out to be all that you'd hoped or you're concerned about how you're going to put food on the table this week, financial insecurity can cause a range of feelings, from brief anxiety to debilitating panic.
According to a recent survey by Borrowell:
There's no doubt about it–times are tough, and life is stressful for most Canadians. Global markets aren't showing signs of getting back to normal any time soon, and it's important to have strategies in place to manage financial stress.
While some Canadians are worried about how the pandemic will affect their long-term financial goals, many also have financial anxiety about how they're going to cover day-to-day expenses. It can be hard to focus on long-term financial planning (like retirement or paying off a house) when the biggest worry is how to pay rent or pay for utility bills.
Some people who previously felt comfortable with their financial situation are now wondering how they're going to pay their bills this month, which can create stress and worry that's tough to overcome. This can be especially problematic for people who invested in high-risk financial situations prior to the pandemic.
While it's important to manage financial anxiety, there is no one way to quell your worries. Experts recommend that people who are dealing with anxiety over money control the things they can, and try to put the things they can't control on the back burner. We know–it's easier said than done. For many people, however, focusing on the things you can control (like cutting down on expenses and thinking about how you can create additional streams of income) can be a smart way to keep anxiety at bay during tough times.
If you're dealing with financial anxiety and stress, it can be tough to know exactly what steps to take next to help yourself feel calm and in control. Here's what we recommend.
If you're struggling to get your financial anxiety under control, we're here to help you figure out what to do next. Reach out to People Corporation today to learn more about our services–we look forward to getting to know you.
Written by Joseph De Dominicis, Senior Vice President, Group Retirement Solutions and Salina Shariff, Senior Manager, Group Retirement Solutions at People Corporation.