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How Finances Impact Your Emotional State of Mind

EMOTIONAL ESTATE HOW FINANCES IMPACT EMOTIONAL WELL-BEING Stress, embarrassment, fear-the state of our finances can affect us adversely in a variety of ways, especially in this tough economy. A recent survey released by Quicken reveals how a lack of financial control can negatively impact one's emotional state of mind. Do you resonate with the majority? MONEY EMOTIONS Financial woes are causing the following emotions. THE FEAR THE EMBARRASSMENT THE STRESS 52% 20% 33% of Americans in the workforce live in fear that they will not be able to retire by 65. are so embarrassed that they hide their debt from others admit to losing sleep because of their finances. THE CAUSE Credit card debt and a lack of emergency fund are the main causes for people's stress. Sadly, many Americans aren't helping themselves out, making poor decisions and digging themselves deeper into debt. of people with credit card debt aren't making any 43% progress on paying it off. 20% are seeing their debt increase. 1 Credit Card Debt 33% of people spend money they don't have. 23% spent more money than they made last year. 23% Spending overdraft their bank accounts at least once a year. 31% pay their bills with a credit card because they don't have the money readily available. $4 15% avoid opening their bills because they know they won't be able to pay. Bills 33%+ are not saving at all for an emergency. - Emergency Fund THE FIX KNOW WHERE IT'S GOING SAVE FOR EMERGENCIES SAVE FOR RETIREMENT The first step to eliminating stress and fear is knowing where their money is going. Reduce the psychological burden by putting some money aside to prepare for the unexpected. of Americans don't have a nest egg. Further reduce your stress by setting aside even a little 25% 72% each month as you prepare for your future. %24 of Americans are less stressed when they know where their money is going. only 20% use personal finance management software. Consider using personal finance software to track all your spending. SURVEY METHODOLOGY *Findings are from an Ipsos Observer poll conducted between September 11-19, 2012, on behalf of Quicken. Sample size: 1,015 Americans from Ipsos' American online panel. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. Quicken SOURCE: IPSOS OBSERVER POLL

How Finances Impact Your Emotional State of Mind

shared by ColumnFive on Jan 09
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Stress, embarrassment, fear — the state of our finances can affect us adversely in a variety of ways, especially in this tough economy. A recent survey by Quicken reveals how a lack of financial con...

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