Money Problems Stress More Than 1/4 of American Citizens

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Finances are apparently a huge stressor for more than a quarter of Americans. A financial company named Varo Money conducted a little survey to find out how much finances played a role in stressing Americans. The results were alarming. The company asked 1,000 people their finances and stress, and this is the information that they got from the survey:

Many Americans Obsess Over Money

The survey asked a question about how frequently people worried about money. A few people said they frequently worried about money, but many people answered that they worried about money all the time. Those people said that money was on their minds all the time and even distracted them from work duties sometimes.

Lack of a Cushion Was the Main Stressor

The biggest thing that bothered the people who were worried was that they lacked a financial cushion. Some financial experts recommend debtors to have at least enough money in an emergency fund to carry the family for three months. More than 60 percent of the debtors didn’t have such an account. In fact, they had no money for any emergencies at all. They’d likely have to see a short-term lender if anything happened that required funding.

People Fear Unexpected Expenses

The survey asked the participants what their biggest fear was, and a large portion of them answer that it was unexpected expenses. Many of the participaints didn’t feel as if they’d be able to get out of trouble if trouble came knocking on their door. The people who didn’t have a fear of unexpected expenses were still nervous because they either didn’t have a $1,000 in their bank accounts, or they had already tapped into their bank accounts at least once during the year. The state of many Americans is in a dire straights when it comes to finances.

Finance experts advised debtors to start a savings account immediately and put everything they possibly can in to it on a weekly basis. Every week that passes without a crisis is another week that the emergency fund will grow. Experts also gave tips for Americans to pick up extra work so that they could add to their newly created emergency funds. A third tip was to cut down some of the housing and transportation expenses to make life a little bit better. Hopefully, those Americans will recover from their current plights.

Related: https://www.smithsonianmag.com/innovation/founding-fathers-money-problems-bitcoin-180968393/

 

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